Category: News

The CBI has warned that Britain’s private sector faces contraction over the next three months as firms cut back on investment and hiring amid fears Rachel Reeves will raise taxes again in the autumn Budget.

Gold prices hit a record $3,508 an ounce as investors bet on a September Fed rate cut and voiced concern over threats to central bank independence after Trump’s clashes with Jerome Powell and Lisa Cook.

Yields on 30-year UK gilts surged to 5.64% — their highest since 1998 — as investors reacted to Keir Starmer’s reshuffle of his economic team and concerns over Labour’s plans to plug a £50bn fiscal hole.

The appointment of Resolution Foundation alumni to senior Treasury roles has fuelled expectations that Chancellor Rachel Reeves will turn to wealth taxes — on property, inheritance and investments — to plug a £20bn fiscal gap.

Thousands of UK investors could face fines after HMRC’s self-assessment software failed to reflect capital gains tax rate changes introduced in October 2024, prompting warnings from tax advisers.

Conservative leader Kemi Badenoch has vowed to remove all net zero requirements on North Sea drilling, promising to maximise fossil fuel extraction. Critics warn the plan is reckless and will not cut energy bills.

The UK tax authority is pursuing £90m in unpaid VAT and PAYE after Challenge Recruitment Group was bought out of administration in an £18m pre-pack deal by US firm swipejobs, leaving HMRC as a major creditor.

Veteran investor Saul Klein has called on UK pension funds to invest more in domestic tech scale-ups, warning that only 20% of their growth funding is local, leaving most returns to overseas investors.

The Lewes Pound, launched in 2008 as part of the UK’s local currency movement, has ceased circulation as digital payments rise — but its legacy of community pride and support for independent shops lives on.

The IoD’s index of business confidence has climbed to its strongest level since Rachel Reeves’ first budget, but 76% of business leaders remain worried about the economy as potential tax rises loom.

Greg Jackson, founder of Octopus Energy, has been appointed as a non-executive member of the Cabinet Office board. He is expected to use his three-year term to push for government modernisation and efficiency.

New research from Barclays shows 62% of tech leaders view the UK as a more attractive hub for growth than Europe, the US or Asia-Pacific, with strong AI demand driving investment despite funding and regulatory hurdles.

Sports carmaker Lotus will cut up to 550 UK jobs — around 40% of its workforce — as sales slump and tariff uncertainty weigh on Geely-owned brand, though it insists its Hethel plant will remain operational.

Asda chairman Allan Leighton has urged Chancellor Rachel Reeves to halt further tax hikes, warning that Labour’s policies are fuelling inflation, squeezing retailers and consumers, and undermining growth.

Sir Jim Ratcliffe has sold luxury jacket brand Belstaff to sportswear group Castore, taking a minority stake in return, as Ineos retreats from non-core ventures following financial struggles at the heritage label.