UK government warns of impending tax hikes to come this week
2 years, 1 month ago

UK government warns of impending tax hikes to come this week

Firstpost  

Liz Truss’s successor Rishi Sunak, who was heading to a G20 economic summit in Indonesia, has vowed to get soaring inflation under control even if it means more pain for hard-pressed consumers and businesses London, United Kingdom: Britain’s government on Sunday warned of impending tax hikes, especially for the wealthy, as it bids to repair economic havoc wrought by the short-lived tenure of former prime minister Liz Truss. Truss’s successor Rishi Sunak, who was heading to a G20 economic summit in Indonesia, has vowed to get soaring inflation under control even if it means more pain for hard-pressed consumers and businesses. “We’re all going to be paying a bit more tax, I’m afraid,” he said, while refusing to be drawn into detail on the figures, after a tax-cutting budget by Truss caused panic on financial markets. “But I think in a fair society, as we are in the UK, we need to recognise that there’s only so much you can ask from people on the very lowest incomes, so that will be reflected in the decisions that I take.” Hunt is reportedly looking at changing income tax brackets, to raise more revenue from high earners, and impose strict curbs on government spending for years to come as inflation hits double digits.

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History of this topic

Good for Rishi Sunak? Falling energy bills grab UK election spotlight
7 months ago

Good for Rishi Sunak? Falling energy bills grab UK election spotlight

Hindustan Times  

The UK's energy sector regulator on Friday announced a drop in the price cap for bills from July, catapulting a key cost-of-living issue into the second day of general election campaigning. Britain's Prime Minister and Conservative Party leader Rishi Sunak The cap on energy bills for most UK households will drop by seven percent on the back of sliding wholesale …

Lack of money for tax cuts persuades Rishi Sunak to call general election
7 months ago

Lack of money for tax cuts persuades Rishi Sunak to call general election

The Telegraph  

Mr Sunak’s announcement of an uplift in defence spending to 2.5 per cent of GDP further squeezed the amount of money left for an autumn budget, and there were fears that economic variables, such as inflation and growth, could go against the Government. Mr Sunak knew that an underwhelming pre-election budget would have done more damage than going to the …

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4
7 months ago

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4

Associated Press  

LONDON — Inflation in the U.K. fell sharply to its lowest level in nearly three years in April on the back of big declines in domestic bills, official figures showed Wednesday. “While it’s clearly good news headline inflation is back to normal levels, it is disappointing that price pressures haven’t fallen further and that measures of services inflation are proving …

UK exits recession, exceeds expectations by recording strongest growth in last three years
7 months, 2 weeks ago

UK exits recession, exceeds expectations by recording strongest growth in last three years

India TV News  

London: In a major boost to British Prime Minister Rishi Sunak's prospects ahead of the general election, the United Kingdom has officially exited the shallow recession it entered last year with stronger-than-expected growth in the first quarter of March, its fastest in the last three years. The Office for National Statistics said gross domestic product expanded by 0.6 per cent …

Rishi Sunak on falling inflation: ‘Good news for UK’
1 year ago

Rishi Sunak on falling inflation: ‘Good news for UK’

Hindustan Times  

British Prime Minister Rishi Sunak on Wednesday welcomed the “good news” of falling prices ahead of the Christmas holiday period as official statistics revealed that inflation had dropped to 3.9 per cent, hitting the lowest level for the economy over two years. According to the Office for National Statistics, inflation – or the rate at which prices are rising in …

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances
1 year, 1 month ago

Britain’s Conservative government pushes tax cuts in hopes of bolstering electoral chances

Associated Press  

LONDON — Britain’s Conservative government sought to regain the political initiative Wednesday with a series of tax cuts for businesses and individuals that it hopes will bolster its chances in a national election next year that opinion polls suggest it will lose. Treasury chief Jeremy Hunt said the British economy “had turned a corner,” with inflation and government borrowing down, …

Economic boost for Sunak - but fresh tax cuts calls erupt
1 year, 2 months ago

Economic boost for Sunak - but fresh tax cuts calls erupt

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Treasury minister Andrew Griffith said they were "not for the moment" when asked about the …

Inflation shock as Jeremy Hunt expects prices to go back up again
1 year, 4 months ago

Inflation shock as Jeremy Hunt expects prices to go back up again

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Bank of England governor Andrew …

Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%
1 year, 6 months ago

Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Rishi Sunak has …

Britain’s economy improving may not keep Sunak in power
1 year, 9 months ago

Britain’s economy improving may not keep Sunak in power

Live Mint  

Chancellor of the exchequer Jeremy Hunt had some good news to deliver Wednesday. On this front, the Tories seem to be up against what Kyla Scanlon dubbed a “vibecession”—when the economy isn’t doing so badly, but people feel glum about their prospects. The problem Hunt and Sunak have is that the numbers might be saying “we’re getting better,” but ordinary …

Budget 2023: Tax burden to hit highest level since Second World War
1 year, 9 months ago

Budget 2023: Tax burden to hit highest level since Second World War

The Telegraph  

Britain's tax burden is on course to hit a new post-war record as Jeremy Hunt reaps billions of pounds more from a raid on workers, investors and businesses, official forecasts show. The Office for Budget Responsibility expects the UK to avoid a recession in 2023 as stronger tax receipts, tumbling energy prices and measures to get people back to work …

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report
1 year, 10 months ago

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report

Firstpost  

The crisis, the new study says, will leave one in every four UK households unable to pay their food and electricity bill when the government withdraws the subsidies in April this year New Delhi: The United Kingdom’s cost of living crisis will end up denting the standard of living in the country permanently, a new report by UK’s National Institute …

Wealthy should pay fees to use NHS, suggests Ken Clarke
1 year, 11 months ago

Wealthy should pay fees to use NHS, suggests Ken Clarke

The Independent  

Former Conservative chancellor Ken Clarke has said Rishi Sunak’s government should consider making wealthy Britons pay to use the NHS. “We can’t demand European standards of public service but continue to pay below European levels of taxation,” Lord Clarke told Times Radio. The NHS has always used elements from the private sector, GPs are an example of that.” Lord Clarke …

UK’s Sunak vows to halve inflation, tackle illegal migration
1 year, 11 months ago

UK’s Sunak vows to halve inflation, tackle illegal migration

Associated Press  

LONDON — British Prime Minister Rishi Sunak pledged to halve inflation, grow the U.K. economy and stop illegal immigration Wednesday as he set out his Conservative government’s priorities in his first major speech of 2023. He also vowed to pass new laws to stop migrants from arriving on U.K. shores in small boats, as well as cut massive backlogs in …

Inflation may have peaked – but families still face months more pain
2 years ago

Inflation may have peaked – but families still face months more pain

The Telegraph  

The ONS itself is cautious about calling the peak in price rises. Grant Fitzner, its chief economist, says that while inflation has surged because of soaring power bills driven by Russia's invasion of Ukraine, price rises are "no longer just an energy story" and have instead become widespread among goods and services. "If we make the wrong choices now, high …

UK push to restore finances means higher taxes, energy bills
2 years, 1 month ago

UK push to restore finances means higher taxes, energy bills

Associated Press  

LONDON — Millions of people across Britain face higher taxes and energy bills after the government on Thursday announced an emergency budget focused on restoring the country’s financial credibility and bolstering an economy battered by soaring inflation. The agency said Hunt’s proposals would help slow inflation, boost economic growth and rein in government spending over the next five years. “This, …

Tories increase taxes, cut spending as recession looms
2 years, 1 month ago

Tories increase taxes, cut spending as recession looms

The Hindu  

The Rishi Sunak government announced a £55 billion “consolidation” package of tax hikes and spending cuts in an attempt to get Britain’s public finances back on track partly to undo the damage caused by former Prime Minister Liz Truss’s September ‘Mini-Budget’, which had startled markets. The ‘Autumn Statement’, which was a response to the soaring cost of living, high energy …

Hunt says UK is in recession as Ukraine war, inflation bite
2 years, 1 month ago

Hunt says UK is in recession as Ukraine war, inflation bite

Live Mint  

Jeremy Hunt said the UK is already in recession, announcing cuts to growth forecasts as Russia’s war in Ukraine stokes inflation at a 41-year high. He also lowered the prediction for 2024, blaming “global headwinds.” The outlook lays the ground for a huge package of tax rises and spending cuts that Prime Minister Rishi Sunak’s government is pushing through to …

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister
2 years, 1 month ago

Autumn Statement 2022 latest: Pension and welfare rises 'the right thing to do', insists minister

The Telegraph  

The Government is tackling Britain's current economic problems "head-on", Jeremy Hunt said on Thursday evening as he defended £25billion of tax rises. Mr Hunt raised the tax burden to its highest level since 1948 through measures in his Autumn Statement, while retaining the state pension triple lock and increasing benefits in line with inflation. The Chancellor reduced the threshold at …

Jeremy Hunt warns of ‘storm’ ahead as he prepares to unveil £24bn of tax rises
2 years, 1 month ago

Jeremy Hunt warns of ‘storm’ ahead as he prepares to unveil £24bn of tax rises

The Telegraph  

Jeremy Hunt will say that Britain must “face into the storm” as he unveils £24 billion of tax rises. His long-awaited Autumn Statement will include £30 billion of spending cuts - although Mr Hunt will pledge to support core public services such as the NHS, schools and the police. However, there are rumblings of discontent on the Tory back benches …

New UK Prime Minister Liz Truss inherits an economic storm
2 years, 3 months ago

New UK Prime Minister Liz Truss inherits an economic storm

Associated Press  

LONDON — Britain’s new prime minister has pledged to rebuild the economy and “ride out the storm” gathering over the country, but Liz Truss faces a daunting job. Here’s a look at the scale of the economic challenges that Truss faces and how she is expected to tackle them: HIGH ENERGY COSTS At the top of Truss’ agenda is a …

Britain to see 80% spike in energy bills as crisis deepens
2 years, 3 months ago

Britain to see 80% spike in energy bills as crisis deepens

Associated Press  

LONDON — Jennifer Jones keeps feeding money into her energy meter, but it never seems to be enough. “The pressure of not knowing how to pay the next bill or having enough food to survive just accentuates whatever they’re already going through.” About 1 million low-income households have had to take on new or extra debt to cover an essential …

UK workers suffer their biggest pay drop in two decades as inflation bites
2 years, 5 months ago

UK workers suffer their biggest pay drop in two decades as inflation bites

CNN  

London CNN Business — Workers in the United Kingdom are struggling with the biggest drop in pay in more than two decades, as surging food and energy prices take a giant bite out of wages. Real pay — workers’ wages that take inflation into account — slumped by 2.8% between March and May compared to the same time last year, …

UK inflation rate hits new 40-year high of 9.1%
2 years, 6 months ago

UK inflation rate hits new 40-year high of 9.1%

Associated Press  

LONDON — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher. Chief economist Grant Fitzner said “continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last …

Sunak urged to cut taxes to tackle slowest growth of any major economy
2 years, 6 months ago

Sunak urged to cut taxes to tackle slowest growth of any major economy

The Telegraph  

Laurence Boone, the OECD's chief economist, said there is “higher inflation in the UK than for other countries in Europe. The OECD said that despite having limited direct trade and financial links to Russia and Ukraine, the UK will suffer because higher global energy prices "add to the squeeze on household incomes, which are now declining in real terms". The …

Inflation hits 40-year high, poor hit hardest
2 years, 7 months ago

Inflation hits 40-year high, poor hit hardest

China Daily  

People walk through the financial district of Canary Wharf as it was announced that British consumer price inflation hit an annual rate of 9.0% in April, in London, Britain, May 18, 2022. Idea of new windfall tax to ease the pain fails to gain the support of British govt Consumer protection organization Citizens Advice has said that "the warning lights …

UK inflation surges to 9%, highest since 1982
2 years, 7 months ago

UK inflation surges to 9%, highest since 1982

India Today  

British inflation leapt last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up help for households facing a worsening cost-of-living crisis. Consumer price inflation hit 9% in April, the Office for National Statistics said, surpassing even the peaks of the early 1990s recession that many Britons remember for sky-high interest rates …

UK inflation hits 9%, highest since 1982, amid Russia-Ukraine war
2 years, 7 months ago

UK inflation hits 9%, highest since 1982, amid Russia-Ukraine war

Al Jazeera  

The UK has the highest inflation rate of Europe’s five biggest economies, with soaring energy bills being the biggest inflation driver. Inflation in the United Kingdom surged last month to its highest annual rate in 40 years, official data show, piling pressure on the government to step up assistance for households facing a worsening cost-of-living crisis. The UK now has …

Rishi Sunak's failures will trigger a recession, economists warn
2 years, 7 months ago

Rishi Sunak's failures will trigger a recession, economists warn

The Telegraph  

Rishi Sunak is driving Britain into a recession through his failure to tackle the cost-of-living crisis, top economists have warned. Britain’s GDP will fall by 0.2pc in the three months to September and another 0.4pc in the final quarter of 2022 as “stagflation” threatens, before returning to years of mediocre growth. Mr Sunak had the room to spend more or …

Boris Johnson warns 'there is a limit' to No 10 support in energy bills crisis
2 years, 8 months ago

Boris Johnson warns 'there is a limit' to No 10 support in energy bills crisis

The Telegraph  

Boris Johnson has warned "there is a limit" to how much the Government can do to tackle rising energy bills as he defended today's National Insurance hike. The Prime Minister insisted the Government is already helping struggling families but he said "we have got to be frank" about how much taxpayers' money can be spent on alleviating the pressure caused …

Britain heading for worst fall in living standards since 1950s, despite Sunak’s tax giveaways
2 years, 9 months ago

Britain heading for worst fall in living standards since 1950s, despite Sunak’s tax giveaways

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Martin Lewis, who runs the Money Saving Expert website, said …

UK budget update disappoints consumers as inflation soars
2 years, 9 months ago

UK budget update disappoints consumers as inflation soars

Associated Press  

LONDON — Britain’s Treasury chief on Wednesday announced a package of tax cuts and support payments that fell far short of what consumer advocates had demanded to shield working families from the soaring cost of living, triggering criticism that he doesn’t understand the scale of the crisis. “He talks about providing security for working families, but his choices are making …

UK to cut taxes on wages and fuel. Inflation will still leave many worse off
2 years, 9 months ago

UK to cut taxes on wages and fuel. Inflation will still leave many worse off

CNN  

London CNN Business — The UK government is cutting payroll taxes and duties on fuel in an attempt to take some of the sting out of the worst cost of living crisis in decades. But it resisted calls to impose a new windfall tax on oil company profits to raise money to fund more relief for households, despite inflation soaring …

UK faces record rise in energy prices, adding to bill stress
2 years, 10 months ago

UK faces record rise in energy prices, adding to bill stress

Associated Press  

LONDON — Britain’s energy regulator announced Thursday that a cap on energy prices is going up by a record 54% because of the soaring costs of wholesale natural gas, a change that will significantly burden millions of households already squeezed by rapidly climbing bills. The Office of Gas and Electricity Markets, known as Ofgem, said the new price cap — …

UK inflation surges to highest level in 30 years
2 years, 11 months ago

UK inflation surges to highest level in 30 years

CNN  

London CNN Business — UK consumer price inflation has surged to the highest level in three decades, heaping pressure on households already facing a huge increase in energy costs. Inflation increased to 5.4% in December, the Office for National Statistics said on Wednesday, the highest rate since 1992. “It’s no secret that inflation is going to rise even further,” Paul …

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns
3 years, 2 months ago

UK Inflation could rise above 5% next year, Bank of England’s chief economist warns

CNN  

London CNN Business — Inflation couldsurge above 5% early next year in the United Kingdom, according to the Bank of England’s top economist,as product and labor shortages continue to hamper the country’s economic recovery. “I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5%,” Huw Pill told …

UK extends costly COVID aid, announces tax hike for businesses
3 years, 9 months ago

UK extends costly COVID aid, announces tax hike for businesses

Al Jazeera  

Among the UK’s new measures are a five-month extension of the jobs rescue plan, the continuation of an emergency increase in welfare payments, and an extension of a VAT cut for the hospitality sector. United Kingdom finance minister Rishi Sunak announced a costly extension of his emergency aid programmes to see the UK’s economy through its current coronavirus lockdown, but …

Spending review: Rishi Sunak’s extra £55bn to fight Covid brings bill for the disease to £12,000 per household
4 years ago

Spending review: Rishi Sunak’s extra £55bn to fight Covid brings bill for the disease to £12,000 per household

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. And the scale of the economic emergency wrought by the pandemic was laid bare in …

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