Category Archives: Money

UK disability charities say NICs rise will cause ‘life-changing’ cuts

Posted on by

Groups providing vital services say impact of tax and minimum wage rises will lead to cutbacks

Charities have warned of “life-changing consequences” for a million vulnerable children and adults as a result of cuts to state-funded disability services driven by tax changes and wage rises announced in the budget.

The Voluntary Organisations Disability Group (VODG), which represents 100 charities in England, said Rachel Reeves’s decision to raise employers’ national insurance contributions (NICs) had been “ill thought through” and would put many local charity services at risk.

Continue reading...

Leading UK estate agent cuts its longer-term house price growth forecast

Posted on by

Hamptons says ‘modest’ rises can be expected amid ‘dampening effect’ of higher interest rates overall

Expectations that UK interest rates may stay higher for longer, as well as revenue-raising measures in the budget, have prompted a leading estate agent to cut its forecast for house price growth over the longer term.

The revised forecast from Hamptons came days after Halifax and Nationwide banks said the annual rate of property price growth had slowed, with the former saying it was likely to be “modest … for the rest of this year and into next”.

Continue reading...

Finnish fathers taking nearly double length of paternity leave since 2022 reform

Posted on by

Dads say rule change granting both parents equal time off has helped build bond between children and fathers

Paternity leaves in Finland have nearly doubled in length after a 2022 reform of the parental leave system, the social benefits agency has said.

The change granted both parents equal amounts of leave for the first time: 160 days each of paid leave, to be used before the child turns two. Sixty-three of the days can be transferred to the other parent, if desired.

Continue reading...

Is your air fryer spying on you? Concerns over ‘excessive’ surveillance in smart devices

Posted on by

UK consumer group Which? finds some everyday items including watches and speakers are ‘stuffed with trackers’

Air fryers that gather your personal data and audio speakers “stuffed with trackers” are among examples of smart devices engaged in “excessive” surveillance, according to the consumer group Which?

The organisation tested three air fryers, increasingly a staple of British kitchens, each of which requested permission to record audio on the user’s phone through a connected app.

Continue reading...

King and Prince William’s estates ‘making millions from charities and public services’

Posted on by

Duchies of Cornwall and Lancaster likely to make at least £50m from leasing land to services such as NHS and schools, according to investigation

King Charles and Prince William’s property empires are taking millions of pounds from cash-strapped charities and public services including the NHS, state schools and prisons, according to a new investigation.

The reports claim the Duchies of Lancaster and Cornwall, which are exempt from business taxes and used to fund the royals’ lifestyles and philanthropic work, are set to make at least £50m from leasing land to public services. The two duchies hold a total of more than 5,400 leases.

Continue reading...

Housing, social care and universities: who lost out in the UK budget?

Posted on by

Rachel Reeves made funding the NHS a priority but people working in other areas said they were disappointed

Rachel Reeves’s first budget emphasised raising taxes to help the NHS, as the health service tries to cope with huge waiting lists and an ageing population. Funding the NHS was a top priority but people in other sectors – from universities to social care – feel the budget was a missed opportunity to tackle impending crises or introduce desperately needed reforms in their areas.

Continue reading...

Reeves’s long-term spending figures almost as unrealistic as Tories’ were, IFS says – UK politics live

Posted on by

Institute for Fiscal Studies says budget ‘looks like the same silly games’ as seen under the Conservatives

Rachel Reeves is now being interview on ITV’s Good Morning Britain.

She is being interviewed by Ed Balls, the former Labour shadow chancellor who is now a TV presenter. He asks her to confirm that workers will end up losing out because of the employers’ national insurance contributions (NICs) increase.

Continue reading...

Reeves accused of betraying small family firms with inheritance tax rises

Posted on by

Chancellor also criticised for letting the very rich off the hook with a lower than expected rise in capital gains tax

Tax rises aimed at inherited wealth are at risk of backfiring, after the chancellor was accused of betraying small family businesses while letting private equity bosses off the hook.

Labour’s first budget in 14 years included measures to close inheritance tax (IHT) loopholes and press ahead with scrapping the controversial non-dom tax status, as well as levying higher taxes on private jet flights.

Continue reading...

London’s Aim shrinks to smallest since 2001 amid fears of tax relief changes

Posted on by

UHY Hacker Young says 92 companies have delisted and only 10 floated on junior stock market in past year

The UK’s Alternative Investment Market (Aim) has shrunk to its smallest size in 23 years as business owners and investors anticipate an abolition of inheritance tax relief in the budget this week.

The accountancy group UHY Hacker Young calculated that 92 companies have delisted from Aim, London’s junior stock market, in the past year, reducing the total number of companies on Aim to 695.

Continue reading...

Reeves: ‘My budget will match greatest economic moments in Labour history’

Posted on by

The chancellor says she will invest to reverse Tory decline, but stands accused of breaking party manifesto promises

Labour will launch a new era of public and private investment in hospitals, schools, transport and energy as momentous as any in the party’s history in this week’s budget, the chancellor, Rachel Reeves, has said.

In an interview with the Observer before the first budget by a female chancellor, Reeves draws comparisons with Labour’s historic reform programmes begun in 1945 by Clement Attlee, in 1964 under Harold Wilson and in 1997 under Tony Blair.

Continue reading...

Rachel Reeves has promised not to raise taxes, so how can she fill budget coffers?

Posted on by

Chancellor said to be planning measures including raising employer NI contributions and capital gains tax rates. We consider the likelihood of each and the potential for a row

During the general election campaign, Paul Johnson of the Institute for Fiscal studies repeatedly accused both main parties of indulging in a “conspiracy of silence” over their economic policies. Neither Labour nor the Tories would admit, he complained, that if they won they would have to announce huge tax rises or spending cuts to restore the public finances to anything resembling good health.

On Wednesday, 118 days after Labour won the election, Rachel Reeves will prove Johnson right. In her first budget she will spell out plans to raise an eye-watering sum of about £40bn from tax rises and spending reductions to wipe the slate clean and to pump funds into public services. She will also confirm changes to debt rules that will release up to £50bn more to borrow for long-term investment in new national infrastructure.

Continue reading...

Number of homes sold in UK up by a third, says Rightmove

Posted on by

Autumn price bump failed to emerge as buyers spoiled for choice, with properties on market at a 10-year high

The number of homes being sold is up almost a third, year on year, so far this month, although the traditional autumn price bump has failed to emerge due to buyers being spoilt for choice, with the number of properties for sale at a 10-year high, according to Rightmove.

The number of sales agreed is up 29%, with the number of house hunters contacting estate agents up 17%, despite some market uncertainty caused by the looming budget at the end of October.

Continue reading...

Rachel Reeves will tax businesses to plug £9bn black hole in NHS

Posted on by

The chancellor is set to announce a revenue-raising budget designed to reset Britain’s public finances

Rachel Reeves is set to use one of the most pivotal budgets of recent times to call on businesses to pay more tax to help restore the NHS, amid warnings that the health service has been left with a £9bn hole in its finances.

The chancellor is expected to stake her reputation on a tax-­raising budget designed as a reset of the public finances. She has already had to deal with cabinet skirmishes over funding unveiled alongside the statement. However, Reeves is understood to believe that the public will accept a multibillion-pound hike in business taxes if it is linked to repairing the health system’s finances.

Continue reading...

Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

Posted on by

Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

Rachel Reeves has been urged by a group of millionaire business owners to raise £14bn from an increase in capital gains tax at this month’s budget, arguing it would have no impact on investment in Britain.

Ahead of the chancellor’s set-piece event on 30 October, the group of wealthy investors said increasing the tax rate on asset disposals would help to raise vital funds for public services and would not lead to slower economic growth.

Continue reading...

PMQs live: Keir Starmer faces Rishi Sunak in the Commons

Posted on by

Latest PMQs comes as sources say chancellor is briefing ministers that £40bn will need to be found in the budget

Robert Jenrick has finished his speech, and he is now taking questions.

Q: Kemi Badenoch says she is Labour’s worst nightmare. Is she right?

I think that our party faces an existential challenge right now. Our party has no divine right to exist. That’s why we need to get the choice right in this leadership election, and that’s why I stand for ending the drama, ending the excuses, and actually delivering for the British people.

Continue reading...

UK ‘risks repeat of surging energy bills’ amid continued reliance on gas

Posted on by

Energy crisis panel warns country is ‘dangerously unprepared’ and must shift away from gas quickly

Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders.

The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating.

Continue reading...

Shoppers to no longer pay fees when using debit cards under new Albanese government plan

Posted on by

Treasurer says uncovering ‘unfair’ practices also part of proposed surcharge revamp designed to give consumers better deal and cut small business’s costs

The federal government is preparing to ban debit card fees and instruct the consumer watchdog to investigate excessive card costs, as the unpopular system of transaction charges gets set for an overhaul.

The proposed changes would mean consumers no longer pay a fee when using their debit card to buy their morning coffee or make a major retail purchase. Credit card fees would still apply.

Sign up for Guardian Australia’s breaking news email

Continue reading...

Stop pushing heat pumps or face major backlash, green energy magnate tells Labour

Posted on by

Party donor Dale Vince warns that urging homeowners to switch to clean-power technology risks political storm bigger than Ulez

The government risks a huge political backlash if it keeps pushing the public to install heat pumps to replace their boilers, one of Britain’s leading green entrepreneurs has warned.

Dale Vince, a major Labour donor and renewable energy advocate, called on Keir Starmer to rethink national programmes, championed by Boris Johnson, pushing the technology. Vince argued that Whitehall should explore alternatives to the devices, which he said were expensive, caused serious disruption and could end up increasing energy bills for some people.

Continue reading...

Calls for investigation of Uber Eats and Deliveroo after raid on Bristol caravan camp

Posted on by

Migrant workers accuse Home Office of targeting the victims of labour exploitation rather than companies profiting from them

Migrant workers living in a caravan encampment raided by immigration enforcement officers have accused the Home Office of targeting the victims of labour exploitation rather than companies profiting from the hidden economy.

The Observer reported in August that about 30 mainly Brazilian delivery riders working for large companies such as Deliveroo and Uber Eats were living in dilapidated caravans in the centre of Bristol. Many claimed they were, in effect, earning below the minimum wage and could not afford to rent in the city.

Continue reading...

Labour’s workers’ rights plans can win over Tory and Reform voters, says TUC

Posted on by

Trade union leaders meet ministers for final talks on employment rights bill before unveiling on Thursday

Labour can use its overhaul of workers’ rights to win over disaffected Tory and Reform voters, the TUC has said, as the government prepares to introduce landmark legislation that will grant new rights to 7 million workers.

Trade union leaders met ministers on Tuesday for final discussions on the employment rights bill before its announcement on Thursday.

Continue reading...