Is London really the most-taxed city? Banks accused of cherrypicking data

Lobby group’s figures, shared with John Healey, are misleading as they do not include major rival Paris, say campaigners

A banking lobby group has been accused of cherrypicking data and trying to mislead the British government by claiming a tax rise for banks at next week’s budget would leave London less competitive than rival financial hubs.

UK Finance, which represents banks including Lloyds, JP Morgan and Revolut, commissions an annual report tallying up all the taxes shouldered by a large bank, including corporation tax, social security, VAT and bank-specific levies.

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UK van drivers face extra £2.5bn in diesel costs this year, figures show

Calls for planned fuel duty rise to be scrapped as analysis finds average fuel bill could hit £1,965, up from £1,294

Millions of British van drivers face a combined £2.5bn cost to cover the rising price of diesel this year, according to figures, fuelling calls for the government to scrap its planned fuel duty rise.

The owners of diesel vans and pickups can expect to collectively spend almost £8.5bn at the pump this year, according to analysis for the Guardian, after diesel prices climbed to record highs due to a global fuel shortage caused by disruption to refineries in the Middle East and Russia.

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Tory tax break for banks has cost UK public purse £6bn, says TUC

Exclusive: Chancellor urged to reverse Rishi Sunak’s tax surcharge cuts to claw back billions in lost revenue

Tax cuts for big banks have deprived the UK government of £6bn in revenues, according to campaigners, who are calling on the chancellor, John Healey, to increase taxes and force lenders to pay their “fair share” in the budget.

Calculations by the Trades Union Congress (TUC), which represents unions with more than 5.3 million members across England and Wales, shows that the public purse is billions of pounds worse off as a result of tax cuts introduced under the Tory chancellor Rishi Sunak in 2023.

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UK politics live: Pat McFadden tells Labour activists they should not defend benefits system ‘status quo’ because it ‘writes off’ claimants

Work and pensions secretary says the current system is flawed because it consigns too many people to a life on benefits when they would be better off working

‘I can deliver’: Burnham pledges radical change on eve of Labour conference

Kuenssberg puts it to Burnham that, according to the Health Foundation, a system offering adult social care free at the point of delivery (like healthcare delivered by the NHS) would cost £18bn.

Burnham says the cost is “not that high” (ie, not as high as £18bn).

Not that high.

But can I directly deal with this issue of the costs?

Louise Casey is still doing an official review for us, so I will set out the vision, if you like, on Tuesday [in his speech to the conference].

Louise will then help us with the how. How do we make this happen? When can we make it happen?

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Property investors may pay less capital gains tax under Labor’s reforms, analysis suggests

Researcher says public debate since May budget has overstated how much reforms will cost landlords and investors

Most property investors may end up paying less capital gains tax after Labor’s budget reforms, research based on an analysis of historical data suggests.

The e61 Institute’s analysis also found half of all landlords would have faced higher costs from the loss of negative gearing over the period from 2008 to 2025 if the new system had been in place, suggesting the tax reforms alone cannot explain a slump in investment demand.

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Thinktank linked to Reform UK calls for abolition of state pension

‘Radical’ report likely to influence party’s platform also proposes abolishing inheritance and capital gains taxes

A thinktank linked to Reform UK has called for the abolition of the state pension and £75bn worth of sweeping tax cuts in a “radical” report likely to influence the party’s platform for the next election.

The Centre for a Better Britain’s (CFABB) report – which also calls for weaker rules for UK banks and Trump-style investment accounts offering £1,000 to newborns – will be formally launched at a private event with City executives on Wednesday.

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Khan addresses Polanski in Urdu at London assembly, mocking Green leader’s byelection video – UK politics live

It comes after the Green leader, who is standing as a candidate in the Holborn and St Pancras byelection, recorded a campaign video in Urdu

Andrew Griffith has delivered his speech, and he is now taking questions.

Q: You want the government to pause the making tax digital programme. Is that an admission that the last government got this wrong when it introduced it?

It is an admission that despite [good] intentions, the execution of that has left a lot to be desired.

In fact, coming to parliament from business, I can confess the law that we pass the most often is the law of unintended consequences. And I think making tax digital is a good example of that.

The truth is that Burnham and Miliband ignored the advice they were given – which was that if they were determined to sanction Israel, they should not do so before the Israeli election on 27 October.

It may not be surprising that this was the message from the Israeli foreign minister, Gideon Sa’ar, when Miliband called him on 11 August to warn sanctions were imminent. ‘He said postpone it until after the elections,’ a diplomatic source confirms. It was also the message the Israeli embassy in London – and its new chargé d’affaires Chris Cantor – was relaying to the Foreign Office. ‘Their message was clear: why do it now? Wait until after the elections, because something might change,’ a senior Labour figure says.

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‘Small price to pay’: The young homeowners welcoming falling house prices even as it hurts them

Some buyers say they are ready to absorb the fallout of housing weakness if it means boosting home ownership across the board

Falling property prices have come at the worst possible time for Alex Hogan and his partner. They are now weighing up whether they can afford to have another child.

Locked out of the established housing market, the Queensland couple resorted to buying a block of land to build a family home.

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Fund defence spending from tax rise on middle earners, thinktank tells Healey

Resolution Foundation argues that UK’s internationally low ‘tax wedge’ must rise to pay for defence ambitions

The chancellor, John Healey, must be prepared to raise taxes for middle earners if he wants to fund significantly higher defence spending, the Resolution Foundation thinktank has said.

Healey resigned from Keir Starmer’s government in June, protesting against what he argued was the then prime minister’s failure to adequately fund defence.

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Cold feet and cooling prices: Australia’s property market is transforming – and first home buyers aren’t biting

Exclusive: Data shows buyers are not rushing to get into the market, despite lower prices and less competition

First home buyers are starting to step back and investor demand is slumping in all areas except new property, as Australia’s housing market enters a downturn.

Research shows the market is transforming, nearly two months on from a third consecutive interest rate rise and sweeping tax reforms.

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Australia news live: auction clearance rates continue to hover under 50% as Chalmers defends tax reform plan

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Big tech not cooperating ‘as much as we’d like them to’: Watt

Federal cabinet minister Murray Watt, says the government knows it’s needed to take more action to ensure social media giants are complying with a ban for under 16s that came into effect in December.

These laws were brand new, never developed anywhere in the world. And what we’ve learned is that the powers that the safety commissioner has do need to be beefed up, also to give her powers across things like age assurance tools. So things that sit outside the social media platforms themselves, but compelling them to provide information so that she can do her job even better.

The pace of change is accelerating, the global and generational pressures are intensifying, and people have got legitimate concerns about where they fit in that, and then we’ve got the anger industry, and parties of the populist right trying to make that worse rather than trying to make that better.

It is a difficult time around the world to be an incumbent government, from our point of view. We are using the power of incumbency to take real action, to deliver cost-of-living help, to deliver real change. The best antidote to anger is action … The Albanese Labour government has chosen to address those concerns rather than dismiss them.

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Now we know how much tax King Charles pays, and it is very little

The monarch’s declaration does not tell us much, except that his bill is lower than for people with much smaller fortunes

The veil of secrecy that surrounds the royal finances was nudged aside a little on Thursday to allow the release of a new piece of information. We learned for the first time how much the king’s annual tax bill comes to.

This was not a full tax return. It was a two-sentence declaration, stating his tax payable amounted to £12.9m in 2024-25, and a slightly smaller sum the year before. His total tax payable since accession comes to £30m.

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Critic of Labor’s tax changes deletes anti-immigration AI video reposted from rightwing nationalist account

Fund manager Geoff Wilson says he did not watch full video and deleted it after ‘inappropriate associations were identified’

The fund manager Geoff Wilson, a prominent public critic of the government’s tax changes, has deleted an inflammatory AI-generated video he reposted from a rightwing nationalist account portraying Anthony Albanese and Jim Chalmers taking money from white Australians and giving it to recently arrived migrants wearing Islamic face coverings.

Wilson said he had not watched the full video before sharing it or examined other accounts, some of whose content he reposted on Wednesday morning – which included content relating to the QAnon conspiracy theory – and deleted his posts after being contacted by Guardian Australia.

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King Charles to publish personal tax bill in first for UK head of state

Buckingham Palace says move is intended to increase ‘clarity and accessibility’ of monarchy’s finances

King Charles will become the first head of state to reveal their personal tax bill in what the palace said was an attempt to enhance the transparency of royal finances.

Charles, 77, will publish his financial details as part of the royal household increasing the “clarity and accessibility” of the monarchy’s finances by producing a new report on the subject.

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Australian housing was already cooling before the budget – but how cold it gets depends on two key factors

Most economists believe the chronic undersupply of homes will eventually push prices higher once interest rates ease and the tax changes are priced in

The government’s property tax changes have become one of the defining political issues of Labor’s second term, drawing fierce criticism from opponents who argue they represent an “assault on aspiration” that will destroy home values.

In the three weeks after the negative gearing and capital gains tax changes were revealed in the 12 May budget, housing data has begun to show how they may affect Australia’s property market. Here’s what the data shows, and what could happen next.

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Labor’s NDIS overhaul faces delay as Coalition and Greens consider teaming up to slow bill’s passage

Government hopes to rush NDIS and tax changes through parliament but opposition and crossbench push for more scrutiny

The Greens want Labor to halt its plans to rush NDIS cuts through the Senate later this month, urging a longer inquiry process as the government seeks the minor party’s support for its contentious tax and housing changes.

It opens the possibility of the Greens and Coalition teaming up in parliament to support extending separate Senate inquiries into both the changes to the national disability insurance scheme and tax proposals, thereby delaying Labor’s hopes of passing those bills before the end of June.

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Australia to buy only secondhand nuclear subs from US in major Aukus switch – as it happened

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Extra negative gearing limits could hurt market and family budgets, Labor says

Clare O’Neil has rejected calls from the Greens and others to put further limits on negative gearing access, saying the government should not interrupt “immediate arrangements”.

There’s people in the debate who want to see the government go further. I really understand that but I just think we need to step back.

Negative gearing is a very immediate impact on a household and family budget and it’s not something that governments, when they’re making tax changes, should do, to interrupt people’s immediate arrangements.

We need to land this. We’ll do that in the appropriate time given the need … This is not a political timeline. It is a policy timeline … It’s important this gets resolved speedily and that’s what the government is working towards.

I think there’s a range of things that are on the table in those conversations and I won’t speak about them in detail …

The government wants to get the right outcome here and we are not going to be driven by the politics of the moment. It’s really important we reach the right landing point for this and I think I have spoken in previous interviews this week about some of the issues we see.

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GLA considering investigation into Zack Polanski over houseboat council tax

Official assessing formal complaint into Green party leader’s potential ‘breach of conduct’ as assembly member

London assembly officials are weighing up whether to launch an investigation into Zack Polanski after he admitted he may have failed to pay the correct council tax while living on a houseboat in the capital.

The Green party leader has faced questions over whether the houseboat, moored in east London, was his primary residence. A spokesperson for his party had described the situation as an “unintentional mistake” and said Polanski had “immediately taken steps” to pay any tax owed.

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Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes

Prime minister launches impassioned argument in favour of much-maligned reforms announced in last week’s federal budget

A visibly emotional Anthony Albanese has launched an impassioned defence of Labor’s proposed changes to negative gearing, the capital gains tax discount and family trusts, saying he will “not allow Australia to become a country where aspiration is only for some”.

The prime minister has faced sustained criticism to the reforms, which include limiting negative gearing to new-builds while grandfathering existing properties, changing how CGT is calculated and imposing a new 30% minimum tax on discretionary trusts.

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MPs urged to ignore fearmongering and pass Labor’s ‘long overdue’ negative gearing and CGT changes

Exclusive: Any attempt to use the budget measures as an excuse to raise rent is opportunistic profiteering, housing advocates say

Australia’s peak community and housing groups have urged federal parliament to quickly pass Labor’s changes to negative gearing and capital gains tax, saying the reforms would improve fairness for renters and young homebuyers.

The government may introduce its negative gearing and CGT changes into parliament as soon as the coming sitting fortnight, with hopes of passing the legislation soon after with the support of the Greens.

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