Middle earners are under further pressure as Hunt plans ‘social tariffs’ for energy

Middle-class workers will already bear the brunt of Mr. Hunt’s tax hikes in the fall statement. The Chancellor’s decision to protect retirees and benefit recipients while taxing workers and businesses is expected to push the tax burden to an all-time high and increase the size of the state to proportions not seen since the 1970s, … Read more

This is not sound money. It’s socialism

There’s a new word doing the rounds to describe the Tories following Jeremy Hunt’s £55bn tax and spending autumn statement and it’s not very pleasant to read. ‘Consocialists’ was a term first coined by Reform leader Richard Tice to encapsulate the left-wing movement of the once Thatcherian party, but following Thursday’s unprecedented tax grab, it … Read more

FTSE 100 Live 18 November: Retail sales improve in October, supermarket sales weak

1668770913 Surprise rally in retail sales ‘calm before the storm’ The High Street experienced a surprise rebound in October as retail sales rose 0.6%, but analysts said the calm before the storm as the cost-of-living crisis deepens. The Office for National Statistics said the higher-than-expected jump – which follows a 1.5% fall in September – … Read more

UK economy: UK plunges into recession

The UK is officially in recession. In a gloomy financial statement, Chancellor Jeremy Hunt said the Office for Budget Responsibility had judged the UK economy to be contracting. Mr Hunt, the country’s finance minister, told the House of Commons that UK GDP is expected to fall by 1.4% next year, before growing again in 2024. … Read more

Whitehall rubbish is costing taxpayers £14bn in money wasted on luxury party villa and vegan ice cream

The government has squandered £14bn of taxpayers’ money, a study has found, which shows it squandered money on a luxury villa and vegan ice cream. An analysis of financial disclosures since the beginning of last year found enough Whitehall waste to cover a year’s court, prison and probation budgets, or to fund more than half … Read more

Tax increases are looming, but OBR forecasts have been wrong for years

During his long reign as Chancellor alongside Tony Blair, Brown exercised an iron grip on Treasury Department policymaking, micromanaging every decision made and extending his influence to every corner of the government machine. With a determination to vastly increase the size of the state while maintaining a facade of caution, critics accused Brown of manipulating … Read more

There is no point in starting a business in high tax UK

When Napoleon called us a nation of shopkeepers, following the French revolutionary Bertrand Barère de Vieuzac, he would have meant it as an insult. “Then let Pitt boast of his victory for his nation of shopkeepers,” de Vieuzac declared in an address to the National Convention on June 11, 1794, seemingly echoing the economist Adam … Read more

Opinion: The UK government cannot win with next week’s budget – the economy is too far gone

British Prime Minister Rishi Sunak speaks during the Prime Minister’s questions at the House of Commons in London on Nov. 9.ANDY BAILEY/AFP/Getty Images Britain has been in a managed – or mismanaged – decline since its costly victory in World War II, a quarter of a century after the British Empire reached its peak. That … Read more

Owners of zero-emission vehicles will have to pay taxes for the first time to make up the £7bn shortfall

Electric car owners will have to pay road tax for the first time, as part of ‘eye-popping’ budget plans designed to fill a £54bn gap in public finances. Chancellor Jeremy Hunt will use Thursday’s budget to change Treasury rules, meaning zero-emission cars and vans will not currently pay vehicle duty. The move is intended to … Read more

Jeremy Hunt will wield the ax for £35bn in cuts as he sees £25bn in tax hikes

Rishi Sunak has rejected claims he will be ‘Scrooge’ this Christmas, despite mounting fears over impending tax hikes and cuts. The Prime Minister and Chancellor Jeremy Hunt are said to have met this weekend to agree on a massive push to fill a £60 billion black hole in public finances. The November 17 autumn statement … Read more