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Shadow chancellor also says it would cause a ‘tax bombshell aimed squarely at Britain’s pensioners’Reeves says Labour has a vision for the country. Stability will be change, she argues.I know – warm words are not enough. I do not underestimate the challenges we face. But I am so ambitious for our country. I know the huge potential found all across Britain and the constraints...

UK constrained by high interest rates, price rises and staff shortages but thinktank offers optimistic outlook for global economyThe UK will be the worst-performing economy in the G7 next year, according to the Organisation for Economic Cooperation and Development, as high interest rates and the lingering effects of last year’s surge in inflation weigh.In a downbeat assessment, the Paris-based thinktank also downgraded its forecast...

Prospect of party closing Tory ‘loopholes’ if elected prompts some wealthy individuals to explore a move overseas“People are jumping on planes right now and leaving,” said Nimesh Shah, the chief executive of Blick Rothenberg, an accountancy firm that specialises in advising very rich “non-doms” on their tax affairs. “I am not being dramatic, they are leaving right now.”Shah said his clients – some of...

Shadow chancellor to deliver prestigious Mais lecture and will announce plans to rewire the TreasuryTribune, the long-established paper (now a magazine and website) for the Labour left, is not impressed by Rachel Reeves’ suggestion that Margaret Thatcher delivered a decade of renewal.Rachel Reeves’ claim that Margaret Thatcher ‘delivered a decade of national renewal’ is the latest attempt to justify the suffering caused by her...

Resolution Foundation says this will be ‘first parliament in modern history to see a fall in living standards’Business live – latest updatesHousehold incomes are on course to fall for the first time over the course of a parliament despite Jeremy Hunt’s national insurance cuts, the Resolution Foundation thinktank has said in its assessment of the chancellor’s budget.Amid almost two decades of falling real wages,...

In today’s newsletter: As the chancellor presents a plan aimed at satisfying the Tory faithful, we look at what he will do and what it will mean for you• Sign up here for our daily newsletter, First EditionGood morning, and strap on your Homer Simpson secret nap spectacles: it’s budget day. Coming into this one, the big question about Jeremy Hunt is this: is...

The chancellor’s biggest giveaway is likely to be a further cut to national insurance contributionsJeremy Hunt is due to set out the government’s plans for tax and spending in his budget on Wednesday. In what is expected to be the last budget before a general election, the chancellor’s biggest giveaway is likely to be a further cut to the national insurance contributions paid by...

The absence of so many potential workers is taking a toll. In a literal sense, this is a sick economyBusiness live – latest updatesOn the face of it, Britain’s labour market is in rude health. Employment rose in the final three months of 2023 and unemployment fell to 3.8%. Earnings, adjusted for inflation, rose for a sixth successive month. All are traditionally signs of...

Chancellor hints at tax-free plan for budget as part of efforts to revive country’s stock marketThe chancellor, Jeremy Hunt, has hinted at plans to launch a tax-free “British Isa” investing in UK company shares at the spring budget, as part of efforts to revive the country’s stock market.A British stock Isa would allow investors to buy a certain amount of UK company shares, without...

Hunt draws comparisons with Thatcher’s tax-slashing chancellor as he claims UK is ready for economic boomJeremy Hunt has compared himself to former tax-cutting chancellor Nigel Lawson, as he joined Rishi Sunak in teasing further potential cuts in the spring budget.Writing in the Mail on Sunday, the chancellor drew comparisons with the late Lawson, who was known for slashing personal taxation while serving in the...

Surprise uptick to 4.0% complicates forecasts that Bank of England will cut interest ratesAnalysis: inflation rise complicates outlook on interest ratesWhich UK goods and services have changed most in price?UK inflation rose unexpectedly to 4.0% in December in the first increase for 10 months, complicating the timing of interest rate cuts from the Bank of England this year.The Office for National Statistics said annual...

Study of European electoral data suggests social democratic parties alienate supporters by moving towards the political centre Adopting rightwing policies on issues such as immigration and the economy does not help centre-left parties win votes, according to new analysis of European electoral and polling data.Faced with a 20-year decline in their vote share, accompanied by rising support for the right, far right and sometimes...