Rachel Reeves confirms ‘workaround’ for pensioners facing tax bill on state pension

Chancellor Rachel Reeves has denied accusations of misleading the public regarding tax increases ahead of the recent budget announcement. She stated that the £26 billion tax rise was necessary to ensure economic stability and to protect public spending, amidst growing scrutiny from opposition MPs demanding her resignation.

The UK government is engaging bankers to review options for the struggling steel industry, responding to calls for potential mergers among major players in the sector. This initiative comes as the industry faces significant challenges, including rising energy costs and competition.

UK Chancellor Rachel Reeves initially offered hope to struggling hospitality businesses by announcing the lowest tax rates since 1991. However, as details of the budget emerged, pub owners and hoteliers expressed outrage over the implications of changes to business rates, which they argue will exacerbate their financial difficulties.

Chancellor Rachel Reeves has faced criticism for her recent budget, which has been labeled a 'stealth tax' by hospitality owners who argue that it fails to support the struggling British pub sector amidst rising business rates. The budget includes a £26 billion tax increase aimed at addressing the UK's cost of living crisis but has left many in the hospitality industry feeling abandoned.

Chancellor Rachel Reeves announced that individuals relying solely on the state pension will not be subject to income tax, a move that could create a two-tier system for retirees. The new state pension is set to increase to £241.30 per week in April, just below the personal tax allowance threshold.

JP Morgan and Goldman Sachs have announced plans to expand their presence in the UK following Chancellor Rachel Reeves's budget, which spared the banking sector from higher taxes. This decision was celebrated at a recent event hosted by Jamie Dimon in New York, coinciding with King Charles's birthday celebration.

Premier League clubs are set to face increased wage bills following the government's budget announcement that image rights payments will be taxed at 45% starting April 2027. This change will significantly impact many top-flight players, as several already have clauses that make clubs liable for these payments.

The government has announced plans to ban transfers from stocks and shares ISAs to cash ISAs as part of the upcoming Autumn Budget reforms, aiming to discourage the use of cash ISAs. This decision reflects a broader strategy to shift savings behavior among the public.