Reeves urged to break election pledge and raise major tax as economy slows

The OECD has warned that the UK is set to experience the highest inflation rate among G7 countries this year, predicting an average of 3.5%. This alarming forecast comes as food prices surge, with retailers attributing rising costs to the government's significant increase in employer national insurance contributions. This situation is concerning as it highlights the economic challenges the UK faces, potentially impacting consumers and businesses alike.

The OECD has warned that the UK is set to experience the highest inflation rate among G7 countries this year, predicting an average of 3.5%. This alarming forecast comes as food prices surge, with retailers attributing rising costs to the government's significant increase in employer national insurance contributions. This situation is concerning as it highlights the economic challenges the UK faces, potentially impacting consumers and businesses alike.

Rachel Reeves is being encouraged to adjust the national insurance rate by reducing it by 2p and reallocating that to income tax in her upcoming autumn budget. This proposal from the Resolution Foundation could potentially raise an additional £6 billion annually, which is significant for the economy. The move aims to create a fairer tax system and protect workers' earnings, making it a crucial discussion point for the government as it seeks to balance fiscal responsibility with the needs of the workforce.

Rachel Reeves is being encouraged to adjust the national insurance rate by reducing it by 2p and reallocating that to income tax in her upcoming autumn budget. This proposal from the Resolution Foundation could potentially raise an additional £6 billion annually, which is significant for the economy. The move aims to create a fairer tax system and protect workers' earnings, making it a crucial discussion point for the government as it seeks to balance fiscal responsibility with the needs of the workforce.

A recent poll by Tony Blair's thinktank reveals that nearly twice as many Britons perceive artificial intelligence as an economic risk rather than an opportunity. This finding poses a significant challenge to Keir Starmer's goal of establishing the UK as an AI superpower. The thinktank emphasizes the need for the government to effectively communicate the benefits of AI technology to the public, highlighting the importance of public perception in shaping the future of AI in the UK.

A recent poll by Tony Blair's thinktank reveals that nearly twice as many Britons perceive artificial intelligence as an economic risk rather than an opportunity. This finding poses a significant challenge to Keir Starmer's goal of establishing the UK as an AI superpower. The thinktank emphasizes the need for the government to effectively communicate the benefits of AI technology to the public, highlighting the importance of public perception in shaping the future of AI in the UK.

The article discusses the evolving landscape of cryptocurrency regulation, focusing on the SEC's initiatives and the MiCA framework in Europe. It highlights the importance of establishing clear legal guidelines to foster innovation while ensuring consumer protection. As global trends shift towards more structured oversight, understanding these developments is crucial for investors and stakeholders in the crypto market.

The US is on track to finalize trade deals with several Southeast Asian nations in the coming weeks, as announced by US Trade Representative Jamieson Greer. This development is significant as it highlights the US's commitment to strengthening economic ties in the region, which could lead to increased trade opportunities and collaboration.

China has announced it will no longer claim benefits as a developing economy under World Trade Organization (WTO) rules, a decision that follows persistent objections from the United States. This shift is significant as it reflects China's evolving role in global trade and may impact future negotiations and trade dynamics within the WTO.

Jimmy Kimmel made a poignant return to ABC, addressing the importance of free speech in today's media landscape. His somber yet defiant tone resonated with audiences, highlighting the challenges faced by comedians and public figures in expressing their views. This moment matters as it underscores the ongoing debate about freedom of expression and the role of humor in society.

Eli Lilly's CEO has labeled the UK as 'probably the worst country in Europe' for drug prices, a sentiment shared by other pharmaceutical leaders. This criticism comes after the company decided to pause plans for a new laboratory in London, highlighting ongoing concerns about the UK's drug pricing policies. This situation is significant as it reflects broader issues in the pharmaceutical industry regarding access to new medicines and could impact future investments in the UK.

Dalia Fahmy, a political science expert, expressed concern over President Trump's recent remarks at the United Nations regarding the recognition of a Palestinian state. She highlighted that Trump's stance could hinder progress towards peace, as he suggested that acknowledging Palestine rewards Hamas instead of fostering unity for the release of hostages. This discussion is crucial as it reflects the ongoing complexities in Middle Eastern politics and the challenges faced in achieving a lasting resolution.