‘The City can’t be taken for granted’: how banks won over Rachel Reeves

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.

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.

Chancellor Rachel Reeves has confirmed a temporary solution for pensioners who may face income tax on their state pension, stating that those relying solely on this pension will not incur tax until the end of the current parliamentary term. This decision comes as the new state pension is projected to exceed the tax-free personal allowance in the coming years.

Gold prices have recently retreated below $4,000 per ounce after reaching all-time highs near $4,400, raising questions about the sustainability of the current rally. This decline has sparked discussions among investors regarding the future trajectory of gold prices as they stabilize in early November.

JPMorgan Chase's CEO Jamie Dimon has approved plans for a new £3 billion tower in London, following assurances from a senior adviser to UK Prime Minister Keir Starmer regarding the government's pro-business stance. This decision aligns with the bank's strategy to expand its presence in the UK market.

Chancellor Rachel Reeves has unveiled the 2025 budget, introducing new tax rates and measures that will significantly impact household finances, including changes to pensions, savings, and a pay-per-mile scheme for electric vehicles. This budget aims to address the ongoing cost of living crisis while raising £26 billion through various tax reforms.