'Smorgasbord' of tax hikes expected in today's budget - as more policies confirmed

Chancellor Rachel Reeves plans to reduce the annual cash ISA limit from £20,000 to £12,000, a move that has raised concerns among finance leaders about its potential impact on mortgage rates and consumer saving behavior. Building societies warn that such a significant cut could deter individuals from saving, undermining the purpose of these tax-efficient accounts.

The CEO of British Gas's parent company expressed willingness to pay higher taxes in exchange for the removal of levies on energy bills, advocating for a shift to general taxation instead. This statement was made during a discussion on the financial burdens faced by consumers amid rising energy costs.

Bridgepoint, a private equity investor based in London, has finalized a £200 million acquisition of a digital asset services firm, reflecting the increasing interest in cryptocurrency investments. This move is part of a broader trend as institutional investors seek to capitalize on the growing digital asset market.

The upcoming budget, referred to as 'Pasty tax 2.0', is anticipated to be both significant and complex, with a focus on taxation and spending. Prime Minister Keir Starmer has indicated that tax increases may be necessary, potentially conflicting with previous manifesto commitments. This budget is seen as a critical moment for the government amid economic challenges.