Search Results for: Reeves

Elderly Couple Reading A State Pension Age Notice

State Pension Age Set to Rise: Will Rachel Reeves’ £6 Billion Plan Help or Hurt Retirees?

by

Chancellor Rachel Reeves is set to secure an additional £6 billion a year for the Treasury through a planned rise in the state pension age. While this move aims to strengthen public finances, it could leave many pensioners, especially private renters, facing serious financial hardship. A new report warns of growing poverty among vulnerable retirees and calls for targeted support measures. But will the government act in time to prevent widespread distress?

Vehicle Tax Reminder Notice From The Driver & Vehicle Licensing Agency (dvla)

UK Drivers Warned as Rachel Reeves Announces New Car Tax Changes

by

UK drivers are facing a major overhaul in car tax rates starting in April 2025. Announced by Chancellor Rachel Reeves, the reforms will sharply increase taxes on high-emission vehicles while maintaining minimal charges for zero-emission cars. These changes aim to accelerate the shift to electric vehicles but have sparked concerns about affordability and accessibility, particularly for low-income and rural motorists.

Rachel Reeves Holding The Iconic Red Budget Box

Rachel Reeves’s Budget Fuels Recession Fears Amid Sluggish Economic Growth

by

Chancellor Rachel Reeves’s Budget has raised concerns about a potential recession as the UK economy grapples with stagnant growth and significant tax increases. With measures such as £40 billion in tax hikes and higher National Insurance contributions, the Budget aims to ensure fiscal stability. However, critics warn that these policies could stifle private investment and exacerbate short-term economic struggles, leaving many questioning the path to recovery.

New Car Tax Shock For Drivers 59 Vehicles To See 2745 Hike Find Out If Your Cars Affected

New Car Tax Shock for Drivers: 59 Vehicles to See £2,745 Hike – Find Out If Your Car’s Affected

by

From April 2025, 59 cars across multiple manufacturers will be affected by the new tax increases, as part of the government's efforts to drive the transition to electric vehicles. The first-year Vehicle Excise Duty (VED) rates will increase by up to £2,745 for cars emitting over 255 g/km of CO2. This includes a wide range of popular vehicles from luxury and high-performance brands.

Labour's New Car Insurance Policy Lower Premiums, Bigger Savings For Motorists

Labour’s New Car Insurance Policy: Lower Premiums, Bigger Savings for Motorists

by

Labour has just announced a major change to car insurance premiums that could bring significant savings for UK drivers. With the Personal Injury Discount Rate set to rise for the first time in five years, many motorists could see their premiums reduced. But what does this mean for your insurance bill? Will these changes benefit everyone, or could certain drivers be left out?

Rachel Reeves Holding The Iconic Red Budget Box

UK Businesses Brace for Tough Times as CBI Reveals Growth Expectations Turn Negative

by

As the UK heads into 2024, business growth expectations have sharply declined, with the Confederation of British Industry (CBI) warning of a challenging year ahead. Rising National Insurance Contributions (NICs), escalating labour costs, and government policies that fail to instil confidence are contributing to a significant downturn in sentiment among businesses across key sectors. The latest CBI Growth Indicator reveals negative projections for the first time in 2024, signalling an economic slowdown that businesses are struggling to navigate as they face mounting challenges.

Electric Vehicle Charging In Marlow, Uk.

Labour Urged to Offer Tax Breaks to Boost Electric Vehicle Sales Amid Growing Industry Concerns

by

The UK automotive industry is urging the Labour government to introduce tax incentives to boost electric vehicle (EV) adoption. Industry leaders, including Ford UK’s Lisa Brankin, have warned that without stronger government-backed incentives, the UK may fail to meet its zero-emissions vehicle targets. With consumer demand for EVs still lagging behind government mandates, the industry is facing significant challenges. Ford’s investment in electric vehicle production underscores its commitment to the transition, but company officials are calling for faster action from the government to avoid missing key sales targets.

Rachel Reeves Holding The Iconic Red Budget Box

UK Budget Puts Jobs at Risk: Business Leaders Predict Job Losses and Slower Hiring

by

The UK’s economic future is under increasing strain as businesses grapple with the impact of new tax and wage policies outlined in the government’s recent Budget. Despite claims that the measures will boost jobs and growth, many business leaders are concerned that the increased National Insurance contributions and higher-than-expected minimum wage will lead to fewer jobs, reduced investment in training, and a challenging environment for young people entering the workforce. With nearly two-thirds of employers cutting back on hiring plans, there are fears that the UK’s already high levels of economic inactivity may worsen.

Old Lady Wearing Glasses Reading A Document With Cup Of Coffee Besides Her

UK Savers Move Money Offshore to Avoid Looming Tax Increases

by

UK savers are increasingly turning to offshore bonds as they prepare for significant tax reforms that could dramatically raise capital gains tax (CGT) rates. These bonds, which offer tax deferral and flexibility, allow investors to shield their wealth from immediate taxation while maintaining control over their financial planning. With concerns about rising tax burdens and economic uncertainty, offshore bonds have become a key strategy for navigating the evolving tax landscape.

Two People Walking On A Wet Street Carrying Shopping Bags

Retail Sales in Great Britain Fall as Consumers Brace for Budget Changes

by

Retail sales in Great Britain fell by 0.7% in October, marking the first decline in three months as consumers pulled back on spending amid pre-budget uncertainty. Data from the Office for National Statistics (ONS) revealed significant drops in discretionary spending, particularly on clothing and non-essential goods, highlighting the cautious behavior ahead of Labour’s economic announcements.

Crowd Of People Likely Heading To Work In London Uk

Tax Hikes in UK Budget Signal Decline in Consumer Confidence and Wage Growth

by

The UK Budget's tax hikes, particularly the rise in employer national insurance contributions, are set to hit consumer confidence and wage growth in 2025, warn analysts. Reports from Goldman Sachs and S&P Global Market Intelligence forecast declining disposable incomes, slowing wage growth, and reduced consumer spending. With fiscal drag and rising mortgage costs compounding these issues, economists predict challenging times ahead for UK households and businesses.

Bank of England

UK Economy Slows to Just 0.1% Growth in Q3 Amid Mounting Challenges

by

The UK economy has hit a rough patch as growth slows to unexpected levels, raising concerns about its resilience in a challenging global environment. With some sectors stagnating and others contracting, questions arise about the impact of recent fiscal decisions and broader geopolitical shifts. Inflation has eased, giving policymakers room to manoeuvre, but deeper structural challenges remain.

Hands Holding A Collection Of British Banknotes, Including £50, £20 And £10 Notes

UK Government Launches Pension Megafunds to Boost Economic Growth and Infrastructure

by

The UK government is set to launch ‘pension megafunds’ to drive economic growth and support local infrastructure investment. This reform will consolidate pension assets into larger funds, expected to generate higher returns for savers while contributing significantly to the nation’s infrastructure and business sectors. However, the government will need to balance economic goals with strong governance and transparency.

Elderly Woman Holding A Magnifying Glass Trying To Read A Paper

Savers at Risk of Facing ‘Triple Tax’ on Pensions, Raising Concerns About Future Retirement Savings

by

Savers could face a “triple tax” on their pensions due to ongoing government changes, raising concerns among retirees and financial experts. The removal of the lifetime allowance limit in April has helped some savers avoid extra tax charges, but it also means wealthier individuals could face inheritance tax and income tax on their pension pots in the future.

© 2024 | Econostrum  | All rights reserved