Chancellor Rachel Reeves has fuelled speculation over a possible income-tax rise after refusing to dismiss reports that Treasury officials are considering rate increases to plug a multibillion-pound hole in the public finances.
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Reeves weighs income tax rise to plug £30bn fiscal hole
Chancellor Rachel Reeves is considering raising income tax for the first time in more than a decade as she faces one of the most difficult budgets in recent memory, with a £30bn fiscal gap and mounting political risks.
NatWest profits surge 30% as higher interest rates fuel bank earnings
NatWest has reported a sharp rise in quarterly profits as higher interest rates and strong customer activity lifted earnings, prompting the High Street bank to raise its forecasts for the year.
Tony Blair urges Ed Miliband to scrap green levies amid energy cost backlash
Tony Blair’s think tank urges Labour to scrap green levies, warning that Ed Miliband’s 2030 clean power target risks voters and raises energy costs.
Oxford rail link to reopen as £10bn tech campus fuels ‘Europe’s Silicon Valley’ vision
The UK government backs the reopening of Oxford’s Cowley rail line alongside a £10bn investment from Larry Ellison’s new technology institute.
FCA chief warns UK financial system “not prepared” for rising global and cyber risks
FCA boss Nikhil Rathi warns UK’s financial system is unprepared for global conflicts, cyber threats and rising money laundering risks.
Barclays takes £110m hit from collapse of US subprime lender as private credit risks grow
Barclays records £110m loss linked to failed US lender Tricolor and discloses £20bn exposure to private credit amid rising scrutiny of the sector.
JCB invests £100m to modernise flagship UK factory and secure 8,000 jobs
JCB unveils £100m overhaul of its Rocester headquarters, safeguarding 8,000 jobs and boosting UK manufacturing productivity.
Jaguar Land Rover cyber attack confirmed as UK’s most costly, with £1.9bn impact
The cyber attack on Jaguar Land Rover caused £1.9bn in damages, the most expensive in UK history, disrupting 5,000 firms and global supply chains.
UK inflation holds at 3.8% in September, fuelling hopes of earlier rate cut
UK inflation held steady at 3.8% in September, below Bank of England forecasts, boosting expectations of an interest rate cut before year-end.
Morrisons to shut 103 outlets including cafés, florists and pharmacies in major restructure
Morrisons to close 103 outlets — including cafés, florists and pharmacies — as part of a restructuring plan to refocus investment and cut costs.
Government borrowing surges to £20bn in September as Reeves faces mounting pressure ahead of tax-heavy Budget
UK borrowing hit £20bn in September, the highest in five years, piling pressure on Rachel Reeves to deliver tax rises in her upcoming Budget.
Reeves to announce £6bn ‘blitz on business bureaucracy’ ahead of tax-heavy Budget
Rachel Reeves to scrap red tape in £6bn business bureaucracy blitz as Budget looms, amid pressure over likely tax rises targeting firms and the wealthy.
Labour urged to reconsider scrapping youth minimum wage rates as ‘Neet’ numbers near 1 million
Thinktank warns equalising minimum wage could price young people out of work as Neet levels surge towards 1 million in the UK.
Ed Miliband signals potential VAT cut on energy bills as affordability pressures grow
Ed Miliband hints VAT on energy bills could be cut in November’s Budget as the government faces mounting pressure to act on the cost-of-living crisis.
