Rachel Reeves presented her first budget which included raising £40 billion, much of it by increasing employers' National Insurance contributions. There was notably no mention of help for small businesses in the budget despite much talk of 'Going for Growth' which seems to depend upon foreign firms investing in the UK.
Showing posts with label Rachel Reeves. Show all posts
Showing posts with label Rachel Reeves. Show all posts
Saturday, November 02, 2024
Michael Lambert: Going for Growth but No Mention of Small Business
Nov 2, 2024 | After almost four months, the results of the Conservative Party leadership elections are about to be announced. Either Robert Jenrick or Kemi Badenoch will be the new leader. Jenrick has spent much of the campaign warning that foreign terrorists and murderers are walking our streets; Badenoch has been largely unseen.
Rachel Reeves presented her first budget which included raising £40 billion, much of it by increasing employers' National Insurance contributions. There was notably no mention of help for small businesses in the budget despite much talk of 'Going for Growth' which seems to depend upon foreign firms investing in the UK.
Rachel Reeves presented her first budget which included raising £40 billion, much of it by increasing employers' National Insurance contributions. There was notably no mention of help for small businesses in the budget despite much talk of 'Going for Growth' which seems to depend upon foreign firms investing in the UK.
Wednesday, October 30, 2024
Price of Packet of Cigarettes to Rise to £16.78 from 6pm TONIGHT as Rachel Reeves Hikes Tobacco Tax in Budget
THE SUN: THE price of a pack of cigarettes will have risen by 90p after a hike was confirmed in the government's Autumn Statement.
On Wednesday in the House of Common, Chancellor Rachel Reeves revealed a range of plans relating to tax rises, benefits and pension payments.
The Chancellor said that tobacco duty would increase by the standard Retail Price Index (RPI) - a measure of inflation - plus 2%.
The government used the RPI rate of 3.65%, which is the Office for Budget Responsibility's forecast for the inflation rate in quarter two of 2025.
It means the cost of a 20 pack will rise by 5.65% - or 90p - at 6pm this evening.
The average price of a 20-pack of cigarettes in September was £15.88, according to the ONS - and it will rise to £16.78 tonight. » | Olivier Marshall, Senior Consumer Reporter | Wednesday, October 30, 2024
On Wednesday in the House of Common, Chancellor Rachel Reeves revealed a range of plans relating to tax rises, benefits and pension payments.
The Chancellor said that tobacco duty would increase by the standard Retail Price Index (RPI) - a measure of inflation - plus 2%.
The government used the RPI rate of 3.65%, which is the Office for Budget Responsibility's forecast for the inflation rate in quarter two of 2025.
It means the cost of a 20 pack will rise by 5.65% - or 90p - at 6pm this evening.
The average price of a 20-pack of cigarettes in September was £15.88, according to the ONS - and it will rise to £16.78 tonight. » | Olivier Marshall, Senior Consumer Reporter | Wednesday, October 30, 2024
Institute of Economic Affairs: Tax Expert Warns: The Budget's Hidden Attack on Your Wages
Oct 30, 2024 | In an analysis of the government's latest budget, Tom Clougherty, Executive Director and Tax Policy Specialist, breaks down the concerning implications of a massive £40 billion tax increase, with £25 billion coming from employer National Insurance contributions alone. With taxes already at historic highs, Clougherty explains how these changes will likely suppress wages and reduce job opportunities across the private sector.
Despite the change in government, Clougherty identifies a troubling continuity in economic policy, with an increasingly state-centric approach to growth. He critiques the administration's heavy reliance on public spending and capital projects, arguing this comes at the expense of private sector innovation and investment – the true engines of sustainable economic growth.
Drawing from years of economic evidence, Clougherty challenges the government's claim that workers won't be affected by these tax increases. He demonstrates how employer National Insurance hikes inevitably get passed through to employees in the form of lower wages and reduced benefits, adding to existing cost of living pressures. This comprehensive analysis offers vital insights for businesses and workers alike as they navigate the implications of the new budget.
Despite the change in government, Clougherty identifies a troubling continuity in economic policy, with an increasingly state-centric approach to growth. He critiques the administration's heavy reliance on public spending and capital projects, arguing this comes at the expense of private sector innovation and investment – the true engines of sustainable economic growth.
Drawing from years of economic evidence, Clougherty challenges the government's claim that workers won't be affected by these tax increases. He demonstrates how employer National Insurance hikes inevitably get passed through to employees in the form of lower wages and reduced benefits, adding to existing cost of living pressures. This comprehensive analysis offers vital insights for businesses and workers alike as they navigate the implications of the new budget.
Subscribe to:
Posts (Atom)