Author Archives: Anna Cummings

Comments Off on Brexit charges could lead to higher food prices

Brexit charges could lead to higher food prices

Brexit charges could lead to higher food prices

Fees of up to £145 will be charged from 30 April. Small imports such as sausages and cheese are included in the charge. Trade groups have warned of potential increases in food prices following the Government’s announcement of new post-Brexit import charges on EU food and plant products. These charges, known as the common user … Continued

Comments Off on Enhanced child benefit payments set to commence

Enhanced child benefit payments set to commence

Enhanced child benefit payments set to commence

There was a significant uplift for families from 6 April as the annual entitlement for one child was raised. Additional child payments also increased. HMRC has announced that, from 6 April 2024, millions of UK families receiving Child Benefit will see their payments increase. In a move to support households, the Government has raised the … Continued

Comments Off on Stealth tax freeze threatens income of pensioners

Stealth tax freeze threatens income of pensioners

Stealth tax freeze threatens income of pensioners

1.6m additional retirees dragged into income tax levy. 8.5m currently paying income tax, up from 4.9m in 2010. New research for the House of Commons has shown that due to the income tax threshold freeze of £12,570 until 2028, an additional 1.6m pensioners will have to pay income tax in the next four years. This … Continued

Comments Off on House prices grow slowly in March

House prices grow slowly in March

House prices grow slowly in March

Higher mortgage rates affect affordability as the cost of buying a home strains budgets. Nationwide has reported a mixed picture of the housing market. On average, property prices increased 1.6% from March 2023, marking the quickest pace of growth since December 2022. However, a slight dip of 0.2% was observed in March compared to February, … Continued

Comments Off on Manufacturing and R&D to receive £360m boost

Manufacturing and R&D to receive £360m boost

Manufacturing and R&D to receive £360m boost

Funding aims to drive economic growth, enhance health resilience, and generate employment. Jeremy Hunt has announced a £360m investment in UK manufacturing to drive economic growth, enhance health resilience and generate employment. Furthermore, there will soon be opportunities for companies to engage in a £520m life sciences manufacturing fund designed to prepare for health emergencies … Continued

Comments Off on UK house prices rise as interest rates fall

UK house prices rise as interest rates fall

UK house prices rise as interest rates fall

The average house price increased by 1.2% compared to last year, climbing to an average of £260,420. The last growth was seen in January 2023. In February, UK house prices experienced their first annual increase in over a year, signalling a rejuvenation in the housing market spurred by reduced borrowing costs. Nationwide has reported that … Continued

Comments Off on Stealth tax and savings shake up salary bands

Stealth tax and savings shake up salary bands

Stealth tax and savings shake up salary bands

Fiscal drag raises tax burden for many. Following the recent Spring Budget, NI rates in the UK will decrease by 2%. Following the recent Spring Budget, National Insurance (NI) rates in the UK will decrease by two percentage points, reducing to 8% on earnings between £12,570 and £50,270, down from the current 10%. This change, … Continued

Comments Off on PM proposes scrapping National Insurance

PM proposes scrapping National Insurance

PM proposes scrapping National Insurance

Plans to simplify tax could require other increases. In 2022/23, NICs generated £178bn, with £103bn from employers, £65bn from employees, and around £10bn from the self-employed. The Prime Minister, Rishi Sunak, has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget. National Insurance, established in … Continued

Comments Off on House prices begin to fall at a slower rate

House prices begin to fall at a slower rate

House prices begin to fall at a slower rate

House price declines are gradually easing as sales volumes increase across the UK. In October 2023, prices dropped by -1.4%, slowing to -0.8% by December. The East of England (-2.5%) and the South West of England (-2.2%) experienced the most significant declines in 2023. In contrast, house prices in Northern Ireland increased by 3.2%. Despite … Continued

Comments Off on ‘Limited tax cut options in budget’, says Chancellor

‘Limited tax cut options in budget’, says Chancellor

‘Limited tax cut options in budget’, says Chancellor

Chancellor Jeremy Hunt has said that there is little scope for further tax cuts in the Spring Budget. In last year’s Autumn Statement, the Chancellor announced various tax breaks, including a cut to the main rate of National Insurance from 12% to 10%. In January, he suggested that he intended to reduce taxes in the … Continued