Minister says only ‘average incomes’ up to £39k safe from Reeves’ tax hikes July 15, 2025 A government minister has said that Labour will stick to its manifesto commitment not to raise personal taxes, at least for those on “average incomes” – earning up to £39,000. Successive ministers over multiple days of media rounds have been caught in an increasingly tangled mess of definitions of what it means to be “wealthy”, [...]
Tax debate goes from comedy to tragedy July 15, 2025 When I suggested recently that we were going to experience déjà vu, with another summer of endless tax rise speculation, I didn’t imagine the experience would be quite so profound. And yet, having already enjoyed the spectacle last year of Labour MPs trying to define “working people” they’re now treating us to a rerun of [...]
In Starmer’s Labour, it’s backbenchers that hold the power July 15, 2025 Labour needs backbenchers who fight for growth, not just block spending cuts, writes Michael Martins in today's Notebook.
Rachel Reeves ducks ‘speculation’ despite tax pledge confusion July 14, 2025 Chancellor Rachel Reeves ducked questions about her Autumn Budget plans despite growing confusion over tax pledges and definitions of “working people”. In an interview on Monday, the chancellor reiterated the government’s pledge not to raise the rates of income tax, national insurance or VAT. But Reeves declined to comment on whether she would introduce a [...]
Treasury minister Darren Jones struggles to define ‘modest income’ July 14, 2025 Chief Secretary to the Treasury Darren Jones says Labour’s “working people” tax pledge refers to “anyone that gets a payslip, basically”. Rachel Reeves’ deputy was asked across multiple interviews on Monday morning to clarify who exactly would be shielded from tax hikes, and whether Labour’s pre-election promises not to raise levies on “working people” will [...]
Mansion House speech: Rachel Reeves to ‘rip up’ red tape in financial services July 14, 2025 Rachel Reeves is to pledge a bonfire of financial services regulation as she seeks to rekindle her relationship with the City. The Chancellor will vow to cut “reams of financial red tape” when she gives her annual Mansion House speech on Tuesday evening, according to people familiar with the matter. That is set to include [...]
Andrew Bailey calls for lower interest rates if job market stalls July 14, 2025 The Governor of the Bank of England has called for more dramatic cuts to interest rates if the jobs market sees a substantial slowdown. In an interview with The Times, Andrew Bailey insisted: “I really do believe the path is downward” for rates. He said that businesses are “adjusting employment” following Rachel Reeves’ tax hikes [...]
Rachel Reeves’ concierge service aimed at luring investors July 12, 2025 Chancellor Rachel Reeves is expected to launch a “concierge service” for wealthy individuals as part of an effort to lure investors to expand in the UK. During electoral campaigns, Labour hopefuls said they would put wealth creation at the heart of their mission in government. Now Rachel Reeves is set to provide advice to foreign [...]
Rachel Reeves risks ‘serious damage’ with tax hikes, OBR member warns July 11, 2025 Fears of another Rachel Reeves’ tax raid are growing after fresh figures revealed the economy shrank in May, but a member of the OBR has warned the Chancellor against drastic measures, including tax hikes. The Chancellor is facing renewed pressure, with economists warning that the government’s £190bn spending splurge, sporadic U-turns, and poor growth figures are set [...]
Reeves puts cash ISA reform on ice ahead of Mansion House speech July 11, 2025 Rachel Reeves is expected to backtrack on plans to cut the tax-free allowance for cash ISAs, amid growing criticisms and building societies reporting a jump in new accounts being set up. “Differing views” from within government and a longer consultation time with the financial sector have contributed to the pause in the policy, according to [...]