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 [...]
HSBC splashes $5m on new London wealth centre despite non-dom exodus July 12, 2025 HSBC has opened a new wealth centre in the heart of London to cater to high-earning customers in defiance of fears of an exodus of wealthy investors from the UK. Britain’s most valuable bank has leased two floors of a fifteen-storey tower in Piccadilly, formerly the home of British magazine The Economist, in a $5m [...]
Bank of England interest rate cut ‘almost certain’ after poor growth July 11, 2025 Fresh growth figures have fuelled speculation of an August interest rate cut in a bid to give the waning UK economy a shot of life. The Office for National Statistics (ONS) revealed on Friday the UK economy shrunk for the second consecutive month with a 0.1 per cent contraction in May. Deutsche Bank’s chief economist [...]
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 [...]
UK economy contracts 0.1 per cent in blow to Rachel Reeves July 11, 2025 Rachel Reeves’ waning growth agenda has been dealt another blow after the UK economy contracted 0.1 per cent in May. The Chancellor has endured a bruising few weeks after government U-turns and spending splurges have cut into the fiscal headroom she outlined in the Autumn. Fresh figures from the Office for National Statistics have confirmed [...]
Non-dom tax grab could blow £4bn hole in public finances July 11, 2025 The government’s decision to abolish the non-dom regime will blow a £4bn hole in the public finances and lead to over 3,000 fewer jobs if a quarter of the country’s wealthy foreigners leave. According to a fresh study from the Centre for Economics and Business Research (CEBR), non-doms choosing to leave the UK instead of [...]
Wealth tax would be ‘own goal’, London bosses warns July 10, 2025 The introduction of a wealth tax on Brits would yield less revenue for the government and drive investors overseas, bosses across London have warned. Keir Starmer this week refused to answer questions on whether the government was considering a wealth tax, which was mooted by former Labour Party leader Neil Kinnock last weekend. But business [...]
Keir Starmer agrees migrant returns deal with France July 10, 2025 Keir Starmer has agreed a “pilot” deal to return illegal migrants to France in an exchange for individuals to arrive as asylum seekers as part of a drive to curb small boat crossings. In a speech delivered alongside French President Emmanuel Macron, Starmer said the new plan would come into effect in the coming weeks. [...]
Week in Business: The tragedy of Labour’s tax addiction July 10, 2025 From the housing market to the stock exchange, some taxes need to be reformed or reduced - but this government only wants to hike rates.