Data centres: The UK’s economic powerhouse? November 4, 2024 A new report claims that, given the right investment climate and policy support, the UK data centre sector could grow tenfold by 2035. TechUK’s report found that the sector could boost the economy by £44bn while creating over 40,000 jobs. The report also outlined how surging demand for digital services, fuelled by tech trends such as AI, [...]
Government-backed cyber security has a long way to go, warns Arctic Wolf November 1, 2024 The boss of Arctic Wolf, one of the world’s biggest cybersecurity companies, has warned that governments need to invest in cybersecurity. Nick Schneider spoke to CityAM ahead of the Labour government’s first Budget earlier this week. Acknowledging the rise in demand for the sector, he argued: “Whilst it is encouraging that most governing bodies are [...]
Scrapping non-dom regime branded ‘monumentally stupid’ by tax advisors November 1, 2024 Several leading tax and wealth advisors have told Morning Wire that scrapping the non-dom regime without a suitable replacement is a “monumentally stupid decision” that has already prompted some non-doms to leave. One of the key measures introduced in Wednesday’s budget was abolishing the non-dom status, a regime that allowed certain tax breaks for people [...]
Lord Pannick to take on government over VAT decision on private schools November 1, 2024 The government is set to face Lord Pannick as legal action has commenced over its decision to charge private schools VAT on fees
Budget 2024: Why the post-match politics are risky for Labour October 31, 2024 After months of speculation, Rachel Reeves has finally unveiled Labour’s first Budget in power. Coming in the wake of 14 years in opposition, this big tax and spend – and borrow – document is very much an ideological project, with the NHS, schools and low-paid workers among the big winners. The Chancellor may have ditched [...]
Post Office: MPs to hold inquiry into compensation ‘unfinished business’ October 31, 2024 MPs are set to launch an inquiry into the “unfinished business” of financial redress for victims of the Post Office Horizon scandal. The business and trade committee will hold a short probe focused on “fast and fair redress” for those affected by what has been dubbed the biggest miscarriage of justice in UK history. It [...]
Workers will bear the brunt of tax rises, OBR says October 31, 2024 Workers will end up shouldering the majority of the government’s national insurance hike, the fiscal watchdog said, as Rachel Reeves admitted that pay growth will suffer due to her tax plans. The Chancellor announced tax rises worth £40bn yesterday, making it the biggest tax-raising fiscal event since 1993. Changes to employers’ national insurance made up [...]
Labour’s inheritance tax reforms ‘threaten the very fabric of the countryside’ October 31, 2024 In yesterday's Budget, the Chancellor announced a sweeping overhaul of the inheritance tax system, including changes to a relief which had allowed agricultural land to be passed on tax-free.
What will the Budget mean for the UK economy? October 31, 2024 “This budget delivers one of the largest increases in spending, tax and borrowing of any fiscal event in history,” Richard Hughes, chair of the OBR said.
Autumn Budget 2024: Leading tech founders slam tax increases October 30, 2024 British tech founders have slammed rises in capital gains tax (CGT) and national insurance contributions (NICs) confirmed by Chancellor Rachel Reeves in Wednesday’s Budget. The government has increased the lower rate of CGT from 10 to 18 per cent, and the higher rate from 20 to 24 per cent. It also hiked employers’ NICs by [...]