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Bank closures surge since 2016
British banks have closed an average of eight branches a week since 2016, according to research from investment platform Lightyear. The analysis shows that almost 3,700 sites closed between 2016 and 2024. Barclays and NatWest led the way, shutting 1,236 and 950 branches respectively. Lloyds closed 855 in the same period, while HSBC shuttered 743…
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Companies plan major overhaul of employee pension provisions
New research from LawDeb Pensions reveals a significant shift in the UK’s defined contribution (DC) pension schemes, with 80% of businesses planning to change their provision type. The study indicates a trend towards consolidation and specialised management, with 63% of firms expecting to transition to a master trust or own trust. Key drivers for this…
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Voters demand spending cuts, not taxes
Voters are increasingly favouring spending cuts over tax increases, according to a recent City AM/Freshwater Strategy poll. The survey revealed that 59% of respondents preferred the Government to reduce spending, while only 17% supported tax hikes. Chancellor Rachel Reeves faces pressure to address a significant public finance shortfall, exacerbated by recent welfare reform U-turns. The…
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Crypto tax crackdown begins in 2026
HMRC is set to enforce new reporting requirements for cryptocurrency holders starting January 2026. Individuals owning cryptocurrencies like Bitcoin, Ethereum, or Dogecoin will need to provide personal details to their service providers to ensure proper tax compliance. Failure to comply may result in a £300 fine. The initiative, part of the Cryptoasset Reporting Framework, aims…
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Kentucky cuts income tax rate to 3.5%
Kentucky lawmakers have finalized a reduction in the state’s individual income tax rate from 4% to 3.5%, effective in 2026. This decision, supported by Republican Gov. Andy Beshear, reflects a continued effort by the GOP to lower taxes since gaining legislative control in 2017. Republican Sen. Chris McDaniel stated: “We’ve added another thing that’s fairly…
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Deloitte pays $5m to Rhode Island over data breach
Deloitte has agreed to pay $5m to cover two months of state-paid health-care coverage by Blue Cross & Blue Shield and Neighborhood Health for about 2,000 people unable to enroll through the shuttered HealthSourceRI website. The situation arose from the December data breach of the public benefits and health insurance system.
