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Inflation hits 3.8% in July
Office for National Statistics (ONS) data shows that inflation hit 3.8% in July, with this putting price growth at the highest level since January 2024. The figure from July is up from the 3.6% growth recorded in the year to June and far exceeds the Bank of England’s target of 2%. Economists polled by Bloomberg…
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Reeves plans mansion tax for homeowners
Chancellor Rachel Reeves is reportedly drawing up a capital gains tax on high-value property sales to address a £40bn gap in public finances. The plan could end the current exemption for primary residences, affecting higher-rate taxpayers with a 24% tax on gains. A threshold of £1.5m may impact around 120,000 homeowners, potentially leading to significant…
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UK accounting rules hold Britain back amidst global crypto drive
The UK is lagging behind the US in cryptocurrency regulations, particularly regarding Bitcoin treasury companies (BTCs). Rachel Reeves aims to enhance economic growth by easing regulations, but current UK accounting rules treat Bitcoin as an intangible asset, obscuring its true value. This punitive approach discourages UK firms from holding digital assets, while US regulations allow…
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Pubs face crisis as closures rise
The UK pub industry is facing a crisis, with eight pubs closing each week due to rising tax and labour costs. In the first half of the year, 209 pubs were either demolished or repurposed, reducing the total number to 38,780. Emma McClarkin, chief executive of the British Beer and Pub Association, stated: “It’s absolutely…
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PwC tightens grip on office attendance
PwC UK has intensified its monitoring of employee office attendance through key card usage and WiFi connections. The firm introduced a “traffic-light” system to flag attendance levels, marking those below 60% as “amber” and below 40% as “red.” The policy, effective since April, aims to ensure staff spend at least three days a week in…
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Economic slowdown hits jobs market
Unemployment in the UK remains steady at 4.7%, according to the Office for National Statistics (ONS). However, pay growth has slowed from 5% to 4.6%, and vacancy rates have dropped by 44,000, marking the 37th consecutive decline. Suren Thiru, economics director at the ICAEW, noted that rising employer national insurance costs are impacting hiring. He…
