Rachel Reeves has rejected claims from Robert Gordon University that a windfall tax is causing 1,000 job losses a month in the North Sea sector. The report, authored by Paul de Leeuw, blamed the fiscal regime, which includes the windfall tax on profits. Critics, including Stephen Flynn of the SNP, accused the Chancellor of ignoring…

KPMG reported global revenue of $39.8bn for the year ending September, marking a 5.4% increase. This growth outperformed its Big Four competitors, Deloitte, EY, and PwC, which reported lower growth rates. KPMG’s tax business saw a 7.5% revenue increase as clients navigated global tax reforms. The assurance division also grew by 6%, attributed to enhanced…

A report from the Resolution Foundation suggests Labour’s increase in employer NICs had driven up unemployment, with young workers being hit the hardest. The unemployment rate is expected to increase to 5.1% for October, up from 5% in September to hit a five-year high. Principal economist Nye Cominetti commented: “Young people again find themselves at…

Britain’s business rates overhaul is set to drive sharp tax rises for Christmas attractions, hotels and hospitality venues from April, prompting industry warnings of higher prices and closures. Analysis by tax firm Ryan shows seasonal sites such as Hyde Park’s Winter Wonderland, Lapland UK and Camden Lock Market facing steep increases, partly capped in the…

S&U, a London-listed bank, has criticised Rachel Reeves’ recent Budget, describing it as “chaotic and monumentally mishandled.” S&U said the policies set out by the Chancellor had triggered a “dampening effect on consumer confidence.” With the Office for Budget Responsibility having cut growth forecasts every year from 2026 to the end of the Parliament after…

HSBC is negotiating a settlement of around $300m with French authorities regarding its involvement in a tax fraud scandal. This scandal, which has reportedly cost France €4.5bn in tax revenues, has implicated several banks. Crédit Agricole recently settled a similar investigation for €88.2m.