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Bank of England warns of ‘overlapping’ financial shocks
The Bank of England has warned of increasing risks to the financial system due to ongoing market volatility and the Middle East conflict. The Bank’s Financial Policy Committee said the conflict was “likely to interact with vulnerabilities” in the UK economy, adding that while the financial system has been “resilient so far… the shock will…
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Hospitality sector faces tax hike hit
Two-thirds of hospitality businesses may cut jobs due to significant tax increases, according to a survey of over 20,000 firms. The changes, including higher minimum wage rates and increased business rates, will add £1.4bn annually to costs. Many firms plan to cancel investments and reduce trading hours. It was shown that 64% plan to cut…
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Pension triple lock under threat as birth rates plummet
The Resolution Foundation has warned that the triple lock on state pensions is becoming increasingly unaffordable and should be abolished. The think-tank says Britain’s declining birth rate has led to a shortage of future taxpayers. Currently, the state pension rises with the highest of inflation, wage growth, or 2.5%, but analysts say this model is…
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IRS invites input for 2026–27 priority guidance plan
The Treasury Department and the IRS are requesting stakeholder recommendations for the 2026-2027 Priority Guidance Plan, which will address key tax issues through various forms of administrative guidance. The IRS emphasized the importance of public input, saying: “Published guidance plays an important role in increasing voluntary compliance by helping to clarify ambiguous areas of the…
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Accounting firm growth hits five-year low
The average growth rate for accounting and financial services firms has decreased from a peak of 13% to below 10%, marking the lowest level in five years, according to a recent study by Hinge Marketing. The study surveyed 133 firms, revealing that high-growth firms achieved a median growth rate of 33.4%, while average-growth firms grew…
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Property tax concerns rise among voters
Recent polling by Marquette University Law School reveals a significant shift in Wisconsin voters’ priorities regarding property taxes and school funding. In a February survey, 60% of respondents prioritized reducing property tax bills over funding for K-12 schools, marking the highest concern for property taxes in over a decade. Charles Franklin, director of the poll,…
