Crying in the Commons? Let's not make a habit of it
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Powys County Times
an hour ago
- Powys County Times
Tories demand Reeves ‘urgently rule out' investment tax hikes
The Conservatives are demanding Chancellor Rachel Reeves 'urgently rule out' raising shares taxes in the autumn budget, claiming that leaving investors 'in limbo' will damage the economy. The Tories claim scrapping the £500 dividend allowance will drag an estimated 5.22 million more people into paying investment levies. The party is seeking to pile pressure on ministers after a memo sent by Angela Rayner to Ms Reeves, in which the Deputy Prime Minister suggested a series of tax hikes, was leaked to the press. In the document, Ms Rayner proposed removing the dividend allowance to raise around £325 million a year in revenue, as well as axing inheritance tax relief for AIM shares and increasing dividend tax rates, the Telegraph reported. Shadow chancellor Mel Stride said: 'The Government need to urgently rule out these tax hikes on savers and investors before speculation causes further economic harm. 'Labour don't understand how business works and how to create growth. More taxes on investment, entrepreneurship and saving are the last thing our economy needs right now.' The Government's U-turns over welfare reform and winter fuel payments have left the Chancellor with a multibillion-pound black hole to fill, fuelling speculation that she will seek to raise revenue through tax hikes. The Tories claimed axing the dividend allowance would drag 'an estimated 5.22 million more people into paying dividend tax'. This figure appears to be based on an assumption that at least 8.82 million people in the UK hold shares that pay dividends. Some 3.6 million are already subject to dividend tax, according to data obtained by investment platform AJ Bell through a Freedom of Information request. The Chancellor last year said she would not be 'coming back with more borrowing or more taxes' after her first budget but has since refused to rule out raising specific levies, saying it would be 'irresponsible' to do so. A Labour Party spokesperson said: 'The Conservatives have some brass neck. They've still not apologised for the damage caused by the Liz Truss mini-Budget, nor the £22 billion black hole they left – which hammered firms and families across the country. 'Labour is doing more to support business than the Tories ever could. 'We've already delivered three historic trade deals and four interest rate cuts – to reduce costs and put money back in people's pockets.'
The Independent
2 hours ago
- The Independent
Government asks body to consult on axing ‘discriminatory' minimum wage age bands
The Government has said it is pushing forward with plans to look at removing 'discriminatory' age bands for the national minimum wage as it extended the remit of the Low Pay Commission (LPC). It said the advisory body will consult with employers, trade unions and workers on narrowing the gap between the minimum wage rate for 18 to 20-year-olds, and the so-called national living wage – the UK minimum wage for workers 21 years and older. The LPC will also be required to put forward 'recommendations on achieving a single adult rate in the years ahead'. Chancellor Rachel Reeves said: 'To ensure the right balance is struck between the needs of workers, business affordability and the wider economy, the LPC is being asked to consult on several issues before recommending the new rates.' Last year, Labour committed to removing these age bands to create a 'genuine' national living wage, as part of efforts to bolster employment rights. Currently, the national living wage for workers aged 21 and older is £12.21. Meanwhile, the minimum wage for workers aged between 18 and 20 is £10. There is also a minimum wage for those aged under 18, and apprentices, of £7.55. The Government said the change to the LPC remit will also ensure it actively considers the cost of living in its recommendations for changes to the minimum wage which are next applied from April 2026. The LPC, which was founded in 1997, provides recommendations to the Government each October regarding how it believes the minimum wage should be changed. The Government ultimately sets minimum wage rates for the following April after this advice. Business Secretary Jonathan Reynolds said: 'Low pay drags down living standards for our workers and in turn hurts our high streets and local businesses. 'This Government's plan for change will put money back in people's pockets, with this new remit marking the next step in considering how we ensure a fair deal for our lowest-paid workers while maintaining a competitive economy that boosts businesses and their employees alike.' Baroness Philippa Stroud, chairwoman of the LPC, said: 'We are pleased to receive our remit from the Government. 'Already, since the beginning of the year, we have spent significant time speaking with workers and employers to understand the pressures in the economy and the effects of the most recent increases in the minimum wage. 'We have held a successful call for evidence and received detailed submissions from all sides.'
Daily Mail
3 hours ago
- Daily Mail
Britons are racking up VAT-free shopping bill on Continent of £742MILLION
British shoppers are deserting UK stores and flocking to the EU to benefit from tax-free shopping. VAT-free spending on the Continent by Britons increased fivefold from 2021 to £742 million last year, Association of International Retail (AIR) data shows. The figures pile fresh pressure on ministers to reintroduce tax-free shopping for international visitors to the UK. Rishi Sunak scrapped it in 2021. But the move enraged many businesses, and the Mail's Scrap The Tourist Tax campaign was launched in support of calls for it to be reintroduced. Campaigners believe that the decision to axe the scheme is driving tourists away from London and Edinburgh to cities such as Paris, Madrid and Milan. Derrick Hardman, chairman of AIR, said it makes 'no sense for the UK to remain the only destination in Europe not offering tax-free shopping'. Hotelier Sir Rocco Forte added: 'The decision of the last government to scrap tax-free shopping, which had been available for decades, should be reversed immediately.' A HM Treasury spokesman said: 'We are supporting the continued growth of this industry.' Chancellor Rachel Reeves has been blamed for pushing restaurants and pubs into 'survival mode' as two venues have shut per day for the first half of 2025. The number of hospitality sites plunged by 374 to 98,746 sites at the end of June, market research firm NIQ and consultancy AlixPartners found. Labour's tax raid on employers was blamed for the fall.
