
New phase of pavement repairs in Melton Road now under way
Work to replace the existing uneven pavement on the outbound stretch of the street, between Ascot Road and Checketts Road, was carried out last year.Also included in the work is the covering of existing tree pits with a porous resin-bound material to help improve drainage and the installation of new drainage channels where required.Damaged footpaths caused by tree roots will be repaired as well, with new bollards added along with new cycle racks where possible to prevent vehicles parking on the pavement, the council said.The authority added that work will be carried out in sections to help minimise disruption to pedestrians and nearby businesses and is expected to take about 50 weeks to complete.Some short-term lane restrictions on part of Melton Road may be required to ensure a safe working environment.Leicester mayor Sir Peter Soulsby said: "This ongoing investment in repairing and replacing broken and uneven pavements on Melton Road will help improve the look and feel of the area and make it more attractive for residents and shoppers."Projects like this are an important part of ensuring that our neighbourhood shopping streets and busy routes into the city stay looking their best."
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The Independent
an hour ago
- The Independent
Which tax rises could Rachel Reeves introduce to pay for the £5bn welfare U-turn?
This week's embarrassing climbdown on welfare saw the government's benefits reforms gutted almost entirely, while savings from the bill were slashed from £5bn to nothing. In the wake of the U-turn, there are now growing questions over how the government will raise the money to fill the black hole in the public finances. Ministers have already squeezed significant savings out of their departments in cuts that were unveiled at last month's spending review, meaning there is now a mounting expectation that the chancellor will be forced to raise taxes instead. But Labour's manifesto pledge not to raise taxes on 'working people' leaves the chancellor with a limited number of workable options. A few possibilities were floated by deputy prime minister Angela Rayner in a leaked memo to Rachel Reeves ahead of the spring statement, which saw her urge the chancellor to raise taxes - suggestions which were ignored. But perhaps this week's welfare climbdown will leave the chancellor with no option but to look again at Rayner's suggestions. Here, The Independent takes a look at a number of tax rises that the government could rely on to raise funds and balance the books. Tax threshold freezes The Treasury's most likely move would be to extend the freeze on income tax thresholds. This means that as wages rise with inflation, over the years workers are dragged into higher tax bands and end up paying more. A freeze on the threshold at which the higher 45 per cent tax rate is paid was one of the options suggested by Ms Rayner in her leaked memo. But there is growing speculation the government could extend the freeze across all tax brackets. It's a stealth tax, the impacts of which are not felt immediately, meaning it is normally better received among the general public compared with a direct hit to businesses or pay slips. But, if the freeze were extended to the end of the parliament, it could also bring in billions for the Treasury as earnings rise. The freeze, which is already planned to last until 2028, is expected to drag around two million workers into higher tax bands. Wealth tax There have been calls from Labour MPs on the left of the party to introduce a wealth tax, calls which have only grown in the wake of Tuesday's welfare climbdown. Rachael Maskell, the architect of the rebellion which forced the government into shelving key pillars of the bill, demanded the government increase taxes on the very richest to pay for the £5bn climbdown. Polling conducted by YouGov on behalf of Oxfam on the eve of the spring statement found more than three-quarters of people (77 per cent) would rather the government increase taxes on the very richest to improve public finances than see cuts to public spending. However, such a tax - which could look like a 2 per cent tax on net assets worth more than £10m - is thought to be very hard to implement, and could also lead to some of Britain's highest earners leaving the country. Pensions Ms Rayner also called for the lifetime pensions allowance to be reinstated. The allowance, which puts a cap on how much savers can put into their pension pot before a higher rate of tax is applied, was axed by the Tories. Labour had initially planned to reinstate the cap, but the plans were abandoned ahead of the election. However, amid the controversy over cutting winter fuel payments – and then later reversing the decision – the government may be hesitant to introduce any other policies which would upset pensioners. Corporation tax The chancellor could also look at increasing corporation tax for banks – one of the suggestions included in the deputy prime minister's memo. Politically, its fairly easy to tax banks as there is limited direct impact on voters. But it's important to note that banks in the UK are already highly taxed. They pay normal corporation tax of 25 per cent, plus a bank surcharge of 3 per cent. On top of this, they pay a bank levy of 0.1 per cent of their balance sheets. Dividends The deputy prime minister also proposed raising tax rates on dividends - a portion of a company's earnings received by a shareholder - for higher earners. Currently, tax is not paid on dividend income that falls within your income tax Personal Allowance. There is also a £500 dividend allowance each year, meaning individuals only pay tax on any dividend income above this. Removing it altogether would be worth £325 million a year, HMRC data indicates. However, there are concerns that raising dividend tax rates could discourage people from investing in companies – which is likely to have a net negative impact on the economy. Ms Rayner also suggested ending inheritance tax relief on shares listed on the smaller Aim stock market. The Aim stock market is a sub-market of the London Stock Exchange. From April 2026, qualifying Aim shares held at the time of death will be eligible for 50 per cent relief from inheritance tax - but Ms Rayner has suggested ending this entirely. While these changes might make businesses uncomfortable, they're actually unlikely to raise much money for the Treasury – meaning it's a less likely option for the chancellor.


Reuters
an hour ago
- Reuters
Bank of England lends record 74 billion pounds in weekly repo
July 3 (Reuters) - The Bank of England allotted a record 74.225 billion pounds ($101.32 billion) in seven-day funds in its weekly short-term repo operation on Thursday, higher than a previous record of 72.782 billion pounds set last week. The central bank uses its short-term repo operations as a way to provide banks with reserves as it sells down its stockpile of government bonds bought under its quantitative easing programme. ($1 = 0.7325 pounds)


The Sun
an hour ago
- The Sun
Brits' financial confidence has grown
Brits' financial confidence has grown in the last 12 months – despite economic uncertainty, recent volatility in the stock market and falling interest rates. A study of 4,015 adults found many are feeling more assured when it comes to saving, investing, retirement and managing their personal finances than they did in 2024. More than four in 10 (41%) now feel 'very confident' managing their personal finances, up from 32% last year. While 84 per cent are feeling confident in their ability to save (up five per cent year-on-year), with 42% going as far as to say they feel 'very confident' - a nine per cent jump since last year. And while the majority still don't feel confident investing (56%), this number has fallen six per cent in the last year. Looking at how people feel about retirement, just 21% feel very confident when it comes to planning for a comfortable post-work life, although this is up on last year - where only 11 per cent of those surveyed felt sure they were on track. The research was commissioned by savings and investing app, Moneybox [ ]. Brian Byrnes, head of personal finance at the platform, said: 'In what has been an eventful year in personal finance news so far, it's positive to see people doing what they can - learning more, prioritising saving, and being mindful of their spending to build wealth and boost their financial resilience. 'That said, there is still much more the financial services industry can do to support people on this journey to move towards their financial goals with confidence. 'Whilst providers like Moneybox are working to make tools and information as accessible as possible - and positive initiatives like targeted support are on the horizon - the financial services industry cannot take its eye off the ball. 'Our research clearly shows that people are making real efforts to engage and educate themselves financially. Free data roaming abroad and HUGE council tax bill reductions The study also revealed a growing number are taking a more focused approach to their finances, with 32 per cent describing their financial planning as 'structured and comprehensive' - up eight per cent from 24 per cent in 2024. While 67% now take time to learn more about personal finance topics - up from 62& a year ago. Nearly half (46% ) of those who are confident when it comes to saving attribute this to regularly tracking their spending, and 42 per cent feel more confident saving as they now have an 'emergency fund' - a pot of money set aside for any unforeseen expenses. It also emerged the number of adults with no savings or investments has nearly halved, from 21% to 12 per cent. While those with savings rose from 75% to 83% and active investors climbed from 30% to 40%. Credit card debt is also falling, with 27% carrying balances in 2025 - down from 31% in 2024 - and the average debt has dropped from £2,096 to £1,995. TOP 10 BEHAVIOURS THAT BOOST SAVING CONFIDENCE: 1. Tracking your spending 2. Knowing you have an emergency fund to fall back on 3. Seeing your savings grow over time 4. Avoiding unnecessary or impulsive purchases 5. Making sure your savings are earning a good interest rate 6. Spending spend time reviewing your personal finances 7. Educating yourself about saving and personal finance 8. Transferring money automatically into savings each month 9. Having a clear budget that you stick to 10. Having clear financial goals you're working towards Across the UK, Belfast was found to be home to the most financially confident people (74 per cent) - a jump to the top from 54 per cent and only 16th place last year. London and Manchester followed close behind (both now 68%), with both cities increasing in confidence from 62% and 59% respectively in 2024, with Brighton and Chelmsford (both 67%) completing the top five. But almost all cities have seen at least a minor increase in feelings of confidence over the last 12 months, according to the research carried out via OnePoll. Brian Byrnes, from Moneybox, added: 'The government, regulators and the industry need to match their drive and momentum and commit to doing all they can to close the advice gap and help people make informed financial decisions with greater confidence. 'These results are a real testament to the strides people have made - learning from the economic challenges of recent years and choosing to take greater control of their financial future. 'They show that financial confidence is like a seed: once planted, with a little encouragement, it grows - prompting people to spend more time learning, planning, and engaging with their money. 'That's the real story here: resilience, progress, and the power of confidence to transform financial lives.'