Rachel Reeves

UK economy grows by more than expected 0.7% in Q1

The UK economy performed better than expected in the first quarter of the year, with GDP growing by 0.7% between January and March, following a 0.1% rise the prior quarter.This was ahead of analysts’ expectations, who had forecast a growth of 0.6% for the period. According to the Office for…

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Chancellor resists calls for business relief in Spring Statement 

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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Economy unexpectedly grows by 0.1% in Q4

Britain’s economy unexpectedly grew in the final quarter of 2024, according to new figures from the Office for National Statistics, easing pressure on chancellor Rachel Reeves.Gross domestic product (GDP) rose by 0.1% in the fourth quarter of 2024, after zero growth the previous quarter, beating forecasts of economists and the…

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CIMA urges chancellor to merge growth agenda and industrial strategy

The Chartered Institute of Management Accountants (CIMA) has called on the chancellor, Rachel Reeves, to integrate the growth agenda with the UK industrial strategy in response to the Department for Business and Trade’s Invest 2035.  Nevertheless, the institute has been “encouraged” to see the government take steps to unlock “supply…

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Inflation unexpectedly falls to 2.5% in December

The rate of Consumer Price Index inflation unexpectedly fell one percentage point to 2.5% in December, dipping for the first time in three months, according to the Office for National Statistics (ONS).  It comes as hotel prices fell and tobacco costs eased, which have been credited with helping offset a…

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Evelyn Partners Core MPS team adds Fidelity Special Situations

The Evelyn Partners Core Managed Portfolio Service (MPS) team has added Fidelity Special Situations as a new holding in its UK equity allocation in the latest rebalance.  Although the team continues to consider large UK companies as “attractively priced”, it sees more value in mid-sized and smaller ones.  James Burns,…

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Accountancy industry warns businesses may struggle following budget

Yesterday (30 October) chancellor Rachel Reeves increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes as part of the Autumn Budget.  Employers’ national insurance contributions will rise by 1.2%, from 13.8% to 15%. In addition, the threshold at which businesses start paying…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power.Employer national insurance contributions will…

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IHT receipts rise 10.3% ahead of budget

Inheritance tax receipts rose 10.3% to £4.3bn for the period between April and September 2024, a £0.4bn increase from the same period last year, according to data from HMRC. Alongside this, the total sum of gross tax and National Insurance Contributions receipts was £406.3bn, which is £11.1bn higher than the…

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ACCA urges chancellor to improve HMRC levels amid businesses dissatisfaction

ACCA has written a letter to chancellor Rachel Reeves urging her to reform HMRC efficiency after discovering that 89% of businesses are facing a significant “roadblock” due to poor service levels from the tax authority. A recent survey from the accountants’ association found that there has been a “steady” rise…

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