Starmer demands ‘concrete proposals’ on growth from regulators December 28, 2024 The Prime Minister has called on Britain’s regulators to do more to prioritise growth as he seeks to improve living standards by 2029. In letters sent last week, Sir Keir Starmer, Chancellor Rachel Reeves and business secretary Jonathan Reynolds said they wanted to see “concrete proposals” from regulators setting out how they could “go further” [...]
Tax experts question £3m family farm IHT exemption as not ‘realistic’ December 27, 2024 The government’s claim that family farms will benefit from a £3m tax exemption has been questioned by tax experts. Prime Minister Sir Keir Starmer has argued in defence of Chancellor Rachel Reeves’ move in the Budget to charge inheritance tax (IHT) on agricultural land worth above £1m. He said earlier this month that in a [...]
UK economy flatlined last quarter revised figures reveal December 23, 2024 The latest revised figures from the Office for National Statistics have revealed the UK economy did not grow in the third quarter of this year. The statistics watchdog had previously said the economy grew 0.1 per cent in the third quarter. However, according to the latest figures, the economy flatlined, leaving the UK with no [...]
Business confidence ended 2024 at low point on jobs and prices fears December 23, 2024 Business confidence fell to its lowest level in 2024 during December, as fears around layoffs and price increases hurt opportunity for business growth. Business confidence ticked down by two points to 39 per cent this month, though remained above the long-term average of 29 per cent, according to the latest Lloyds Business Barometer. “While there [...]
Nigel Farage ‘hasn’t got a clue’ how to fix the economy, says Rachel Reeves December 21, 2024 Nigel Farage “hasn’t got a clue” how to grow the economy or make people’s lives better, Rachel Reeves has claimed. The Chancellor also urged the public to be patient with her plans to turn around the economy in an interview with the Guardian. As the public’s view of Labour falters, and Reform makes gains in [...]
A look back at the highs and lows of politics in 2024 December 20, 2024 With elections in the UK and US in 2024, a new government, and a fresh opposition leader, watchers of Westminster and elsewhere have had a busy year in politics. At City PM we’ve followed every twist and turn as Labour secured an election victory in July, Donald Trump pulled off a White House comeback and [...]
Government borrowing plummets thanks to rising tax take December 20, 2024 Government borrowing dropped to £11.4bn in November, £3.4bn lower than last year, as higher tax receipts and lower debt interest gave the government a much needed boost. With the lowest November borrowing in three years, the current budget deficit, or amount of borrowing to fund day-to-day public sector activities, also dropped by more than a [...]
Bank of England may be forced to prioritise growth in 2025 December 19, 2024 Despite inflation continuing to be a headache for the Bank of England, leading it to hold interest rates today, the central bank may end up being forced to make more cuts than it would like in 2025 to salvage the UK economy. While today’s decision from Andrew Bailey’s Monetary Policy Committee to hold rates had [...]
Bank of England holds interest rates and downgrades growth forecasts December 19, 2024 The Bank of England held interest rates at 4.75 per cent today, while downgrading economic forecasts for the UK towards stagnant growth. Only six members of the Bank’s Monetary Policy Committee voted to keep interest rates steady, less than had been expected, as three voted to cut rates by 0.25 per cent citing fears over [...]
Bleak midwinter for the economy? It could be worse… December 19, 2024 The political and economy outlook for the UK may seem gloomy, but spare a thought for our European counterparts, says Tim Sarson It’s the last working week of 2024 for many of us. I’ll be switching off the laptop on Friday afternoon and packing up for what I hope is a restful Christmas break, give [...]
