For a brief moment, the curse of “fiscal drag” - the most pernicious of stealth taxes - appeared to have been banished from British politics. Under the Coalition Government, workers’ tax-free allowance steadily increased above inflation year after year, meaning a shrinking share of the population paid income tax to the Treasury. It was a Liberal Democrat policy, enthusiastically adopted by Conservatives as their own. From 2010-11, the personal allowance rose from £6,475, reaching £10,600 by the end of the Coalition in 2015-16, and then £12,500 by 2019-20. If it had increased in line with inflation, the threshold would have been closer to £7,800 - meaning workers paying tax on an additional £4,700 of their incomes. The Conservatives’ policy marked a stark change from the Gordon Brown years in the Treasury and Number 10. Under the Labour leader - who continued “fiscal drag” from the 1970s - tax thresholds went up in line with inflation. Wages, however, rose at a faster pace, … [Read more...] about How stealth taxes became Gordon Brown’s grimmest legacy
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THOUSANDS of households are in line for £150 of extra help with their council tax. Nottingham City Council has announced that some households which don't qualify for the £150 receive the council tax rebate will still get financial support. The council will also offer help to some households which have received the rebate but are deemed to need more support. Around 80% of UK households qualified for a £150 council tax rebate to help with the soaring cost of living - it is being dished out to those living in properties in Council Tax bands A to D. But those in higher bands have missed out on the help - despite many people still struggling to cope with soaring bills. Nottingham council said around 40,000 households will be in line for help worth between £10 and £150 through its discretionary fund . Read more in Money GOING DOWN UK heading for winter recession as GDP falls by 0.6% - what it means for you HELPING HAND … [Read more...] about Thousands of households in higher council tax bands could get £150 rebate – are you eligible?
Liz Truss outlines Conservative leadership pledges SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Ms Truss has plans to reverse the recent hike in National Insurance contributions in an emergency budget in September. Analysis by the Tony Blair Institute for Global Change (TBI) suggests that if Ms Truss becomes prime minister, the same tax cut would leave the richest households in the UK better off by £93 a month. Related articles Martin Lewis urges pensioners to act in DAYS to secure £650 and £3,300 Gran loses £53K after state pension age raised 'without proper notice' She told the Financial Times that she would look to ease the cost of living pressure by “lowering the tax burden". According to TBI, reversing … [Read more...] about National Insurance: Low income Britons to get just 76p more a month with Liz Truss as PM
A NUMBER of simple checks on your taxes could get you THOUSANDS of pounds back - and it could help pay for spiralling energy bills. Households have been warned of a miserable winter ahead as energy bills are expected to rocket to £3,358 in October. That's when the price cap - which limits how much suppliers can charge customers for their energy - comes into force. Bills are expected to rise even MORE frequently after Ofgem recently announced a massive s hake-up to the price cap review. It will be reviewed FOUR times a year instead of two - and as wholesale energy prices keep rising, it's expected these costs will be passed on more quickly to customers. That means the next price cap review will be in January - and it is expected to soar to an eye-watering £4,200 , according to analysts from Cornwall Insight. Read more in Money TAXING TIMES I lost HUNDREDS from tax refund due to sneaky small print - how to avoid it … [Read more...] about Simple checks that could get you cash back worth THOUSANDS – and it could help cover rising energy bills
Published 40 minutes ago comments Comments Share close Share page Copy link About sharing Labour's leader has robustly defended his response to rising energy bills, arguing his party has been "leading" on the worsening cost-of-living crisis. Sir Keir Starmer said Labour had already made proposals to lower costs, including taking VAT off energy bills. He called Boris Johnson a "lame duck" prime minister who was "not prepared to do anything" on soaring living costs. He said Labour would end energy prepayment meters premiums and more policies would follow next week. Some backbench Labour MPs have criticised Sir Keir for being on holiday as the crisis over skyrocketing energy bills - driven by global economic turmoil - deepened this week. When asked about discontent within his party over his response, Sir Keir said Labour had proposed policies such as a windfall … [Read more...] about Labour leader Keir Starmer defends response to cost-of-living crisis
Published 15 minutes ago comments Comments Share close Share page Copy link About sharing Boris Johnson has admitted the current help for people struggling with energy bills is not enough, and said he expects more money to follow. Mr Johnson will step down as PM in September, but said he was "making sure there is extra cash" for his successor to provide additional support. He also said people were starting to receive the money which the government announced earlier in the year. The topic of rising bills has come to dominate the Tory leadership contest. The two candidates to replace Mr Johnson have set out differing strategies on how they would respond to the cost of living crisis. Liz Truss has argued that cutting taxes is the best way to help struggling households. Rishi Sunak has proposed spending billions of pounds on further payments to pensioners and … [Read more...] about Energy bills: Current support is not enough, says Boris Johnson
UK 'could follow Berlin' to save energy prices says Buckley SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Energy bills are predicted to top £5,000-a-year next year according to the most pessimistic forecast. Experts from Auxilione, an energy consultancy, warned that regulator Ofgem could set the cap at £5,038 per year from April 2023. They also predict that the cap could reach around £4,400 by January. Meanwhile, energy regulator Ofgem has said: “The wholesale market continues to move extremely quickly so no forecast for next year is at all robust at this stage and will therefore have very limited value, especially for consumers who must always be the main priority. Related articles Andrew Neil gives damning verdict on … [Read more...] about POLL: Should the energy price cap rise be scrapped?
Rishi Sunak grilled on position in polls SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Rishi Sunak denied his rival in the Tory leadership election is running away with the contest despite voter polling pointing to a comfortable win for Liz Truss . Mr Sunak has resisted also suggested that his campaign was fighting a lost cause telling radio presenter Matt Chorley that "lots of people have not made up their mind". Related articles Brexit: Britain attracting major business from US Brexit LIVE: 'Great error' Truss warned Boris' departure will cripple Times Radio's Mr Chorley asked the former Chancellor: "Are you really still in this, is this is not already a foregone conclusion, all the polls suggest Liz … [Read more...] about ‘You still in this?’ Radio host puts Sunak on the spot as he confronts him with Truss poll
Energy bills rise is a 'world crisis' says Knight SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Last month, the energy supplier reopened applications for the British Gas Energy Trust which offers families grants. Households can claim up to £1,500 in grant money from British Gas to help in paying off debts owed to providers which can assist in paying for energy bills . Notably, this debt support is available to everyone who is in need of it, not just customers of the energy supplier. Related articles Gran loses £53K after state pension age raised 'without proper notice' Anger as over 60s in Scotland eligible for free bus pass but England However, it should be noted that funds for the grant scheme are limited … [Read more...] about Households eligible for £1,500 in energy debt support from British Gas – how to claim
Morning Live: Pensioner recalls losing his savings to Bitcoin scam SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The building society launched the limited issue Loyalty Regular Saver savings account last month. It has a five percent interest rate and savers are able to deposit up to £500 per month. However, the UK’s inflation rate is currently at 9.4 percent and is expected to exceed 13 percent in the coming months. Related articles Gran loses £53K after state pension age raised 'without proper notice' Anger as over 60s in Scotland eligible for free bus pass but England Despite competitive rates, many savings options are unable to beat the current rate of inflation. In response to inflation soaring, the … [Read more...] about Yorkshire Building Society is offering savings account with 5% rate – ‘Highly competitive’