Sin tax helps

Published 7 minutes ago Share close Share page Copy link About sharing Following the shock resignation of former Chancellor Rishi Sunak, his replacement Nadhim Zahawi has said he and Prime Minister Boris Johnson want to "rebuild the economy" and get soaring inflation under control. Mr Zahawi said "nothing is off the table" in terms of cutting taxes. What are some of the options open to the new Chancellor to make good on those plans? 1. Cut VAT Mr Zahawi has said he wants to do two things: cut taxes and "bear down" on inflation. Those are not usually happy bedfellows. Cutting taxes puts more money into the economy, which drives prices up - so how can he walk this line? A temporary cut in VAT - the tax paid when buying goods and services - from 20% to 17.5%, say, would lower the price of goods and services in the basket used to calculate inflation - taxes would get cut, and … [Read more...] about Four ways Nadhim Zahawi may try to boost the economy

Rishi Sunak follows Javid and resigns from Johnson’s Cabinet Sign up for FREE now and never miss the top politics stories again 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 Odds on the former Chancellor have dropped from 20/1 to 3/1 within hours of his decision to quit Boris Johnson’s Government saying that change needs to happen. Sources have confirmed that he has been maneuvering for some weeks to launch a potential leadership body. A senior minister told Express.co.uk : “People keep saying Rishi won’t run but I know he will. He has been preparing for some time now.” Related articles Zahawi forces beleaguered Boris to name him as Chancellor Boris will be 'dragged kicking and screaming' says Widdecombe Mr … [Read more...] about ‘Pole position’ Rishi tipped for Number 10 takeover while main rivals ‘cling to Boris’

By Tom Espiner Published 2 hours ago comments Comments Share close Share page Copy link About sharing The pound has fallen to a two-year low against the dollar reflecting traders' increasing concerns about recession around the world as energy prices continue to soar. But sterling is also weak because markets are worried about future UK economic growth, analysts said. Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added. London shares regained some ground on Wednesday following Tuesday's falls. The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound's fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme. UK household energy bills to hit £3,000 per year Sunak … [Read more...] about Pound slides to two-year low against the dollar

Boris Johnson briefs cabinet on National Insurance cuts Get pensions news and advice plus latest money alerts for FREE now 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 In total, about 30 million people are expected to benefit from the threshold increase, which was introduced to help with rising costs. But the savings will be offset by the National Insurance contribution increase in April, which went up by 1.25 percentage points to tackle the NHS and social care backlog. Related articles State pension warning: Britons could 'lose out' with NI rule change National Insurance tax cut worth £330 secured as threshold rises How much money will you save? The National Insurance threshold increase will benefit … [Read more...] about National insurance: How much will you save from today?

Sunak and Javid resignations slammed by Keir Starmer Sign up for FREE now and never miss the top politics stories again 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 But now the Labour Party is at risk of its own civil war after Remainers hit back at Sir Keir Starmer for rejecting the EU. It was widely thought that Labour’s stance on Brexit was one of the reasons why swathes of Red Wall seats turned blue in the 2019 general election. Related articles Chris Pincher by-election: Who would win if Tory MP resigns? Keir Starmer beergate: When we will know if Labour leader was fined Richard Hewison, leader of the Rejoin EU Party, slammed Labour and called its policy nothing more than empty wordplay. He said: … [Read more...] about ‘We’ve had enough’ – Labour risks civil war as Remainers attack new EU policy

The escalating price of a typical home in Lafayette Parish has outpaced wage growth in second quarter. The area, like many others in Louisiana and across the country, had its home affordability index drop in the quarter as prices have escalated due to the rise in buyer demand, according to data released by real estate research firm ATTOM Data Solutions in its Home Affordability Report . The median home price in Lafayette Parish in the second quarter rose 8% from a year ago to $220,000 while income levels rose only 2%, but the typical wage earner in the parish can still afford to buy a home. The annual income needed to buy a typical home is $47,315, while the average annualized wages for homeowners was at $51,181, data shows. Buying a home in Lafayette Parish would require 25.9% of annualized wages, up from the historic average of 21.2%, data shows. Of the 14 parishes surveyed, only Orleans, St. Tammany and Livingston had median sales price outpace annualized weekly wages so … [Read more...] about Escalating cost of a home in Lafayette Parish outpacing wage growth, data shows