The Democratic Unionist Party is set to demand tax cuts costing £460million to keep Theresa May in power after Brexit in two years’ time , The Telegraph can disclose. The party wants the money to pay for cuts in corporation tax, air passenger duty and VAT on hotels and restaurants in Northern Ireland as part of its price of continuing to prop up Mrs May’s minority Conservative government. The cash demand will form part of the next bill for DUP MPs’ continued support of Mrs May’s Government when their “confidence and supply” agreement is reviewed after Britain leaves the European Union in March 2019. Britain’s corporation tax of 19 per cent is already the lowest in the G7 group of nations and the Conservatives have promised to cut it to 17 per cent in 2020. However, the Government agreed in 2015 to go further in Northern Ireland and cut the tax rate there to 12.5 per cent from April 2018 – the same as the tax rate in the Irish Republic. The DUP is expected to ask … [Read more...] about DUP to demand £460m in tax cuts to keep Theresa May in power after Brexit
Taxed at the capital gains tax rate
Legal battle: The £600k question… is Build-A-Bear a stuffed toy or a doll?
The company raked in more than £97million in worldwide revenue last year (Image: Getty) 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 Build-A-Bear (BAB) had fought HMRC over customs demands dating back to 2012 for clothes, wigs and shoes chosen by children in its high street stores to kit out their furry friends. Related articles Inheritance tax rate could be slashed to zero Urgent scam warning: Fraud email from PayPal imposters Dolls’ accessories incur no duty, but those intended for stuffed toys attract four percent tax. Despite BAB’s protests that they were doll’s accessories, revenue chiefs insisted they should be classed as stuffed toy extras. But … [Read more...] about Legal battle: The £600k question… is Build-A-Bear a stuffed toy or a doll?
Drivers urged to follow four key steps to help save almost £2,000 on motoring costs
Fuel: Matt Allwright shares tips on making your car more efficient This article contains affiliate links, we may receive a commission on any sales we generate from it. Learn more Sign up for FREE driving tips, latest models and breaking news 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 New data from the Office of National Statistics has found that Britons are saving less after the surge in price of other household bills and record petrol and diesel prices. However, some motoring experts are urging drivers to refrain from cutting some key car costs , as they may end up paying more in the long run. Related articles Driver slapped with £60 fine for parking in disabled bay Drivers warned of huge chaos as fuel … [Read more...] about Drivers urged to follow four key steps to help save almost £2,000 on motoring costs
Pound slides to two-year low against the dollar
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
UK’s fourth-largest household energy supplier EDF nationalised by the French state
The energy crisis sparked by Vladimir Putin's war on Ukraine is having all kinds of consequences on the corporate sector. Germany's government looks set to bail out Uniper , one of the country's biggest power utilities, with a package of up to €9bn apparently being discussed. On Wednesday, the French government went one step further, announcing a full nationalisation of the energy giant EDF, the company that in Britain is the fourth largest household energy supplier and which is building Hinkley Point 'C', the UK's first new nuclear power station in a generation. Elisabeth Borne, the French PM, told parliament: "The climate emergency requires strong, radical decisions. We need to have full control of the production and our energy future. We must ensure our sovereignty faced with the consequences of the war and the colossal challenges ahead. "That is why I confirm today the intention of the state to hold 100% of the capital of EDF." Advertisement In truth, … [Read more...] about UK’s fourth-largest household energy supplier EDF nationalised by the French state
Recession fears grow as rising prices hit spending
Published 12 May comments Comments Share close Share page Copy link About sharing The risk of a recession has risen, analysts have warned, after the economy shrank during March just as the UK had recovered from the pandemic. Higher prices are "beginning to bite", the UK statistics body said , with people spending less and cutting down on car journeys due to high fuel costs. The impact of higher energy bills in April has also yet to be seen. The economy grew by 0.8% over the first three months of the year, but in March it shrank by 0.1% as people cut back. The main boost to the economy came in January, as hospitality and travel industries recovered from coronavirus pandemic restrictions. However, that came before the war in Ukraine and before households began to feel the pinch of higher prices. Paul Dales, chief UK economist at Capital Economics, said the … [Read more...] about Recession fears grow as rising prices hit spending
Four ways Nadhim Zahawi may try to boost the economy
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
The Smartphone Psychiatrist
S ometime around 2010, about two-thirds of the way through his 13 years at the helm of the National Institute of Mental Health (NIMH)—the world’s largest mental-health research institution—Tom Insel started speaking with unusual frankness about how both psychiatry and his own institute were failing to help the mentally ill. Insel, runner-trim, quietly alert, and constitutionally diplomatic, did not rant about this. It’s not in him. You won’t hear him trash-talk colleagues or critics. Listen to the audio version of this article: Feature stories, read aloud: download the Audm app for your iPhone. Yet within the bounds of his unbroken civility, Insel began voicing something between a regret and an indictment. In writings and public talks, he lamented the pharmaceutical industry’s failure to develop effective new drugs for depression, bipolar disorder, or schizophrenia; academic psychiatry’s overly cozy relationship with Big Pharma; and the paucity of treatments produced by the … [Read more...] about The Smartphone Psychiatrist
Wednesday evening UK news briefing: Cabinet ministers poised to tell Boris Johnson he must resign
This looks like the endgame. A group of Cabinet ministers - including the new Chancellor Nadhim Zahawi - are planning to confront Boris Johnson this evening and tell him that he must step down as Prime Minister. The Telegraph understands that Brandon Lewis, the Northern Ireland Secretary, Grant Shapps, the Transport Secretary, and Simon Hart, the Welsh Secretary, are among those who are preparing to make the intervention . Mr Zahawi is also understood to be involved, with the push against the Prime Minister being coordinated by Chief Whip Chris Heaton-Harris. It comes as Mr Johnson continues to suffer a brutal wave of resignations. As this email was sent, 35 Tory MPs had left Government roles in the last 24 hours. Yet Mr Johnson told MPs at Prime Minister's Questions and the liaison committee that he intends to "keep going". Our live blog is your first point of call for breaking news. Our Government resignation tracker tells you who has quit and when they … [Read more...] about Wednesday evening UK news briefing: Cabinet ministers poised to tell Boris Johnson he must resign
Oh dear, Brussels! City defies Brexit gloomsters to outgun EU and French rivals
Hermann Kelly slams financial burden of EU 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 In a major blow for Emmanuel Macron , British banks made more profit than French rivals for the first time since 2015, despite Brussels officials desperately trying to shift more jobs out of London and onto the continent since Brexit . The buoyant banking sector was fourth only behind the global financial powerhouses of China, the US and Canada. UK banks generated £46billion in pre-tax profits last year as big lenders were significantly boosted by a strong recovery from the economy after the Covid pandemic, as well as a private equity deal-making boom and a soaring housing market. … [Read more...] about Oh dear, Brussels! City defies Brexit gloomsters to outgun EU and French rivals