October 3, 2011

Minimum wage increases to £6.08 per hour

by Kay Mitchell

The UK minimum wage rose by 15p to £6.08 an hour from Saturday 1st October and is set to benefit almost one million people, according to the Low Pay Commission. The 15p an hour rise applies to workers aged 21 and over. Meanwhile, the rate for 18 to 20-year-olds will increase by 6p to £4.98, […]

September 29, 2011

Energy bill hikes will speed up inflation rate

by Kay Mitchell

According to Spencer Dale, the Bank of England’s chief economist, UK inflation is set to accelerate due to soaring energy bills. The latest figures from the Office for National Statistics (ONS) revealed UK Consumer Price Inflation (CPI) rose to annual rate of 4.5% in August from July’s rate of 4.4% – more than double the […]

September 14, 2011

UK unemployment up to 2.51 million

by Kay Mitchell

The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to July – the biggest rise in almost two years. The ONS said unemployment rose by 80,000 in the three month period to 2.51 million – far higher than the 70,000 expected by economists. The latest figures take […]

September 13, 2011

UK inflation edges higher in August

by Kay Mitchell

The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% […]

April 27, 2010

Schroders economist warns of VAT rise after election

by Kay Mitchell

According to Schroders European economist, Azad Zangana, we can expect to see a rise in VAT after the general election. In their election manifestos, the Labour Government and the Conservative party have not ruled out an increase from the current rate of 17.5%. Last month, Gordon Brown said he was leaving open the possibility of […]

April 12, 2010

VAT could rise to 20%

by Kay Mitchell

The Labour Government is not ruling out a VAT rise but is set to pledge not to raise income tax rates for the lifetime of the next Parliament. These are two items set to be on Prime Minister Gordon Brown’s election manifesto today in Birmingham. However, while the PM is leaving open the possibility of […]

April 5, 2010

Labour defend National Insurance rise

by Kay Mitchell

Chancellor Alistair Darling has been forced to defend Labour’s planned rise in National Insurance (NI) contributions after the Conservative Party said the hike would lead to job losses. Last month’s Budget confirmed that the Labour Government will raise National Insurance contributions by a further 0.5% from next year, on top of the 0.5% rise announced […]

April 1, 2010

Business leaders support Tory plan to reverse NI increase

by Kay Mitchell

Earlier this week, the UK’s Conservative Party pledged to reverse the Labour Government’s plans to increase national insurance contributions by 1%. The increase will apply to everyone earning over £20,000 but the Tories have said they plan to scrap the increase altogether for everyone earning under £35,000. However, weekly thresholds will be increased to offset […]