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Chancellor puts up taxes by £40bn – but says she can’t rule out more hikes
The chancellor cannot rule out more tax rises in the next five years, despite raising the burden to its highest level since comparable records began.Speaking to Sky News following Labour’s first fiscal event since 2010, Rachel Reeves said it would be “irresponsible” to promise there will not be further tax rises. However, she suggested that …
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Sky News
A significant departure – why Labour’s first budget is a big deal
The 2024 Autumn Budget in one word? Big.What we got from Rachel Reeves today was, in economic terms, a major departure from economic policy as we’ve known it in this country for the past decade-and-a-half. We got the single biggest increase in taxes in any fiscal event since 1993. The tax burden itself is now …
Business
Sky News
Grocers’ tax burden soars after Reeves slashes NI threshold
Britain’s four biggest supermarkets could see their collective tax bill rise by close to £500m after Rachel Reeves augmented her raid on employers’ national insurance contributions (NICs) with bigger-than-expected changes to the threshold at which companies start paying it.Sky News understands that Asda, J Sainsbury, Tesco and Wm Morrison could now face the much-higher tax …
Business
Sky News
British companies now face uphill struggle after budget of more tax, more borrowing and more spending
More tax, more borrowing, more spending. This was a big budget by every measure, but will loom largest for businesses that will bear the brunt of the revenue raising.Around £25bn of those tax rises will come from the 1.2 percentage point increase in employer national insurance contributions to 15%. This is a muscular hike even …
Business
Sky News
Chancellor promised short-term pain for long-term gain – and we look set for a bumpy ride
The chancellor has finished a statement she’s waited a long 16 weeks to deliver – which she claims will start to deliver the change people voted for. But at quite a price.The headline is tax rises on a historic scale – £40bn raised. Of which £25bn will come from businesses paying more per employee they …
Business
Sky News
Budget 2024: Biggest tax rise since 1993 – with employers to bear the brunt
Taxes will increase by £40bn – and the lion’s share will come from a £25bn rise in employers’ national insurance contributions, the chancellor announced in the budget.Rachel Reeves said the amount businesses will pay on their employees’ national insurance contributions will increase from 13.8% to 15% from April 2025. She also lowered the current £9,100 …
Business
Sky News
Landlord talks leave closure threat facing 18 Cineworld sites
Nearly 20 additional Cineworld cinemas are facing the threat of closure next month amid crunch talks with landlords.Sky News has learnt that the company has compiled a list of 18 sites across the UK which could shut before Christmas if deals are not reached with their owners. If negotiations to keep them open fail, the …
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Business Live
Rachel Reeves set to announce £3bn armed forces boost today
The armed forces are set to receive a £3 billion boost, as reported, when Rachel Reeves unveils the Labour Government’s first Budget. The Chancellor is expected to announce an increase in the defence budget for next year in her fiscal statement in the Commons on Wednesday. Part of the funding will be used to give …
Business
Sky News
Oaktree-backed predator eyes swoop for London-listed Avation
An aircraft leasing company backed by Oaktree Capital, the $200bn US investment giant, is plotting a swoop on London-listed rival Avation.Sky News has learnt that Azorra Aviation Holdings has been drawing up plans to make an offer for Avation. City sources said a number of other parties in the aircraft leasing sector were also in …
Business
Sky News
Budget 2024: The main announcements in chancellor’s speech
Chancellor Rachel Reeves has finally unveiled the budget for 2024. Here are the key points:Follow live budget updates • The budget will raise taxes by £40bn.• National insurance (NI) contributions for employers (not employees) will increase by 1.2 percentage points to 15% from April 2025.The point at which employers start paying NI will fall from …
Business
Sky News
Today the truth will out – huge tax rises and investment mantra will define Starmer’s government
The Labour manifesto never did add up.On the one hand, Keir Starmer vowed there would be “no return to austerity” under his government, while also insisting he had “no plans” to raise taxes beyond an £8bn raid on private equity, oil and gas companies, private school fees and non-doms to pay for more teachers and …
Business
Sky News
Are Reeves’s budget plans already making investors take fright? Or is that a market misreading?
Budgets are all about numbers.In the coming 24 hours, we’ll be engulfed with all sorts of figures – about the state of the economy, about the size of the deficit, about the fiscal rules the new chancellor is planning to introduce in the coming months. But in fact most budgets, this one included, can really …

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