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With £6.25bn in planned savings now shelved, the government faces awkward choices on how to plug gapWelfare bill climbdown will have ‘a cost’ at budget, says senior ministerReeves will stay as chancellor, says No 10 after her tears in CommonsKeir Starm…
PM says Rachel Reeves will be chancellor ‘for very long time to come’ amid speculation about her job in wake of tearful Commons appearance Keir Starmer has been forced to defend his chancellor after a day in which the bitter recriminations over Labour’…
Downing Street’s show of support comes after Reeves was seen in tears in the House of CommonsOn Wednesday, Angela Rayner sought to reassure people who had been “scared” about the proposed benefits changes, reports the PA news agency.Speaking to ITV’s L…
Pat McFadden says U-turn will change calculations, as IFS says tax rises in autumn look increasingly likelyUK politics live – latest updatesThere will be “a cost” to the government’s climbdown on welfare changes at the budget, one of Keir Starmer’s sen…
MPs vote through welfare bill by 335 votes to 260 after rebel amendment to kill off bill defeated easily after concession over planned Pip cutsCompass, the leftwing group urging Labour to be more pluralistic, has put out a statement condemning the UC a…
Government’s concessions over welfare cuts leave chancellor with a growing hole in her budgetRachel Reeves is expected to extend a freeze on income tax thresholds to raise fresh funds after the government’s U-turn on welfare cuts left her with a growin…
Frozen tax thresholds mean extra 500,000 to be taxed at 40% on some income in 2025-26, HMRC figures showThe number of people in the UK paying income tax at the higher rate is expected to increase by 500,000 this tax year, to more than 7 million, accord…
Real-terms gains of $33.9tn for world’s richest 1% ‘enough to end annual global poverty 22 times over’, charity saysThe wealth of the world’s 3,000 billionaires has surged by $6.5tn (£4.8tn) in real terms over the past decade, according to Oxfam, equiv…
May figure second highest for month on record amid fears chancellor is struggling to keep within spending rulesBusiness live – latest updatesHigher tax receipts were unable to prevent a rise in public sector borrowing in May to £17.7bn, up from £17bn a…
Concerns raised that section 899 could backfire and also undermine dollar’s safe haven statusForeign investment into the US could be threatened by Donald Trump’s new “revenge” taxes, analysts have warned.A provision within the president’s One Big Beaut…