Boris Johnson resigns as Conservative leader
Following several resignations from his own party, and amid mounting pressure for him to resign, Boris Johnson yesterday announced his exit from Downing Street and officially stepped down as Conservative Leader after 3 years in the role.
It is expected that a new prime minister will be in place in time for the party conference in October.
For the full story, click here.
Cost-of-living tax cut this week for 30 million Brits – but not everyone is better off
Boris Johnson and Rishi Sunak have announced you’ll get ‘up to’ £330 off your tax bill from Wednesday 6th July.
The salary threshold at which you start to pay National Insurance increased to £12,750, generating a saving of up to £330 per worker each year, as a means of helping solve the cost-of-living crisis.
However, if you earn more than £37,000, the £330 saving from this Wednesday’s tax cut will be more than cancelled out by the tax hike you were hit with in April.
For the full story, click here.
Two thirds of firms will increase prices within weeks
In the latest quarterly British Chambers of Commerce survey of business sentiment, more than four in five businesses cite inflation as a growing worry.
Many businesses are expected to increase their prices in the next three months. However, the government is launching a campaign for businesses to do the opposite and cut prices without government help.
The Institute of Directors has called for the “super-deduction” tax break, introduced in 2021, to support business investment and to become permanent.
For the full story, click here.
Chancellor Nadhim Zahawi says ‘nothing off the table’ on tax cuts and calls for caution on public sector pay rises
When asked about his tax plans, Mr Zahawi said he would “look at everything” and hinted that a planned hike in corporation tax could be axed.
Nadhim vows that the most important thing is to rebuild the economy post-pandemic.
For the full story, click here.
Is a 10-year fix mortgage the answer to beating interest rate rises? Long fixed deals give homeowners security… but can be hard to escape
Five-year fixed rates are by far the most popular mortgages for new customers at the moment, as they look to insure themselves against future rate hikes.
Even with all the economic problems, house prices in the UK continue to rise.
Reports suggest more people are opting for a ten-year fixed, but although this is great for security, homeowners are locking themselves into something that could potentially drop over the coming years.
For the full story, click here.
