News

Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue.

A new deal for GPs has been agreed between the government and the British Medical Association (BMA).

The Future of Roads Minister, Lillian Greenwood, has confirmed that the plug-in van grant will be extended for another year.

News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments.

The Chancellor Rachel Reeves met recently with major financial firms at Canary Wharf, encouraging them to invest in emerging markets to boost Britain’s economy.

The latest figures show that the government had a surplus of £15.4 billion in January. This represents the difference between the tax it receives and what it spends.

Pulpex, a sustainable packaging company, has received £43.5 million from the National Wealth Fund in exchange for an equity share of the business. The Scottish National Investment Bank is also investing £10 million with a further £8.5 million coming from existing investors.

Beginning last week (17 February), Local Authorities were able to begin awarding a 40% reduction in business rates bills to film studios. The tax relief is aimed at boosting the film industry in the UK and contributing towards more box office hits being made.

Latest figures released by the Office for National Statistics (ONS) show that average wages are continuing to grow faster than inflation. After adjusting for consumer price inflation (CPI), wages rose 3.4% between October and December 2024 when compared with the same period in 2023.

Inflation figures for January 2025 were released last week and showed a surprising jump to 3.0%, up from 2.5% in December.