The government is preparing to soften its proposed tax changes for non-domiciled residents, following concerns over the growing exodus of wealthy individuals from the UK. Speaking at a fringe event during the World Economic Forum in Davos, Rachel Reeves confirmed that ministers will introduce an amendment to the Finance Bill. In response to reports of 10,800 millionaires having left Britain last year, Reeves said: “We have been listening to the concerns that have been raised...
The Bank of England could deliver as many as six interest rate cuts by the middle of next year, according to new projections from Goldman Sachs. The American investment bank expects rates to drop to 3.25 per cent by the second quarter of 2026, citing weaker economic activity and lower inflationary pressures. Markets are already factoring in two cuts this year, while many economists predict that the Bank will opt for a 25 basis-point reduction...
Employers offering unpaid or low-paid internships are blocking working-class and disadvantaged young people from the best career paths, according to new research by the Sutton Trust. The social mobility charity found that internships, often essential for securing jobs in industries such as finance and IT, are taken up mainly by middle-class graduates with parental or personal financial support. Nick Harrison, the Sutton Trust’s chief executive, described it as “shocking” that “many employers still pay interns...
A turnaround investment group linked to Hobbycraft’s recent acquisition has stepped in to save Crafter’s Companion, the loss-making crafting company founded by Dragons’ Den panellist Sara Davies. The business has been bought via a swift pre-pack administration for £425,000 by entities controlled by Modella Capital, preserving 134 of 148 jobs but leaving creditors facing significant shortfalls. Crafter’s Companion began life almost 20 years ago in Sara Davies’ York University bedroom. It expanded into an international...
For the first time since 2022, The Royal Ballet School is holding its regional Winter Intensives in London, Manchester, and Edinburgh. The non-selective Intensives will take place in February 2025 and are suitable for dancers of all abilities. There aren’t any auditions, and applicants can secure their places on a first-come-first-served basis. Each Intensive lasts one day, designed to inspire participants with creativity and confidence in a short burst. The Winter Intensives are open to...
HMRC has come under renewed scrutiny after figures showed that over 44,000 callers were abruptly cut off while on hold last year, with some facing wait times of up to 70 minutes. The revelation arrives just as millions of taxpayers prepare to file their returns before the current tax year ends, sparking concerns that phone lines could become even more congested. The tax authority rejected suggestions that it was providing a “deliberately poor” phone service....
Rishi Sunak is set to embark on an academic chapter of his career after securing two high-profile posts at Oxford and Stanford universities. The former prime minister announced he will be joining the Blavatnik School of Government’s “world leaders circle” in Oxford, as well as taking up a visiting fellowship at Stanford’s Hoover Institution in California. Sunak, who studied philosophy, politics and economics at Oxford before completing an MBA at Stanford, remains Conservative MP for...
Rachel Reeves, the Chancellor, has signalled that economic growth must take precedence over net zero goals, creating a likely rift with Energy Secretary Ed Miliband and senior Labour figures who remain opposed to expanding the UK’s biggest airports. Speaking at the World Economic Forum in Davos, Reeves insisted that “the answer can’t always be no” to major infrastructure projects, as she outlined Treasury support for controversial plans to build a third runway at Heathrow and...
Meta, the parent company of Facebook, Instagram and WhatsApp, has sought to calm key advertisers following its decision to scrap third-party fact-checking in the United States. Senior executives led by Nicola Mendelsohn, Meta’s head of global business, have held a series of meetings over recent days to address concerns about brand safety and content moderation. Mark Zuckerberg, Meta’s founder, earlier this month announced an end to the platform’s long-standing US fact-checking partnership and signalled a...
Britain’s soaring sickness bill has left policymakers and economists scratching their heads, with near-record numbers of workers absent on long-term health grounds costing the public purse more than £65.7 billion a year. Some 2.8 million people now claim incapacity and disability benefits, far above pre-pandemic levels, and the House of Lords’ economic affairs committee has warned that the problem cannot be attributed solely to deteriorating health or NHS delays. Instead, evidence suggests the benefits system...
