Downing Street has rejected suggestions that Sir Keir Starmer received free Taylor Swift tickets as a “thank you” after she was given taxpayer-funded police security while performing in London.
No 10 would not say whether the prime minister was confident that perceptions of a conflict of interest had been avoided but insisted “operational decisions” were “ultimately” up to Scotland Yard and not the government.
Last week it emerged that London Mayor Sadiq Khan and Home Secretary Yvette Cooper were involved in talks around the security for Swift‘s sell-out summer shows at Wembley before the singer was granted a blue-light escort.
The Sun reported that she was given the motorbike convoy on the way to the stadium despite initial police reservations, with her mother Andrea Swift also negotiating arrangements directly with Number 10 aide Sue Gray.
Asked on Tuesday whether it was the prime minister’s view that there was no perception of a conflict of interest, his official spokesman said: “Operational decisions are for the Met (Metropolitan Police). That’s the bottom line.”
Downing Street cited the terror threat faced by Swift in Vienna, which had forced her to cancel gigs on the Austria leg of her Eras tour, as one of the reasons the government was involved in security talks round her London shows.
Key Points
- Starmer refuses to rule out rise in employers national insurance contributions
- No 10 rejects suggestion Starmer got free Taylor Swift tickets as ‘thank you’ for taxpayer-funded security
- Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
- Starmer warned that employer national insurance increases could lower wages for workers
- Reeves criticised for possible employer national insurance tax hike
UK government announces fresh wave of sanctions on Israeli settlers
16:15
Joe Middleton
Foreign secretary David Lammy criticised the “inaction of the Israeli government” for allowing “impunity to flourish” among extremist settlers in the West Bank as the UK announced a fresh wave of sanctions in response to continued violence.
The measures target three outposts and four organisations that have supported and perpetrated “heinous abuses of human rights” against Palestinian communities in the occupied territory, the Cabinet minister said.
Tirzah Valley Farm Outpost, Meitarim Outpost and Shuvi Eretz Outpost are the three settlements targeted in the latest restrictions.
The four organisations sanctioned are Od Yosef Chai Yeshiva, a religious school known to promote violence against non-Jewish people; Hashomer Yosh, a group which provides volunteers for illegal outposts; Torat Lechima, a registered charity which provides financial support to the settlements; and construction company Amana.
There has been a huge rise in settler violence in the West Bank over the last year, with the UN recording more than 1,400 attacks by the illegal settlers since October 2023.
Mr Lammy said: “When I went to the West Bank earlier this year, on one of my first trips as Foreign Secretary, I met with Palestinians whose communities have suffered horrific violence at the hands of Israeli settlers.
“The inaction of the Israeli government has allowed an environment of impunity to flourish where settler violence has been allowed to increase unchecked. Settlers have shockingly even targeted schools and families with young children.”
He said the latest measures will “help bring accountability to those who have supported and perpetrated such heinous abuses of human rights”.
He added: “The Israeli government must crack down on settler violence and stop settler expansion on Palestinian land. As long as violent extremists remain unaccountable, the UK and the international community will continue to act.”
Watch: Lord Cameron hits back at Boris Johnson claim about Brexit
16:02
Joe Middleton
No 10 rejects suggestion Starmer got free Taylor Swift tickets as ‘thank you’ for taxpayer-funded security
15:20
Joe Middleton
Downing Street has rejected suggestions that Sir Keir Starmer received Taylor Swift tickets as a “thank you” after she was given taxpayer-funded police security while performing in London.
No 10 would not say whether the prime minister was confident that perceptions of a conflict of interest had been avoided but insisted “operational decisions” were “ultimately” up to Scotland Yard and not the Government.
Last week it emerged that London Mayor Sadiq Khan and Home Secretary Yvette Cooper were involved in talks around the security for Swift‘s sell-out summer shows at Wembley before the singer was granted a blue-light escort.
The Sun reported that she was given the motorbike convoy on the way to the stadium despite initial police reservations, with her mother Andrea Swift also negotiating arrangements directly with Number 10 aide Sue Gray.
Asked on Tuesday whether it was the Prime Minister’s view that there was no perception of a conflict of interest, his official spokesman said: “Operational decisions are for the Met (Metropolitan Police). That’s the bottom line.”
Downing Street cited the terror threat faced by Swift in Vienna, which had forced her to cancel gigs on the Austria leg of her Eras tour, as one of the reasons the government was involved in security talks round her London shows.
Reeves warns there will be ‘difficult decisions’ on spending in Budget
14:55
Joe Middleton
Chancellor Rachel Reeves said the Budget and spending review would be an “opportunity to put the country on a firmer footing”, but warned there would be “difficult decisions” on spending.
The chancellor told a meeting of Sir Keir Starmer’s Cabinet on Tuesday that a £22bn black hole in the public finances left by the Conservatives needs to be filled just to “keep public services standing still”.
She added that “the scale of inheritance meant there would have to be difficult decisions on spending, welfare and tax - and that the long-term priority had to be unlocking private sector investment to drive economic growth”.
She warned that the government would be unable to “turn around 14 years of decline in one year or one Budget” but that it would deliver on priorities to “protect working people, fix the NHS and rebuild Britain”.
Watch: Health secretary Wes Streeting denies using weight loss jabs
14:34
Joe Middleton
Starmer warned that employer national insurance increases could lower wages for workers
14:12
Joe Middleton
Sir Keir Starmer has been warned that any increase to employers’ national insurance contributions in the upcoming Budget could mean lower wages for workers.
Helen Miller, deputy director and head of tax at the IFS said that any increase to employers’ national insurance contributions could be passed onto workers.
She said: “Lots of questions about Employer NICs today. They are a tax on the earnings of working people. In the long run, expect the majority of a rise in employer NICs to be passed on to workers in the form of lower wages.”
David Cameron hits back at claim he threatened Boris Johnson over Brexit backing
14:00
Joe Middleton
David Cameron has hit back at the claim he threatened to “f***” Boris Johnson up forever if he backed Brexit in the 2016 referendum, saying he finds it “hard to believe”.
Lord Cameron channelled the late Queen Elizabeth II in saying “recollections differ” after Mr Johnson had claimed those were his “exact words”.
Speaking out for the first time since Mr Johnson made the explosive claim, Lord Cameron said: “I find that hard to believe.”
Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
13:45
Joe Middleton
Former Bank of England governor Mervyn King has made a dramatic intervention warning Rachel Reeves that she must raise national insurance in her Budget on 30 October.
According to the Institute of Fiscal Studies (IFS), the chancellor has an estimated £25bn black hole to fill in order to meet Labour’s spending commitments.
But in an open letter published in The Independent, Lord King warns her against higher borrowing.
Our political editor David Maddox reports
Watch: Keir Starmer refuses to rule out raising national insurance contributions
13:30
Joe Middleton
Unemployed to be given weight-loss jab to help them back into work
13:14
Joe Middleton
Unemployed people will be given weight-loss jabs to assist them back into work in a trial.
The UK’s life sciences sector will receive £279 million from drugs giant Eli Lilly, to invest in developing new medicines and ways to deliver treatment.
Amanda Pritchard, Chief Executive of the NHS praised weight-loss drugs as “game-changers” in supporting people to reduce their risk of life-threatening conditions.
Jabed Ahmed reports
Hospitals programme will be delivered on ‘credible’ timetable, says health secretary
12:47
Joe Middleton
Health secretary Wes Streeting has said the new hospitals programme will be delivered on a “credible” timetable.
The government announced in July that all projects within the programme promised by the previous Conservative administration would be placed under a spending review, with 25 schemes still under consideration.
Mr Streeting noted a proposed redevelopment is “desperately” needed for Whipps Cross Hospital, in east London, which serves his Ilford North constituency.
He told Tory former minister Sir Iain Duncan Smith: “That is why, in common with so many Members right across the House, I am absolutely furious that the previous government had a new hospitals programme whose timetable was a work of fiction and where the money runs out in March.
“The assurance I can give him, his constituents, my constituents and the constituents of every other MP across the House whose constituents are waiting for news on the new hospitals programme, is we will deliver that programme, we will deliver it on a timetable that is credible and a programme that is funded, giving our constituents the clarity that they deserve, the consistency that they deserve and also rebuilding faith in government amongst our construction industry and supply chain.”
Analysis: Reeves will need lawyer's language to break national insurance pledge
12:22
David Maddox
During the election Labour made a clear promise “not to raise taxes on working people”. This specifically included income tax, VAT and national insurance contributions.
The problem Rachel Reeves has as her first Budget approaches on 30 October is that somehow she has to pay for an estimated £25bn in spending commitments and encourage economic growth with little room for manoeuvre.
Her former Bank of England mentor Lord Mervyn King has warned her against extra borrowing even by rewriting the fiscals and suggested she raises national insurance instead to invest.
It is clear from the prime minister’s words this morning that national insurance rises on employer contributions is now a strong possibility. But does this mean a breach in the manifesto promises from just over 100 days ago?
The Tories say yes - they would - but so does the independent Institute for Fiscal Studies director Paul Johnson.
It appears that Labour are planning on using a lawyer’s way out - appropriate for the prime minister - to emphasise that their pledge was “for working people” not employers.
No 10 rules out scrapping voter ID
12:16
Joe Middleton
Downing Street has ruled out scrapping voter ID before the May local elections next year.
Asked whether there was any prospect of the rules being abandoned soon, the prime minister’s official spokesman said: “Not ahead of the May local elections.”
Number 10 acknowledged “inconsistencies” in some voter ID rules after being asked whether it would be adding any kind of cards that young people can use.
Asked whether the government was committed to the principle of voter ID, he said: “There is a review of voter ID under way to address some of the inconsistencies in voter ID rules.”
In an earlier post today we reported that the government have changed the rules so that veterans’ ID cards will be a valid form of identification for upcoming elections.
I was Rachel Reeves’s boss at the Bank of England – here’s what she should do now
12:03
Joe Middleton
In an open letter, former governor of the Bank of England Mervyn King shares his advice for the chancellor ahead of her first ever Budget
EXCLUSIVE: Ex-Bank of England chief Mervyn King urges Rachel Reeves to raise national insurance in Budget
11:58
Joe Middleton
Former Bank of England governor Mervyn King has made a dramatic intervention warning Rachel Reeves that she must raise national insurance in her Budget on 30 October.
According to the Institute of Fiscal Studies (IFS), the chancellor has an estimated £25bn black hole to fill in order to meet Labour’s spending commitments.
But in an open letter published in The Independent, Lord King warns her against higher borrowing.
Our political editor David Maddox reports
Veterans’ ID cards will be accepted for voting in elections, ministers announce
11:24
Joe Middleton
Veterans’ ID cards will be a valid form of identification for upcoming elections, ministers have announced.
The government is also undertaking a wider review of the voter ID policy, which was introduced by the Tories and has been tested at local elections and this summer’s general election.
Under the rules, voters have to present an acceptable form of ID to be able to cast their ballot.
These include passports, driving licences, Proof of Age Standards Scheme (Pass) cards, Blue Badges and some concessionary travel cards.
In May’s local elections, some veterans were dismayed that their ex-forces ID cards were not included in the list of acceptable forms of identification, which led to an apology from then-veterans minister Johnny Mercer.
On Tuesday, the government brought forward changes to the law in Parliament via a statutory instrument, which will add the veterans’ card to the list of acceptable ID.
The news was welcomed by the Royal British Legion, which said veterans had “found it frustrating that they were unable to use their Armed Forces Veteran Card as voter identification”.
David Cameron hits back at claim he threatened Boris Johnson over Brexit backing
11:12
Joe Middleton
David Cameron has hit back at the claim he threatened to “f***” Boris Johnson up forever if he backed Brexit in the 2016 referendum, saying he finds it “hard to believe”.
Lord Cameron channelled the late Queen Elizabeth II in saying “recollections differ” after Mr Johnson had claimed those were his “exact words”.
Speaking out for the first time since Mr Johnson made the explosive claim, Lord Cameron said: “I find that hard to believe.”
Our political correspondent Archie Mitchell reports
Liberal Democrats urge Reeves to ‘think again’ over rumoured NI hike
11:00
Joe Middleton
The Liberal Democrats urged the chancellor to “think again” over the rumoured increase to employer national insurance contributions in the Budget
Treasury spokesperson Daisy Cooper said: “The burden of this budget should fall on the likes of big banks, social media giants and oil and gas firms, instead of our local community businesses. The Chancellor should be protecting these smaller businesses, who are the backbone of our economy and the heartbeat of our communities.
“Now is not the time to raise national insurance rates on our high streets, local businesses and dynamic entrepreneurs.
“The Conservative government has left our economy on life support. Now is the time to boost growth by backing small businesses and repairing our crumbling public services.”
What would you like to see announced in Rachel Reeves’ budget? Join The Independent Debate
10:37
Joe Middleton
As chancellor Rachel Reeves prepares to deliver Labour’s first Budget in 14 years, there is significant interest in the potential fiscal changes on the horizon.
Prime minister Sir Keir Starmer has highlighted that the focus will be on “making people better off,” outlining three key priorities: improving living standards, strengthening the NHS, and rebuilding the country, particularly in terms of housing.
We would like to hear your thoughts on what you would like to see introduced in Reeves’ Budget. Should she focus on measures to support homeowners, such as the Freedom to Buy scheme? Or would you prefer a focus on closing tax loopholes, such as abolishing non-dom status, to ensure a fairer tax system?
Click on the link below to share your comments
David Cameron reveals Tories planned to sanction two Israeli ministers
10:28
Joe Middleton
The previous Tory government was preparing to sanction two Israeli ministers over comments encouraging blocking aid to Gaza, David Cameron has said.
Piling pressure on Labour to revive his plans, Lord Cameron said that before the general election he was “working up” sanctions on Israeli finance minister Bezalel Smotrich and national security minister Itamar Ben-Gevir as a way of putting “pressure on Netanyahu“ to act within international law.
Mr Smotrich was recently criticised for appearing to suggest it might be “just and moral” to withhold food aid from Gaza, while Mr Ben-Gvir has backed the expansion of illegal settlements in the West Bank.
Our political correspondent Archie Mitchell reports
Watch: Keir Starmer refuses to rule out raising national insurance contributions
10:14
Joe Middleton
‘We do not pay reparations’: Starmer rejects slavery atonement bid ahead of Commonwealth summit
10:00
Joe Middleton
Sir Keir Starmer has ruled out the prospect of Britain paying slavery reparations as he prepares for a major Commonwealth summit - with the issue “not on the agenda”, according to Downing Street.
Asked for the Prime Minister’s view on paying compensation relating to Britain’s colonial past, a Downing Street spokesperson said on Monday: “We do not pay reparations.”
The question was put forward ahead of Sir Keir meeting the Commonwealth heads of government in Samoa on 21 October.
The matter of reparations has recently come into focus with Barbados prime minister Mia Mottley reiterating calls for Britain to atone for its past atrocities.
Our race correspondent Nadine White reports
Business chiefs urge Reeves to back Scotch whisky
09:44
Joe Middleton
Business leaders across Scotland are calling on Rachel Reeves to “back Scotch whisky” and cut alcohol duty.
Rachel Reeves has been urged to lower the duty placed on spirits after the previous government raised it by 10.1 per cent last year.
In a letter sent to the Treasury, the chancellor was told that last summer’s tax increase had a “damaging impact” on Scotland’s national drink.
It was signed by business leaders from organisations including the Scottish Chambers of Commerce, the Scottish Tourism Alliance, Scotland Food and Drink, UK Hospitality Scotland and the Institute of Directors and Prosper.
The group said a reduction on alcohol duty for Scottish whisky would “signal that Scotland is a competitive place to invest, would recognise the benefits of the sustainable employment for which the Scotch Whisky industry is renowned and would boost a central part of Labour’s ‘Brand Scotland’ vision”.
The government has been approached for comment.
What is the Labour national insurance row about?
09:29
Joe Middleton
Labour’s manifesto included a promise not to raise taxes on “working people”, including income tax, VAT and national insurance.
But the government has faced questions on whether the commitment not to raise national insurance covered employers’ contributions as well as those by employees.
At Monday’s investment summit chancellor Rachel Reeves refused to rule out hiking employers’ contributions in the October 30 Budget.
And today Sir Keir Starmer said Labour’s manifesto pledge only covered taxes on working people, further fueling speculation of a rise in national insurance contributions for employers.
Institute for Fiscal Studies director Paul Johnson saying a hike in employer NI contributions would be a “straightforward breach” of the Labour manifesto.
Jeremy Hunt, the shadow chancellor, posted on X: “It’s obvious to most people that raising national insurance would breach Labour’s manifesto pledge to … not raise national insurance!”
It's obvious to most people that raising National Insurance would breach Labour's manifesto pledge to...not raise National Insurance! https://t.co/KFj67bduPD
— Jeremy Hunt (@Jeremy_Hunt) October 14, 2024
PM says £550 million homes investment will help more people get on housing ladder
09:14
Joe Middleton
Sir Keir Starmer said £550 million of investment to build new homes would enable more people to get on the housing ladder.
Schroders, Man Group and Resonance announced new impact investment funds on Tuesday which will go into housebuilding.
“We’ve said as a government we’re going to fix the foundations, rebuild our country, and expressly saying ‘now is the time to back us’,” he told the BBC.
“Companies and investors are coming in today saying ‘here’s half a billion pounds’. We want to raise that, by the way, I want that to be up over £1 billion before too long.”
The money would fund construction across the country because “too many people”, especially the young, “want to get on the housing ladder because they know that owning your own home is sort of base camp for their aspirations in life”.
“They haven’t had that for many years because the last government failed.
Starmer refuses to rule out rise in employers national insurance contributions
08:55
Joe Middleton
The prime minister again declined to rule out increasing employers’ national insurance contributions but insisted the Government would keep its manifesto promises.
He told the BBC: “We were very clear in the manifesto that we wouldn’t be increasing tax on working people and we expressly said that that was income tax, that was NICs etc.”
He added: “It wasn’t just the manifesto, we said it repeatedly in the campaign and we intend to keep the promises that we made in our manifesto.
“So I’m not going to reveal to you the details of the Budget, you know that that’s not possible at this stage.
“What I will say is where we made promises in our manifesto, we will be keeping those promises.”
Starmer thinks weight loss drugs could help get people back to work
08:40
Joe Middleton
The prime minister is asked if weight loss drugs could play a part in helping get people back to work.
He responded: “I think these drugs could be very important for our economy and for health.”
Starmer praises success of investment summit
08:37
Joe Middleton
The prime minister said the investment summit on Tuesday was a huge success.
He said: “These are investors with a huge amount of capital to to invest, but can choose where they invested. We made the case that now is the time to invest in Britain, and yesterday we’re able to announce £63bn pounds of inward investment into Britian.
“But for viewers what that means is investment into projects that are secured jobs in every part of the country.”
Starmer appears on BBC Breakfast
08:33
Joe Middleton
The prime minister is now being interviewed outside Downing Street.
ICYMI: John Caudwell says Louise Haigh's P&O attack was 'politically stupid'
08:30
Joe Middleton
Pinned: Reeves criticised for possible employer national insurance tax hike
08:09
Albert Toth
Speculation that Labour is considering raising employer national insurance tax contributions has been renewed after Rachel Reeves refused to rule out the measure yesterday.
The hike would bring the levy up from its current flat rate of 13.8 per cent, with experts predicting it could raise around £17bn a year.
She said: “We are going to need to sort of close that gap between what government is spending and bringing in through tax receipts. But we are going to be a government that sticks to our manifesto commitments,” meaning not raising taxes on working people.
A Treasury source has also previously indicated that it is the view of the government that the move would be considered as a tax on business, and not working people, saying: “The commitments in the manifesto were clear and about protecting the incomes of working people.”
The Institute for Fiscal Studies’ Paul Johnson has called this into question, saying the move would be a “straightforward breach” of the Labour manifesto. However he added that it’s unlikely the party would be unable to avoid doing this in some way.
Shadow work and pensions secretary Mel Stride said it would be “absurd” for Labour to hike national insurance for employers and claim it was not a breach of the party’s manifesto.
Speaking to Sky News, he said Labour has “boxed themselves in” by “claiming they were not going to be a party that was going to have to put up taxes”.
ICYMI:
07:23
Jabed Ahmed
Sir Keir Starmer has welcomed the President of Cyprus to Downing Street, after the island played a central role in early efforts to get aid into war-torn Gaza.
Cypriot president Nikos Christodoulides made a whistlestop visit to No 10 before he heads to the United Nations in New York, where he hopes to open talks aimed at ending the decades-long ethnic divide on the island.
A UN buffer zone extends across Cyprus, dividing the Greek south from the north-eastern portion of the island, which is administered by an ethnically Turkish government only recognised by Turkey.
As the two sat for the media at the start of their meeting, the Prime Minister said: “It is my privilege to welcome you here and it is fantastic we have got this opportunity to discuss issues of mutual interest, a long and very important history between our two countries.
“Both at the country to country level, but also at the people to people level.
“We have a very proud community here and it gives great strength to us as a country.”
Watch: Ex-Google chief says he was 'shocked' when Labour became party of growth
07:01
Jabed Ahmed
Alex Salmond: The man who taught me political journalism is a contact sport – well before Donald Trump
05:00
Albert Toth
The Independent’s political editor David Maddox and Whitehall editor Kate Devlin were Scottish politics reporters at the height of Alex Salmond’s powers. David writes about the political giant he knew with memories from Kate.
Full report: Rachel Reeves boosts big business as she caps corporation tax at 25% and woos investment in Britain
04:00
Jabed Ahmed
Watch back: Keir Starmer unveils AI investments at international summit
03:00
Albert Toth
Watch back Sir Keir Starmer’s speech to the International Investment Summit 2024 on Monday, 14 October.
Former Tory MP warns Robert Jenrick would ‘poison’ Conservative Party if he became leader
02:00
Archie Mitchell
Robert Jenrick would “poison” the Conservative Party and wants to go further to the right than Nigel Farage, an influential former Tory MP claimed.
In a damning assessment of the former immigration minister, Matthew Parris dubbed him a “slick, smooth-tongued salesman with all the attributes of a crowd-pleaser, except the ability to please a crowd”.
Kemi Badenoch faces backlash for ‘stigmatising’ autism
01:00
Kate Devlin
Conservative leadership hopeful Kemi Badenoch has been accused of “stigmatising” autism after she endorsed a report that suggested people with the condition get “economic advantages and protections”.
The pamphlet, which Ms Badenoch launched, also claimed that they receive “better treatment or equipment at school”.
Minister ‘absolutely ready’ to engage with Elon Musk despite investment summit absence
Tuesday 15 October 2024 00:01
Archie Mitchell
The minister in charge of social media and digital technology has insisted he is “absolutely ready to engage” with Elon Musk, despite not having spoken to the world’s richest man since taking office in July.
Peter Kyle denied the Tesla chief had been snubbed by the UK government ahead of its inaugural international investment summit, to which Mr Musk was not invited.
Reeves warned national insurance hike would be ‘straightforward breach’ of manifesto
Monday 14 October 2024 23:00
Archie Mitchell
Rachel Reeves has been warned that hiking employer national insurance contributions would be “a straightforward breach” of the Labour manifesto.
The chancellor has been told by Paul Johnson, director of the influential Institute for Fiscal Studies (IFS), that the party said “very clearly” it would not make the change.
Exclusive: Brexit wine tax sparks call for consumers to pressure MPs
Monday 14 October 2024 22:00
Kate Devlin
Customers are being urged to “urgently” pressure MPs over a post-Brexit wine tax dubbed Rishi Sunak’s “sneaky Sauvignon surcharge”.
Major wine companies such as Majestic have asked customers to write to their member of parliament to highlight the issue before Rachel Reeves‘ Budget at the end of this month – to “get this ill-conceived policy stopped before it is too late”.
POLITICS EXPLAINED: Can Reform UK ever prove themselves to be serious politicians?
Monday 14 October 2024 21:27
Jabed Ahmed
Alex Salmond’s cause of death confirmed as heart attack, says Alba
Monday 14 October 2024 20:45
Jabed Ahmed
A post-mortem examination has confirmed Alex Salmond’s cause of death as a heart attack, the Alba Party has said.
Mr Salmond, who was Scotland’s first minister from 2007 until 2014, died suddenly in North Macedonia on Saturday aged 69.
The former first minister had made a speech at the Institute for Cultural Diplomacy Forum in the city of Ohrid before collapsing at lunch in a crowded room.
The Scottish and UK governments are working together to repatriate the ex-SNP leader’s body.
Conservative MP David Davis, who was a friend of Mr Salmond, called for the RAF to bring Mr Salmond’s body back to the UK.
The Alba Party, which Mr Salmond founded in 2021 after leaving the SNP, said it expected an update on his return on Monday evening.
Watch: David Davis chokes up in House of Commons remembering friend Alex Salmond
Monday 14 October 2024 18:37
Jabed Ahmed
Analysis: Rachel Reeves’ had no choice but to cap corporation tax
Monday 14 October 2024 17:14
David Maddox, Political Editor
Keir Starmer and Rachel Reeves had pinned their success on achieving economic growth in the UK. But critics have said that outside planning reforms there has been little on offer for businesses and more to be worried about especially with increased workers rights.
With the the chief executives of many of the world’s biggest businesses in London Ms Reeves had to give a concrete promise about what “stability” means for them and how it makes Britain a good place to invest.
By capping corporation tax she takes away some of the concerns about the Budget on 30 October where the language so far has suggested Labour are going after the rich. But she also provides some long term assurance for businesses wanting to invest in the UK.
This is also true of her agreeing to keep Rishi Sunak reforms like full expensing and research and development tax breaks.
More than £60million in UK investment announced at summit, government says
Monday 14 October 2024 17:04
Jabed Ahmed
The government said a total of £63 billion of investment was committed to at a major summit in London.
The deals announced at the International Investment Summit would help create nearly 38,000 jobs, the Department for Business and Trade said.
The Labour government said the figure more than doubles the £29.5 billion committed at last year’s Global Investment Summit under Rishi Sunak’s leadership.
The Tories have claimed some of the announcements already made by the Government were in the pipeline before Sir Keir Starmer took office.
Government will “turbocharge” the UK Infrastructure Bank, Reeves says
Monday 14 October 2024 16:50
Jabed Ahmed
The Government will “turbocharge” the UK Infrastructure Bank by converting it into the new National Wealth Fund, the Chancellor has announced.
Rachel Reeves told the International Investment Summit: “Today, we are creating the National Wealth Fund and making it the UK’s new impact investor.
The National Wealth Fund will catalyse tens of billions of pounds of private investment into clean energy and our growth industries, like green hydrogen, carbon capture and storage and gigafactories.
“From today, we are turbocharging the UK Infrastructure Bank, which will operate as our National Wealth Fund. It will be headquartered in Leeds with a bigger team, more freedom and an expanded suite of financial instruments and more economic risk capital to ensure that the National Wealth Fund’s investments can be even more catalytic.”
Government will cap corporation tax at 25% for the rest of the Parliament, Reeves announces
Monday 14 October 2024 16:50
Jabed Ahmed
The Government will cap corporation tax at 25 per cent for the rest of the Parliament and set out a roadmap on business taxation to provide “certainty” for investors, Rachel Reeves has announced.
The Chancellor told guests at the International Investment Summit that the Government would “create a tax system that supports wealth creation and increases business investment”.
She said: “I know that providing certainty is right at the heart of that. The constant changes that we have seen in corporation tax in recent years have caused instability.
“So at the Budget, this Government will be outlining a corporate tax roadmap. We will cap the rate of corporation tax at 25%, the lowest in the G7, for the duration of this Parliament.
“We will maintain a world-leading capital allowances offer, with full expensing and the £1 million annual investment allowance, and we will maintain the current rates for the research and development reliefs which provide generous support for innovation.
“This is a vital step to deliver certainty and support businesses to grow.”
Reeves announces new British Growth Partnership within the British Business Bank
Monday 14 October 2024 16:32
Jabed Ahmed
Chancellor Rachel Reeves has announced a new British Growth Partnership within the British Business Bank (BBB).
The partnership is expected to help bring institutional investors such as pension funds together with the BBB to make long-term, fully commercial investments by the end of 2025.
Encouraging British pension funds to invest more in the UK was a key goal of the previous government, and one the new Cabinet is also pursuing.
BBB chief executive Louis Taylor said: “By establishing the British Growth Partnership, the bank will encourage more UK pension fund investment into the UK’s fastest growing, most innovative companies.
“In addition, reforms to the bank’s financial framework, putting our £7.9 billion commercial programmes on a permanent footing, means we can flexibly reinvest our investment returns over the long term to increase growth and prosperity across the UK.”
Reeves pledges end of instability as she announces new National Wealth Fund
Monday 14 October 2024 16:31
Jabed Ahmed
British econom
