Scrapping tax reliefs on cash ISAs could disproportionately hit conservative retirees, costing them thousands in the next five years. Rachel Reeves is under pressure from City firms to reduce lavish ISA tax reliefs and send the money elsewhere to spur economic growth. The Treasury has so far refused to rule out the possibility, and it …
Financial journalist Martin Lewis has called on people to check their National Insurance (NI) records, as lost contributions might result in a substantial increase to their state pension. With the deadline to purchase back lost years fast approaching, many individuals have only weeks to act on this option. The size of the state pension depends …
Thames Water is set to appeal to the UK's competition watchdog in an attempt to gain approval for even more customer bill rises in the next five years. The utility, which supplies water to 16 million people in London and the southeast of England, is applying to increase charges above the 35% rise already approved …
Aberdeen is about to experience a historic financial resurgence with an anticipated £30 billion investment that will transform the area. The city is on the brink of an "economic renaissance," reports the Aberdeen & Grampian Chamber of Commerce's latest Investment Tracker, as clean energy initiatives move from the planning stage to reality. The report points …
Honda formally dropped the prospect of a hostile bid for Nissan after merger talks collapsed that would have formed the world's fourth-largest automaker. The collapsed $58 billion deal aimed at bolstering their competitiveness against China's fast-expanding electric car market but disintegrated on disagreements over control. Honda's CEO, Toshihiro Mibe, clarified on Thursday that the firm …
The UK’s economic outlook has taken a hit, with reports suggesting that the fiscal watchdog has downgraded its growth forecasts. This puts Chancellor Rachel Reeves in a difficult position, forcing her to choose between raising taxes or cutting government spending in the upcoming budget. According to preliminary projections from the Office for Budget Responsibility (OBR), …
Water regulator Ofwat has launched an investigation into Thames Water over delays in crucial environmental improvement schemes. The move comes after reports emerged that the company redirected funds initially allocated for clean-up efforts to cover other expenses, including executive bonuses and shareholder dividends. Thames Water, the UK’s largest water company, has faced increasing scrutiny over …
The European Commission has unveiled an ambitious plan to invest €200 billion in artificial intelligence, marking a significant push to enhance Europe's AI capabilities. European Commission President Ursula von der Leyen made the announcement at the AI Action Summit in Paris, emphasizing the continent's commitment to technological advancement. A key part of this initiative is …
In a surprising move, the chief executive of Entain, the company behind major bookmakers Ladbrokes and Coral, has stepped down after just five months in charge. The sudden departure of Gavin Isaacs was announced as a mutual decision, taking effect immediately, leading to an almost 11% drop in Entain's share price. Isaacs, a 60-year-old Australian …
Coffee lovers have reason to celebrate as Pret A Manger has decided to reverse its controversial price hike on its popular five-drinks-a-day subscription. The sandwich and coffee chain initially planned to double the cost of its Club Pret membership from £5 to £10 per month, but after receiving feedback from customers, it has decided to …
British energy group BP has rallied its shares on reports that an activist hedge fund, Elliott Investment Management, acquired a stake in the company. The move rekindled discussion about BP's future as the company grapples with shares that are underperforming as its competitors get ready for what could be a boom industry. The news led …
Donald Trump has ordered the US Treasury Department to cease the production of pennies, calling the practice "wasteful" and an unnecessary financial burden on the country. The announcement, made on his social media platform Truth Social, is part of a broader series of cost-cutting measures undertaken by his administration since taking office. The former president, …
The Bank of England has lowered interest rates from 4.75% to 4.5%, marking the lowest level since mid-2023. This decision has significant implications for homeowners, borrowers, and savers across the UK, influencing mortgage payments and returns on savings accounts. While some individuals may benefit from reduced borrowing costs, others may see little to no change …
Insiders believe at least half of WH Smith's high street stores may close as part of a cuts drive by a new owner. This has implications for jobs at the embattled retailer, which currently operates 500 high street outlets and employs around 5,000 staff. Analysts believe that any potential buyer would most likely retain no …
