UK households saw a 0.8% drop in real disposable income in Q1 due to rising inflation and capital gains tax, marking the fourth decline in five quarters. The ONS reported 0.6% GDP growth, while political figures like Andy Burnham pledge to tackle living costs, and economists forecast a cautious economic outlook.
Social Security's OASI trust fund may be depleted by Q4 2032, with 78% of benefits payable, according to new projections. This has intensified calls to tax the wealthy, with bipartisan efforts emerging to lift the payroll tax cap, though significant challenges remain.
India's state-owned oil marketing companies (OMCs) are expected to see improved profitability due to lower crude oil prices, boosting fuel marketing margins, despite concerns over rising debt and uncertain fuel tax policies, according to a JP Morgan report.
Russians are using complex technical solutions like VPNs and dual-phone setups to circumvent Kremlin-imposed internet restrictions on foreign apps and websites. These curbs, aimed at promoting 'digital sovereignty,' have disrupted services and caused frustration, potentially impacting Putin's approval ratings ahead of elections.
Italy's tax system struggles with low fiscal compliance among the self-employed, despite efforts to combat evasion. The UPB highlights inefficiencies in tax collection, particularly for local administrations, and disparities in treatment between different income types. Corporate taxes have increased, especially for banking and insurance sectors, while business incentives are seen as a disorganized complex of measures needing reform.
ITC shares fell despite a 5% Q4 profit increase, as brokerages like Goldman Sachs and Morgan Stanley flagged concerns over cigarette tax hikes impacting earnings and volumes. FMCG and paper segments showed resilience, but analysts anticipate margin stress.
Germany's ruling coalition is debating a VAT hike to address a budget deficit, which could further increase prices already rising for essentials like coffee and rent. The economy is shrinking with job cuts, and politicians warn of longer working hours and reduced pensions. Meanwhile, Members of Parliament are set for a significant pay raise.
Jamie Dimon says US banking giant could rethink Canary Wharf tower if a future Labour leader targets lendersThe boss of JP Morgan, Jamie Dimon, has warned he could scrap plans to build a new £3bn UK headquarters in London if Keir Starmer is replaced by a new Labour prime minister who is hostile to banks.JP Morgan revealed plans last November to build the tower in Canary Wharf, hours after lenders were spared tax hikes in Rachel Reeves’s autumn budget following strong lobbying by the banking sector. Continue reading...
Bank greenlit construction of the Canary Wharf tower last November after Rachel Reeves’ budget spared lenders tax hikes The boss of JP Morgan, Jamie Dimon, has warned he could scrap plans to build a new £3bn UK headquarters in London if Keir Starmer is replaced by a new Labour prime minister who is hostile to banks.JP Morgan revealed plans last November to build the tower in Canary Wharf, hours after lenders were spared tax hikes in Rachel Reeves’s autumn budget, after strong lobbying by the banking sector. Continue reading...
The number of UK businesses in critical financial distress rose by 36.9% in Q1 2026 compared to Q1 2025, reaching 62,193 companies, according to insolvency practitioners Begbies Traynor. All 22 monitored sectors saw increases, with hospitality, leisure and sports businesses worst affected. The restructuring firm blamed tax rises imposed by Chancellor Rachel Reeves and economic fallout from the Middle East conflict, warning that zombie businesses are increasingly likely to fail.
The number of UK businesses in critical financial distress rose by 36.9% in Q1 2026 compared to Q1 2025, reaching 62,193 companies, according to insolvency firm Begbies Traynor. Hospitality, leisure, and sports sectors were worst hit, with hotel firms seeing a 69.3% increase in critical distress. The firm blamed tax rises imposed by Chancellor Rachel Reeves and economic fallout from the Middle East conflict, warning that zombie businesses could fail this year.
The EU and IMF are linking further aid to Ukraine to tax hikes and fiscal reforms. The EU is considering linking €8.4 billion of its €90 billion loan package to business tax reforms, requiring companies under a simplified tax system to pay 20% VAT once turnover exceeds €91,000. The IMF is demanding Ukraine introduce VAT on low-value imported parcels worth under €150, potentially raising $227 million annually. Failure to pass these laws could delay the IMF's June review and jeopardize related EU support.
