Energy suppliers double direct debits
Direct debit payments have at least doubled for one in four energy users, research claims. British Gas and Octopus are among the firms singled out by furious customers in a survey. Energy prices went up by 54% in April, but some direct debits went up 100%. Money...Stagflation fears
Britain is facing the risk of stagflation after the Bank of England warned that surging energy prices will drive inflation to 10% by the end of the year as the economy stumbles. The pound plunged to its lowest since June 2020 as the BoE hiked borrowing costs to a...Britain’s outlook
The Bank of England has predicted another recession, double-digit inflation and half a million job losses as stagflation forces stalk the UK economy. In a dismal set of forecasts, Threadneedle Street warned Britain faces anaemic growth in the coming years as...UK tax receipts rise
Government statistics issued yesterday show that HMRC tax receipts are £80bn higher than they were before the pandemic. Growth in tax returns was fuelled in part by a 35% year-on-year surge in the UK’s capital gain tax bill, which is up from £10.8bn to a record...Cost of living crisis
The chancellor should be more worried about the risk of the cost-of-living crisis plunging the UK into a recession later this year, than higher debt costs, economists warn. Rishi Sunak faces a trade-off between trying to trim the public debt or easing pressures on...