The PM says he's confident about cutting taxes if...
In this week's edition of In the Sheets:
The PM says he's confident about cutting taxes, but inflation must fall to 5.3% first.
Companies House will cut down on fraudulent registrations, whilst the BoE has said Britain may introduce a digital pound by 2030.
Meanwhile, Jeremy Hunt puts the pressure on pensions, saying the pension industry must change, and "no change is not an option".
Tax News
Hunt to reject business tax cut extension
Jeremy Hunt is expected to reject demands to extend a tax cut aimed at boosting corporate investment in Britain. Mr Hunt will tell business bosses that tight constraints on public finances prevent him from changing course. The multibillion-pound "full expensing" investment relief allows firms to claim back the cost of investments in IT equipment and machinery by writing it off against tax on their profits. The policy, launched in March's Budget, had an initial price tag of ￡8bn this year, with the cost of making it permanent estimated at ￡10bn a year. Business leaders argue that the policy should be extended to counter Britain's worsening growth outlook.
PM says he's confident about cutting taxes
Daily Express | Evening Standard? | The Sun | Daily Mail
Rishi Sunak says he is “confident” he will be able to cut taxes before the next election, with the Prime Minister saying he wants to ease the cost-of-living burden. However, he insisted he must first lower inflation, currently at 6.7%, to meet his 5.3% target. Mr Sunak said: "I've always been clear that of course I want to cut people's taxes — I'm a Conservative, I believe in doing that." He added: "The biggest tax cut we can deliver for the country is to halve inflation because it's inflation that makes people poorer, pushes up the prices of things, eats into your savings."
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Investment
Investment company raises ￡300m to back northern start-ups
An investment company chaired by former Treasury minister Lord Jim O'Neill has raised over ￡300m to support start-ups in the northern region. The fundraising includes ￡150m from local authority pension funds, along with investments from M&G and Columbia Threadneedle. The Treasury has been urging pension funds to provide more funding for start-ups by backing venture capital funds. The hope is that these changes could unlock up to ￡75bn for high-growth businesses that typically do not receive funding from retirement funds. Northern Gritstone, the investment company, has already invested in 15 start-ups in the North of England. The fund aims to invest in businesses outside of London, Oxford, and Cambridge. Despite a decline in venture investment due to the pandemic, Northern Gritstone managed to secure the funding. Lord O'Neill described the investment from pension managers as a "show of faith" in the northern economy's growth potential. Duncan Johnson, CEO of Northern Gritstone, expressed that the funding is a vote of confidence in the region's research and innovation sectors. Sheffield experienced a 145% increase in venture capital investment in 2023, despite a decline in other regions.
Brainteaser ?? ...
Add me to myself and multiply by 4. Divide me by 8, and you will have me once more. What number am I?
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