UK Chancellor Rachel Reeves is reportedly set to announce tax increases ahead of Labour’s first budget in 14 years. The government aims to raise an additional £35bn, which will be directed towards investment in public services such as schools and hospitals. The Office for Budget Responsibility (OBR) has also come under scrutiny, with former Conservative chancellor Jeremy Hunt accusing the OBR of bias against the Tory party in anticipation of their findings on public finances, which will be released alongside the budget.
An international row has been sparked by the UK government’s decision to levy VAT on private school fees, which has led to protests from France and Germany. Both countries have called for fee-paying international schools that are part-funded by their governments to be exempt from the levy, which is scheduled to come into force in January. The UK Treasury defends its decision as it seeks to end tax breaks on private schools to fund public education priorities.
Analysts have expressed concerns that the upcoming budget could “spook the City” and “wreck” the economy due to potential changes to debt rules. This comes despite Sir Keir Starmer’s assertion that voters should judge him on whether they have more money in their pocket in five years time. The leader of the Labour party looks ahead to a “landmark week” and describes it as a time to choose “a clear path of stability, investment and reform.”
Neal’s Yard Dairy, a cheese retailer, has announced that it has been conned out of cheddar worth £300k, with fraudsters impersonating prominent European buyers and distributors. Offers of financial aid and orders for cheese have flooded in from around the world as people rally around the cheese retailer. However, fears remain that the stolen cheddar could soon be sold on the black market
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