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Package of measures to cushion the impact of rising energy prices and inflation

The government is introducing new supplementary measures to cushion the impact of rising energy prices and persistent inflation on low- and middle-income earners. Inflation may rise substantially this year, possibly reaching 5.2%. This is due mainly to higher energy prices. Purchasing power is expected to fall by 2.7%

Bank of England says companies freezing hiring plans as it keeps interest rates on hold

Rate-setting committee also points to mounting global uncertainty as it pauses its cycle of reductions Business live latest updates The Bank of England has said UK businesses are freezing their hiring plans in response to Rachel Reeves’s tax increases and to mounting global uncertainty as it kept interest

High number of shell companies detrimental to the Netherlands, says Committee

Shell companies contribute little to the Dutch economy, impose a disproportionate cost on developing countries in terms of lost tax revenue, and damage the Netherlands’ reputation. These are the principal conclusions reached by the Committee on Conduit Companies chaired by Bernard Ter Haar, which presented its final report

UK pay growth remains high, making interest rate cut less likely

Unemployment was level in January, but has risen over the past six months Business live latest updates Pay growth remained high at 5.8% in the three months to January, according to official data, maintaining the pressure on Bank of England policymakers to keep interest rates elevated when they

Tax and Customs Administration to share information automatically to fight against international tax evasion

Finance minister Jeroen Dijsselbloem signed a declaration today with 50 other countries, committing the signatories to exchange tax-information automatically. Source

Former Bank of England deputy warns Rachel Reeves against kneejerk cuts

Charlie Bean says OBR forecasts are ‘flaky’ and cautions against trying to hit targets five years away The former Bank of England deputy governor Charlie Bean has warned the chancellor against making kneejerk cuts in next week’s spring statement to try to hit fiscal targets that are five

Fear of a tariff ‘Trumpcession’ puts pressure on Bank and Fed over interest rates

A trade war could push up inflation when both the UK and US economies really need cheaper borrowing. So what’s a central bank to do? Monetary policymakers on both sides of the Atlantic will be considering how seriously to take Donald Trump’s threats of an all-out trade war

Mr Weekers concludes agreement with US to tackle tax evasion and undeclared savings

Mr Weekers, the State Secretary of Finance, has concluded an agreement with the United States today making possible an automatic exchange of data between the tax authorities of both countries. This agreement implementing the U.S. Foreign Accounts Tax Compliance Act (FATCA) underscores the co-operation of the Netherlands and

State and ING agree on sale of Alt-A portfolio

Jeroen Dijsselbloem, Minister of Finance, and ING have agreed on the unwinding of the Illiquid Assets Back-Up Facility (IABF). This facility involves a portfolio of US Alt-A mortgage-backed securities. The termination of the IABF is in line with the government vision of unwinding government interventions in the financial

UK economy shrinks unexpectedly in blow to Rachel Reeves

ONS data showing 0.1% fall in GDP in January comes less than two weeks before chancellor’s spring statement Analysis: Shrinking economy an unhelpful backdrop for Reeves’s growth push Business live – latest updates The UK economy contracted by 0.1% in January, dealing a blow to Rachel Reeves before

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