Shadow Chancellor Mel Stride has condemned proposed changes to business tax relief, warning that they could lead to many family-run businesses “shutting down or being forced to sell.” He has also highlighted concerns from business leaders who say that the tax changes would disadvantage local businesses compared to larger competitors. The current 100% relief on business property inheritance tax will be reduced from April 2026, with only the first £1m of qualifying assets receiving full relief. A report from the CBI says that these changes could cost the UK £2.6bn due to decreased hiring and investment, with family businesses projected to cut investment by 17% by 2030.

Lord Mervyn King, a former Bank of England governor, says income tax will have to rise to boost Government spending power and reform public services. He pointed to the “very difficult position” that Rachel Reeves has “inherited”, highlighting slow growth, a high budget deficit, large national debt and rising interest rates. However, he suggested that the Chancellor should have increased income tax in the Budget, rather than employers’ National Insurance contributions. Lord King told Sky News’ Politics Hub: “The obvious tax to raise is the basic rate of income tax, we will all contribute to it.” He went on to argue that the public wants transparency from politicians, even if it involves tax hikes.

HMRC is intensifying its efforts to recover unpaid taxes linked to the controversial “loan charge” scandal, with the tax office potentially resorting to debt collectors despite previous efforts to claw back money having been linked to a number of suicides. Approximately 60,000 individuals face substantial tax bills due to participation in “disguised remuneration schemes” that avoided income tax and National Insurance contributions. As the April 5 deadline approaches, HMRC is sending “determination” letters to those who failed to file their 2018 to 2019 tax returns, threatening debt collection if payments are not made.

City figures have raised concerns over the Financial Conduct Authority’s plan for a platform that will allow private firms to trade shares at intervals. Officials say that Pisces – the Private Intermittent Securities and Capital Exchange System – will act as a “stepping stone” for firms considering a public float while giving investors an opportunity to sell their stakes in companies. Delphine Currie, a partner at law firm Reed Smith, said that because businesses will not be able to use Pisces to raise new money as it will only be for secondary trading, “it may be of limited interest to companies,” while an unnamed partner at a leading venture capital firm suggested that the platform is “a bold solution to a problem that is far more complex than the protagonists are willing to understand.” James Tyler, a barrister at Peters & Peters who was formerly an FCA prosecutor, commented: “The devil will be in the detail, but done badly, Pisces could be a fraudster’s charter.”

The Financial Conduct Authority (FCA) is to look at potential conflicts of interest at firms managing private assets, with the City watchdog set to explore whether there are adverse effects on investors. In a letter to leaders of asset management companies, the FCA said it will “assess how firms oversee application of their conflict-of-interest framework through governance bodies … to ensure investor outcomes are not compromised.” It added: “With rapid growth in private markets, we expect to see evolving and updated procedures to identify, manage and mitigate conflicts of interest.” The regulator has also announced that it is close to releasing the results of an earlier investigation into private market valuation practices.

The UK consulting industry is thriving due to increased climate regulations, with consultancy spending up 6% amid demand for sustainability services as companies seek compliance to avoid penalties.

Having been hit by a slump, the consulting industry is experiencing a recovery, driven largely by corporate interest in AI. Lisa Fernihough, head of KPMG UK’s advisory division, said: “Hiring is back on.”

MP Justin Madders says UK firms will maintain their own approach to equality, despite pressure from the US government to reduce diversity initiatives. This comes as several large US companies, including Google and Amazon, have scaled back their diversity programmes following Donald Trump’s presidency. In contrast, UK firms like Deloitte and Barclays have reaffirmed their commitment to diversity and inclusion. Mr Madders emphasised that British companies recognise the value of diverse leadership and will continue to prioritise inclusion, saying: “I think the commitment and the benefits are very clearly laid out.” On the possibility on a shift away from diversity initiatives, he added: “I don’t see UK companies going down that road.”

Bank of England rate-setter Swati Dhingra says the risk of President Donald Trump’s tariffs driving persistent inflation in the UK is relatively low. In a speech at the National Institute of Economic and Social Research, she said: “The direct effect of US import costs and dollar strengthening are likely to be offset by reduced global price pressures.” Ms Dhingra, a member of the Monetary Policy Committee, suggested it is likely that UK imports from elsewhere would get cheaper as exporters searched for “new markets” outside of the US.