Paul Johnson, director of the Institute for Fiscal Studies, says taxes are “rising by an extraordinary amount,” suggesting that the country has seen the “biggest period of raising taxes we have ever had.” He told BBC Radio 4’s Today programme that income taxes are rising “because we are having allowances and thresholds frozen for a very long period of time.” He added that this is “dragging more and more of our income into income tax, and that is why we have had this historically extraordinary increase in taxes over the last five years.” This increase, he added, is “continuing over the rest of this decade.” While Chancellor Rachel Reeves is not expected to announce tax changes in her Spring Statement, speculation surrounds potential tax measures in the next Budget. Some Labour MPs advocate for a wealth tax to offset welfare cuts, but Mr Johnson doubts the feasibility of such a move, noting global challenges in enforcing such levies.

A poll from insurance company Simply Business shows that almost one in five small business owners say they will be forced out of business within a year due to challenging economic conditions. A quarter of the 957 firms surveyed by Simply Business want the Chancellor to reverse an increase in National Insurance contributions, warning that higher costs will hit growth. On the impact of the tax hikes, 24% of small businesses have cancelled hiring plans and 16% have reduced employee’s hours, while 43% plan to increase prices.

Tom Shave, president of the Europe and Asia-Pacific division at tax services firm Ryan, says the Chancellor must use the Spring Statement to fix the “unintended consequences” of October’s Budget. While he expects Rachel Reeves’ statement will “be more of an economic update focused on spending cuts rather than tax changes,” he argues that it offers an opportunity to “develop a more supportive environment for business and investment in the UK.” Mr Shave says “meaningful action is needed to ease the burden of taxation on businesses along with more growth-associated measures.”

Research by BDO suggests that mid-sized firms could add £745bn to the UK economy in the next three years. The report suggests that companies with revenues between £10m and £300m could make up nearly half of the UK’s expansion in GVA by 2028. The analysis also suggests that these firms, which represent less than 1% of all UK businesses, could also add an additional 1.9m jobs.

A majority of UK consumers are not optimistic about the UK economy, according to a KPMG poll. Of 3,000 people surveyed, 58% felt the economy was worsening in the three months to the end of February, an increase of 15 percentage points from the three months to the end of November. While 43% said they are reducing their spending on everyday items, more than a third are saving more and 29% are deferring the purchase of big-ticket items.

The Financial Conduct Authority (FCA) is set to encourage retail investors to up their level of risk when managing their savings. Urging investors to look at “rebalancing” risk is expected to be a key part of the City watchdog’s new five-year strategy. This comes with the Government telling the regulator that it must support growth in the UK economy. Chairman Ashley Alder says the watchdog will support Government efforts to make regulators more growth-focused, saying the FCA will open fewer, more targeted investigations, but insisted that the pro-growth plan would not compromise consumer safety. Meanwhile, the City watchdog is also said to be considering changing its rules to ensure people receive clearer information from financial firms. This would make it easier for consumers to compare products.

Data shows that fintech firms are leading the way when it comes to hiring activity among UK startups and scale-ups. Fintech firms account for 21% of all UK companies recruiting for tech roles, adding 2,127 new employees over the last twelve months. AI followed, accounting for 12.5% of hiring activity and creating 1,630 new roles.

Non-executive directors of UK companies are bracing for takeover bids, according to data by investment bank Peel Hunt, with 80% saying their companies are more vulnerable to being acquired. The poll saw 92% of non-executive directors say they are expecting an increase in takeovers of UK companies this year. It was also found that just 15% are sure they could confidently assess shareholder appetite for an offer if their firm was targeted for a takeover.

The economy saw improved growth in March, according to the latest S&P Global flash UK composite PMI. The index hit 52 in March, up from 50.5 in February on an index where a figure above 50 represents growth. March’s reading was the highest since September and means there has been growth for seventeen consecutive months. While the services sector rose to a seven-month high of 53.2, the manufacturing index fell to a 17-month low of 44.6. Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “An upturn in business activity in March brings some good news for the Government … offering a respite from the recent flow of predominantly downbeat economic data.”

The Institute of Economic Affairs (IEA) think-tank has urged the Treasury to change the Bank of England’s remit to include growth. While the Bank’s mandate covers hitting an inflation target of 2% and setting interest rates, the IEA wants this remit to be expanded to cover total spending in the economy. Warning that the Bank’s inflation-targeting is “not fit for purpose,” IEA economist Damian Pudner said: “Targeting the growth path of nominal GDP would provide a more stable and predictable macroeconomic environment by focusing on total nominal spending rather than a rigid inflation target.”

A study by Yale University reveals that poor audio quality during video conferences can negatively impact perceptions of a speaker’s intelligence, credibility, and desirability. Researchers for a paper in the journal Proceedings of the National Academy of Sciences recruited more than 5,000 listeners and played them recordings of people in different contexts. They found that participants consistently rated individuals with tinny or distorted audio as less competent and trustworthy, regardless of the content of their speech. “You may want to consider how much a cheap microphone may really be costing you,” says Yale’s Brian Scholl.