Business leaders are urging Labour to reconsider the abolition of the non-dom tax regime, citing an “exodus” of high-net-worth individuals from London. The lobby group BusinessLDN launched its “growth commission” report, which highlights the need for an “Office for Tax Competitiveness” to assess the UK’s tax policies. The report warns that nearly 2,000 wealthy non-doms left the country last year due to the new residence-based tax system. Helen Gordon, chair of the growth commission, said: “Unlocking the full economic potential of London is essential for growth.”

Research from Pension Bee reveals that nearly 90% of Brits are unaware of their pension tax relief rates. Only 12% of individuals aged 18 to 66 know their specific relief, despite its importance for retirement savings. A third of respondents did not even realise that pension contributions offer tax relief. Lisa Picardo, chief UK business officer at Pension Bee, commented: “Pension tax relief is one of the most valuable incentives available to UK savers.” With the tax year ending soon, she urged savers to consider additional contributions to maximise their benefits.

The UK faces a worsening unemployment crisis due to rising costs from tax increases and the ongoing conflict in Iran. Economists warn that if the war continues, unemployment could rise to 5.5%, adding 104,000 people to the jobless total. Currently, the unemployment rate stands at 5.2%, the highest in five years, with young workers particularly affected. James Smith from ING stated that the hospitality and service sectors are likely to suffer the most. He noted: “These sectors that are most affected by higher energy prices don’t have the pricing power that they did in 2022.”

Chris Hayward, policy chairman at the City of London Corporation, writes in City AM on the urgent need for the UK to enhance its competitiveness in taxation, talent, and technology. He warns that without action, the UK risks losing operations and individuals to global rivals like New York and Singapore. Hayward highlights the importance of incremental policy changes, such as the three-year moratorium on stamp duty for London IPOs, to restore confidence. He states: “Competitiveness must return to the centre of policy – and fast.” The UK must also embrace digital finance to avoid falling behind, Hayward says.

NCP, the UK’s largest car park operator, has entered administration after running out of cash, jeopardising nearly 700 jobs. The company, owned by a Japanese firm, owes £352.6m and has struggled with reduced demand since the pandemic. PwC, appointed as administrators, aims to stabilise operations while exploring a potential sale. Zelf Hussain, a joint administrator, stated: “NCP has faced a challenging trading environment… leading to trading losses.” All car parks will remain open for now, but site closures may occur as options are assessed.

Companies House has referred itself to the Information Commissioner’s Office and the National Cyber Security Centre after a glitch exposed personal details of directors for up to five months.

Rachel Reeves has announced a £2bn investment to position the UK as a leader in AI adoption among G7 nations. In a speech on Tuesday, she pointed to the importance of quantum computing and its applications in healthcare, clean energy, and national security. Reeves said: “In this changing world, Britain is not powerless. We can shape our own future.” The investment will support a procurement programme for quantum computers, enhancing public services and business capabilities. Additionally, the Chancellor addressed trade relations with the EU and plans for a youth mobility scheme.

The Treasury is set to reform the Financial Ombudsman Service (FOS) to limit its powers and introduce a 10-year complaint deadline. This move aims to restore the FOS to its original role as a neutral dispute resolution service. City minister Lucy Rigby said the reforms would “make redress clearer, more consistent and easier to navigate.” However, critics such as James Daley, head of consumer group Fairer Finance, have raised concerns about the Government’s influence over the FOS. The changes follow a public consultation indicating that the FOS’s current operations create uncertainty for consumers and businesses.

The UK Government will provide £53m in support for households reliant on heating oil. Sir Keir Starmer announced said the aid will assist lower-income families facing rising costs due to the ongoing conflict in the Middle East. Northern Ireland Executive will receive £17m to assist low-income households, an amount Finance Minister John O’Dowd derided as “extremely disappointing” and “significantly below par”. The PM went on to warn of against price gouging and hinted at a broader support as prices when the current energy price cap ends in June. Meanwhile, the consultancy Granville Park Partners expects the Treasury to rake in nearly £3bn in additional tax revenue due to rising oil and gas prices. North Sea firms will contribute £1.5bn in corporation tax, while a windfall tax could add another £1.3bn.

First-time buyers in England are getting older, with the average age rising to 34 in the South East – the highest in the country. Research shows this trend is driven by rising house prices, higher deposits and cost-of-living pressures, forcing buyers to save longer. While some regions like the North East and East Midlands buck the trend slightly, affordability gaps remain stark between north and south. Fewer buyers now rely on family support, meaning more are self-funding deposits, which delays purchases further. Demographic shifts also show more first-time buyers have children. Alistair Singer, director at My Home Move Conveyancing, noted: “The gradual increase in first-time buyer age reflects the changing property market and how the cost-of-living crisis continues to affect this landscape.”