Andy Haldane, president of the British Chambers of Commerce, has warned that foreign investors are acquiring promising UK start-ups and advocates for reforming tax reliefs to encourage domestic investment. Mr Haldane, who said it is “an absolute no-brainer” to adjust the tax system to favour British companies, says current tax reliefs primarily support foreign investments, resulting in a lack of return for the UK. The former Bank of England chief economist has called for a “tilting of the playing field” to correct market distortions and urged the Government to act swiftly to support local businesses before they are lost to foreign raiders.

Entrepreneurs are urging Andy Burnham, who is widely expected to become Prime Minister, to rule out a potential exit tax that would impose capital gains tax on individuals leaving the country. Andreas Adamides, chief executive of start-up network Helm, said: “It’s incredible to even be considering adding more hurdles and more burdens to founders,” suggesting that “an exit tax is something that will probably increase the people running for the exits.” Dan Neidle, the founder of Tax Policy Associates, said previous speculation over an exit levy “caused some entrepreneurs to leave the UK.”

Reform UK’s Treasury spokesman Robert Jenrick has condemned Chancellor Rachel Reeves’ decision to impose a 22% tax on interest from stocks and shares ISAs to prevent uninvested cash. Treasury Minister Sir Alan Campbell defended the changes, claiming they would encourage retail investment and improve returns for savers.

The Bank of England has allowed firms participating in its first system-wide stress test of the private credit sector to use external consultants to help meet the exercise’s significant data and administrative requirements, marking a departure from the rules applied to banks. The voluntary test will assess how 46 firms, including major alternative asset managers, would respond to a severe financial crisis, reflecting growing regulatory concerns about the systemic risks posed by the rapidly expanding private credit industry. Participants have described the scenario as exceptionally demanding and warned that the compliance burden is particularly challenging for smaller firms, although regulators say the exercise is designed to improve oversight of a sector that has historically faced less scrutiny than traditional banks.

A group of the UK’s leading banks are developing a digital identification tool for their banking apps. This initiative, which sees Barclays, Lloyds, HSBC, Nationwide, NatWest and Santander working in collaboration with UK Finance, aims to enhance transaction security by allowing users to share personal information with third parties. The project is currently in the planning stage, with a live pilot expected soon.

Consultancy firms have seen a decline in value due to concerns over AI disrupting traditional business models. Accenture’s value has dropped over 57% in the past year, while Capgemini’s shares fell nearly 40%. Despite overall revenues at the Big Four increasing, the consulting arms are seeing contraction. PwC’s full-year figures show a 3% fall in its advisory arm, with a similar decline seen at KPMG.

Data from Ofgem shows that energy debt has reached a record high of £4.79bn, marking a 5% increase from the previous quarter. The number of accounts repaying debt rose by 3% for electricity and 4% for gas. Average debt for those with repayment plans is now £828 for electricity and £679 for gas. Gillian Cooper, director of energy at Citizens Advice, noted a 70% increase in households seeking support since 2021. Ofgem’s director general, Neil Kenward, emphasised the need for a co-ordinated response to address the “complex, industry-wide issue.”

The Government has revised its steel tariff plans following warnings from manufacturers that the measures could deliver “immediate hardship” for firms. Trade Minister Chris Bryant has announced a reduction in the tariff-free steel import quota from 60% to 51%, while maintaining the overall 50% import duty. The Government plans to review these measures in a year but William Bain, head of trade policy at the British Chambers of Commerce, said ministers “should act more quickly if firms face severe financial distress.”

HMRC analysis shows that 40% of people aged 18 to 24 wish they had learned more about the basics of tax earlier.