Reform UK claims Andy Burnham would raise taxes by £38bn through a range of new levies not mentioned in Labour’s 2024 manifesto. This would bring Labour’s total increase in taxation from around £66bn to more than £100bn a year. Mr Burnham has suggested he would support increasing the top rate of tax to 50% for the highest earners, equalising CGT with income tax and lowering the threshold of the “mansion tax” on properties worth more than £2m to just £1.5m. Other suggestions he’s previously supported include a “care levy” on estates and a tax on landlords’ rental income. Reform’s economy spokesman Robert Jenrick, said: “Andy Burnham has spent 20 years reaching for other people’s money,” as he urged him to rule out a list of ten taxes.

Liam Halligan warns in the Telegraph that Britain may have reached “peak taxation” but Labour’s demand to increase the tax burden further threatens to lock Britain even more firmly into a “high-debt-high-tax-low-growth doom loop” that will pump the debt interest bill “until the house of cards comes tumbling down.” Elsewhere, Harvey Jones in the Express asserts that left-leaning think tanks are determined to “seize the moment” and push an Andy Burnham Government to hike taxes again, despite warnings from the Office for Budget Responsibility that this would wreck the incentive to work and invest.

HMRC recovered £266m from capital gains tax (CGT) investigations in 2024/25, a 46% increase on the previous year and a 70% rise since 2020. Analysis by Lubbock Fine shows that the average amount paid back per investigation was £27,140 and that HMRC closed 9,800 investigations into capital gains tax non-compliance during 2024/25. Experts said lower tax-free allowances and improved data sharing have made it easier for HMRC to identify undeclared gains, with investors, landlords, business owners and cryptocurrency holders increasingly targeted. Tax advisers have warned taxpayers to ensure they meet their CGT reporting obligations, as the tax office continues to step up enforcement and pursue penalties for non-compliance.

Over 100 tech entrepreneurs have urged Andy Burnham to avoid imposing higher taxes that could hinder business growth. They have warned that proposed tax changes, such as a wealth tax and increased capital gains tax rates, could discourage investment and innovation. The group, which includes founders of three unicorns, emphasised the importance of maintaining tax incentives for entrepreneurs. They said: “We will only succeed if we incentivise and support our best and brightest to build world-beating firms.”

Millions of cryptocurrency owners in the UK have been advised to review their tax records before stricter reporting rules take effect in 2027. HMRC will receive detailed information from crypto asset service providers, making it easier to identify unpaid taxes. Harvey Dhillon, CEO of Zmartly, said: “Crypto was never untaxed. It was just unseen, and that is now changing.” Investors must declare any trades, including past transactions, to avoid penalties. Graham Nicoll from NCL Wealth Partners emphasised the importance of correcting previous tax returns to account for any gains or losses.

Rachel Reeves will announce new measures to support small and medium-sized enterprises (SMEs) in her upcoming Mansion House speech. The Growth Guarantee Scheme (GGS) will expand, providing a 70% government guarantee on loans, with a £6.5bn uplift expected to assist 33,000 businesses. Loan terms will extend from six to ten years, and eligibility will increase to businesses with a turnover of £54m. Reeves will say: “We know that small businesses are the backbone of this economy and growth in all our regions.”

Business confidence has fallen sharply, according to a report from BDO. The BDO output index dropped from 94.8 in May to 91.53 in June, marking the lowest level since February 2021. This follows a brief recovery earlier this year. The report warns that until confidence improves, the job market is likely to remain weak. Factors such as Labour’s tax hikes and the Iran war are contributing to the downturn.

The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have gained regulatory powers over four major US tech firms – Microsoft, Google, Amazon and Oracle – in a move designed to ensure the resilience of critical cloud service providers. This comes after the Treasury designated the businesses as critical service providers to Britain’s financial services sector.

MPs have urged the Government to increase benefits for older workers as the state pension age rises from 66 to 67. The Work and Pensions Committee has warned that many retirees could face financial hardship and suggested raising Universal Credit for those approaching pension age. However, it is noted that this could cost the Treasury £600m. Estimates from the Office for Budget Responsibility show that Britain’s welfare spending is forecast to rise to £406.9bn by 2030/31 from £332.9bn in 2025/26.

The Low Pay Commission warns that increasing the UK minimum wage could risk job losses, with uncertainty over the impact on inflation and the potential response from employers.

Low-income households in London face an additional burden of more than £600 a year to access goods and services, due to factors such as a higher reliance on high-interest credit and increased costs for non-direct debit billing. A reliance on local convenience stores instead of larger supermarkets with more competitive pricing was found to be the largest driver of the so-called poverty premium, according to the study. Manny Hothi, chief executive of Trust for London, urged regulators to consider the impact of their markets on impoverished individuals, adding that it was vital to “end the unfairness of people having to pay more because they pay monthly or don’t sign up to direct debit.”

The UK economy is expected to have contracted by 0.1% in May, continuing a downward trend influenced by the ongoing Iran war. The Office for National Statistics (ONS) will release a growth update on Thursday, reflecting the impact of global tensions. April’s decline followed a 0.3% growth in March, primarily driven by a downturn in the services sector. Pantheon Macroeconomics analysts are expecting GDP to have shown no growth in May.

Poorly executed disciplinary investigations in the UK are costing the economy £28.5bn annually, according to the Faculty of Public Health (FPH). Such investigations not only harm the individuals involved but also affect their colleagues and the organisation. Prof Tracy Daszkiewicz, FPH president, said: “The consequences ripple outward: damage to individual wellbeing, loss of trust in systems.”