HMRC is enhancing its strategies to prosecute tax evaders, leading to thousands of potential investigations. The authority’s use of artificial intelligence and data analytics has simplified the identification of tax dodgers. In the last financial year, HMRC secured or protected around £10bn, with 540,000 investigations initiated through its Connect system. Ian Robotham from Pinsent Masons notes: “The algorithms that it uses allow HMRC to spot anomalies that would otherwise go unnoticed.” Additionally, HMRC is expanding its informant network with a new rewards scheme for whistleblowers.

HMRC is considering a new system requiring self-employed workers and landlords to pay tax monthly based on the previous year’s return. The proposal, set to begin in April 2030, could create cashflow issues due to the unpredictable nature of self-employed income. Zena Hanks from Saffery commented: “For the self-employed, this is going to cause huge disruption to cashflow.” The new regime would forecast tax liability for the year ahead, potentially leading to payments during low-income months. HMRC aims to consult widely on the reforms.

Dave Fishwick, founder of Burnley Savings and Loans, says in The I that wealthy people should pay more inheritance tax, arguing that Middle England shouldn’t be persecuted when there are “very rich people and huge corporations out there who are paying nothing.” Fishwick and his wife plan to give away 90% of our wealth to good causes, but not “too much” to their children and grandchildren. Elsewhere, former Conservative Chancellor Sir Sajid Javid argues that IHT should be scrapped altogether to help boost the economy. He backs a report by the Policy Exchange think-tank that also calls for the abolition of National Insurance and the 45% additional rate of income tax paid by the highest earners.

The Trades Union Congress is continuing with its push for a bank windfall tax, arguing that because £25bn in bonuses were paid to 1.1m finance workers in the year ending March, a 35% tax should be imposed on bank profits. This, the union claims, could generate £60bn over four years. TUC general secretary Paul Nowak said: “While sky-high bills are looming for working people, bank bonuses are booming.”

The Real Rates Reform Alliance proposes a 2% tax on online sales to enable a 37% reduction in business rates for physical stores. The coalition, which includes UKHospitality and the Institute of Directors, argues that the current business rates system is unsustainable. Ros Morgan, chief executive of Heart of London Business Alliance, adds: “Business rates should support growth, not hold it back.” The alliance represents over 28,000 firms and highlights that 55% of businesses view rates as a significant cost.

Writing in the Times, the CEO of Make UK Stephen Phipson advocates for lower energy prices to support the manufacturing sector. Some 90% of manufacturers say their energy bills have increased at least moderately since 2022, says Phipson. But most concerningly, 13% say further projected energy cost rises could be life-threatening to their operations. “Without urgent action, we risk losing industrial capacity that will be extremely difficult to rebuild,” Phipson argues.

The UK could generate a £33bn increase in economic output and an extra £14bn in taxes by digitising its financial markets, according to a study led by Chris Woolard, the Treasury’s wholesale digital markets champion. A paper backed by 54 financial institutions, including Barclays, JP Morgan and Lloyds Banking Group, set out a 12-month plan covering nine key areas to harness the technology. Miles Celic, chief executive of TheCityUK, urged the UK to act fast as global competition was “fierce and intensifying” while Chris Hayward, policy chairman of the City of London Corporation, said the UK could lead a “digital big bang in financial services” if it accelerates the “adoption of tokenisation”.

Page Group has reported a 5.3% drop in UK gross profit for the second quarter, an improvement from the previous quarter’s 11.4% decline. The firm noted a tough but stable jobs market, with “pockets of optimism” emerging. Chief executive Nicholas Kirk said: “Whilst we have seen improvement… there remains a high degree of uncertainty in the outlook for the rest of the year.” Despite challenges, Page Group anticipates annual earnings of around £28m, up from £20.9m in 2025, while net debt stands at approximately £7m.

Critics within the Bank of England, including some Monetary Policy Committee members, argue that the bank’s focus on individual views undermines a unified approach.

The UK and Switzerland have announced a trade deal allowing visa-free work for professionals for 90 days per year. The agreement also enables British travellers to use automated passport gates and avoid roaming charges in Switzerland. Business and Trade Secretary Peter Kyle described it as “the most significant services trade deal the UK has ever negotiated” adding that it could unlock an additional £5.2bn a year in additional UK services exports to Switzerland. Allie Renison from SEC Newgate noted the deal’s unprecedented liberalisation in professional services and intellectual property protection.

Ed Miliband, the Energy Secretary, is considering granting consent for drilling at the Jackdaw gas field in the North Sea in order to alleviate market concerns about his potential chancellorship and demonstrate a pragmatic approach to economic growth.