Overview
- Sir James Dyson accused the Labour government of waging a “war on aspiration” by hiking taxes on private school fees, family business inheritances and employer National Insurance contributions.
- The Office for National Statistics reported a 109,000 drop in payroll numbers in May, marking the steepest monthly decline since the October budget.
- AO World warned that higher National Insurance and minimum wage costs could drive jobs overseas through automation, outsourcing and relocation.
- The Confederation of British Industry cut its UK growth forecast for 2025 from 1.6% to 1.2% and for 2026 from 1.5% to 1.0%, citing the government’s tax measures as a drag on investment.
- Facing warnings of a wealthy exodus and economic fallout, the Treasury is considering a U-turn on its 40% inheritance tax charge for non-domiciled residents.