Income tax receipts hit £21.9 billion – the highest take on record.
Treasury receives £5.4 billion surplus in January
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Current Affairs
CIOT calls for fairer HMRC repayment interest rates
Late payment penalties are up to 17 times higher than repayment amounts.
Inflation drops slightly to 10.1%
Falling fuel prices and the cost of eating out drove down inflation in January.
UK “narrowly avoids recession”
ONS figures show zero growth in the last quarter of 2022.
Millions face 5% council tax hike
Many local authorities plan to raise council tax by the maximum amount in April.
Company insolvencies surge in 2022
Insolvency figures hit 2,190 – their highest level since 2009.
Bank of England raises interest rates to 4%
The latest increase is the highest base rate in 14 years.
Directors’ economic confidence rises
Business leader confidence hits its highest level since March 2022.
IMF forecasts UK economy will shrink in 2023
Britain is expected to be the only G7 country in recession this year.
Small business tax debt is growing
Non-payment has increased since the Covid-19 pandemic.
Top 20% of earners pay majority of all income tax
Over half of UK taxpayers receive more in benefits than they pay in tax.
Inflation eases slightly to 10.5%
Transport costs fall but energy and food prices remain high.
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