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5 Things You Need To Know, Today, on Friday 1st July 2022
5. There are almost two million more higher and additional rate taxpayers in the UK, according to HM Revenue and Customs (HMRC).
The number of people paying 40% or 45% tax has risen from 4.25m to more than 6.1m workers since 2019, figures show.
4. Advertising breaks on UK television channels could get longer and more frequent as part of a review of broadcasting rules by regulator Ofcom.
The frequency and length of advertising will be reassessed in light of evolving viewing habits and the rise of streaming services, Ofcom said.
3. US stocks have seen their worst first half of a year since 1970, as concerns grow over how steps to curb inflation will affect economic growth.
In the last six months, the benchmark S&P 500 index fell 21%, while other major US indexes also dropped sharply.
2. The Bank of England is leaving “all options on the table” including a bigger 50 basis-point interest rate rise to tackle 40-year high inflation, central bank governor Andrew Bailey has warned.
Bailey told an audience of global central bankers that rate-setters would leave the door open to more aggressive monetary tightening, despite the gradual pace of rate rises so far this year.
1. Britain has proposed a cut in value-added tax, or VAT, to help households with the cost of living, The Times has reported.
Boris Johnson's chief of staff Steve Barclay suggested reducing the 20% headline rate of the tax, the report said, adding a temporary cut would reduce the tax bill for millions.