Martin Aitken & Co Ltd News & Developments

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The price of surging inflation

As inflation hits a 30 year high in the UK, double-digit price increases could be on the horizon.

At the start of 2021, inflation measured by the CPI yardstick was running at a benign 0.7%, having been driven down by the impact of the pandemic. A year later, the rate had jumped to 5.5%, close to triple the Bank of England’s official target of 2%. Unfortunately, it won’t stop there:

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Tax cut worth up to £1,000 for over 500,000 small businesses begins today

However, millions more individuals will be stung by changes to National Insurance Contributions.

Nearly 500,000 UK businesses should receive a tax cut worth up to £1,000 from this morning.

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Whatever happened to the wealth tax?

A new wealth tax to counter the cost of the pandemic was the talk of the financial pages not so long ago. Now it’s disappeared…or has it?

By the end of 2020, as the huge cost of the Covid-19 pandemic became clear, there was much discussion about the introduction of a wealth tax. It was given added impetus by the publication of a 126-page report from the Wealth Tax Commission, an independent think-tank launched in 2020.

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The patchwork effect of rising inflation

2021 ended with inflation sitting at 5.4% but it may not have felt like that to you.

You may have caught the food campaigner Jack Monroe on TV and radio interviews recently highlighting how the uneven effects of inflation on the most basic foodstuffs can have a disproportionate effect on lower-income groups. Her intervention has prompted the ONS to look beyond the average in more detail at ‘individual inflation rates’.

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