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.
Inflation remains a key concern for business
Rising tax burdens and energy bills are also impacting profitability.
Bank of England raises base interest rate to 3.5%
MPC votes 6-3 to increase the rate by 0.5%.