Lambeth Budget Approved: £100M Savings, Tax Hike
Lambeth Council has formally approved its 2026/27 budget featuring a 4.99% council tax increase, £99 million in savings, and significant investments in social care and antisocial behavior programs.
Category : City Finance
Odey Sues FCA Over City Ban Amid Legal Battles
Multimillionaire financier Crispin Odey launches legal challenge against the Financial Conduct Authority's £1.8m fine and industry ban, while facing multiple lawsuits over sexual misconduct allegations he denies.
Bank of England to Cut 450 Jobs in Cost-Saving Drive
The Bank of England is set to reduce its workforce by nearly 450 staff members as part of a significant cost-cutting strategy, aiming to streamline operations and enhance financial efficiency amid economic pressures.
Singles Tax: £1,759 Annual Cost Burden for Individuals
New research reveals single people spend £1,759 more per year on essentials than couples. Experts explain the financial challenges and offer practical solutions.
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South London Lottery Winner Must Claim £10M by April 2
A Bexley resident has under a month to claim a £10.6 million lottery prize before it's lost forever. National Lottery data reveals multiple unclaimed million-pound wins across the UK.
London Business Rates Rise as Government Cuts £59m Funding
The City of London Corporation has approved a budget increasing business rates by 1p in the pound, council tax, and social rents as it faces a £59m government funding reduction and projected deficits reaching £62m.
Lewisham Budget: £35M Cuts, £5M Road Resurfacing Approved
Lewisham Council's 2026/27 budget includes a 4.99% council tax hike, £35 million in savings, and £5.1 million for road and pavement improvements in Catford and beyond.
London Hospitality Loses Thousands of Jobs from NI Hike
London Assembly Members demand City Hall lobby Chancellor to reverse National Insurance increase that cost hospitality sector nearly 100,000 jobs in restaurants, pubs, and hotels.
£100k Tax Cliff Edge Punishes Ambition, Hinders Growth
The UK's £100,000 income threshold creates punitive tax rates that distort career decisions and limit investment potential among mid-career professionals, undermining economic growth.
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NYPD Misconduct Costs NYC Taxpayers Billions Annually
A new report reveals that NYPD misconduct settlements cost New York City taxpayers billions each year, highlighting systemic issues and financial burdens.
Katharine Braddick Appointed to Lead Banking Watchdog
Katharine Braddick, a veteran of Barclays and the Treasury, takes over as head of the Prudential Regulation Authority with a mandate to drive growth and deregulation in UK banking.
Ilford Family Jailed for £150K Covid Loan Fraud
An East London family exploited Bounce Back Loans during the pandemic, using £150,000 for house upgrades and private school fees. Four members received sentences including prison terms.
Reform's Pension Fund Plan Risks Raiding Savings, Not Growth
Reform UK's proposal to consolidate local council pension schemes into a sovereign wealth fund misunderstands fiduciary duties, risking legal challenges and investment mismatches for pensioners.
Bank of England Nationalisation: 80 Years Since State Takeover
The Bank of England Act 1946 came into effect 80 years ago, formalising state ownership of the central bank. This move by the Labour government marked a symbolic shift in economic policy, though day-to-day operations saw little change.
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Premium Bonds Odds Worsen as NS&I Cuts Prize Fund
NS&I reduces the premium bonds prize fund from 3.6% to 3.3%, lengthening odds from 22,000-1 to 23,000-1. Higher-value prizes decrease while £25 wins rise, impacting 22 million holders.
IMF Approves $8.1 Billion Loan for Ukraine's War Economy
The International Monetary Fund has approved a substantial $8.1 billion loan package for Ukraine to support its economy during the ongoing conflict, marking a critical financial lifeline.
New Digital Tax Rules for 860,000 Self-Employed and Landlords
From April 2026, over 860,000 sole traders and landlords must file quarterly tax updates under Making Tax Digital, with income thresholds set to drop, raising concerns about administrative burdens.
Barings Bank Collapse: Nick Leeson's Fraud Toppled Financial Dynasty
On February 26, 1995, Britain's oldest merchant bank Barings collapsed after rogue trader Nick Leeson lost £827m through unauthorized speculative trades concealed in an error account.
Haringey Council's £7m Staff Cost Sparks Recruitment Debate
Haringey Council faces scrutiny after spending nearly £7 million annually on 45 full-time staff, with officials blaming national shortages in key professions like law and accountancy.
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Ex-CEO Charged with Stealing $1.2M from Homeless Charity
Gwendolyn Westbrook, former CEO of a San Francisco homeless services non-profit, faces nine felony charges for allegedly misappropriating public funds meant to shelter vulnerable populations.
FCA: Risk Decisions Should Not Be Made Alone
Financial Conduct Authority deputy chief executive Sarah Pritchard says regulators need government guidance on risk tolerance to balance growth and consumer protection.
Grandparents May Claim £330 Yearly Pension Boost via Childcare
Thousands of grandparents are missing out on up to £6,600 in retirement income by not claiming specified adult childcare credits from the DWP, which can enhance state pensions.
Barking and Dagenham Council's £1.1bn Debt Repayment at Risk
Construction slowdowns and inflation have jeopardised Barking and Dagenham Council's ability to repay £1.1bn borrowed for regeneration projects, forcing a strategic overhaul.
HMRC Digital Tax Overhaul: Self-Assessment Modernization
HM Revenue and Customs is implementing a significant shake-up of the self-assessment tax system through its Making Tax Digital initiative, requiring taxpayers to adopt digital record-keeping and quarterly updates.
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Bank of England's Gold Vaults: A Rare Glimpse with Ed Conway
Sky News economics editor Ed Conway explores the Bank of England's secret vaults, holding £64bn in gold, discussing its soaring value and global significance in London.
Inheritance Tax Hits Record £7.1bn Amid Fiscal Drag
HMRC collected a record £7.1bn in inheritance tax between April 2025 and January 2026, driven by frozen thresholds and rising asset prices. Experts warn of growing impact on wealth transfer as government reforms loom.
Bank of England's Gold Vaults: A Sky News Exclusive
Sky News gains rare access to the Bank of England's underground gold vaults, revealing the world's largest single deposit of gold, its history, and its role in global finance.
Audit Watchdog Risks Becoming Empty Shell as Reforms Stall
The Financial Reporting Council faces an exodus of leadership after government abandons audit reform legislation, raising concerns about regulatory effectiveness in corporate governance.
NY Wealth Tax Targets High-Value Property Owners
New York lawmakers propose a new wealth tax targeting high-value property owners, aiming to address inequality and fund public services amid economic pressures.
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UK Plans National Payment System to Challenge Visa and Mastercard
Banking leaders are discussing a UK-based payment network by 2030, aiming to enhance financial security and reduce reliance on American giants Visa and Mastercard.
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