Tax rises needed as £9bn for Scotland is not enough, economists warn
Further tax rises may be needed as more than £9 billion of new cash for Scotland from Rachel Reeves's spending review will do little to solve the nation's fiscal issues, economists have said.
The chancellor increased budgets in areas such as health, defence and housing as she laid out spending plans for the next three years in Westminster on Wednesday.
That is expected to result in an average of £50.9 billion being allocated annually to Scotland through the Barnett formula over the period, from 2026-29, which Labour described as the largest devolution settlement yet.
Many of the big policy announcements had been widely trailed in recent days, including £250 million for HM Naval Base Clyde, the reinstatement of £750 million for a supercomputer at Edinburgh University and financial support for the Acorn carbon capture project in the northeast of Scotland.
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Daily Mirror
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- Daily Mirror
Rachel Reeves' £300 Winter Fuel Payment change and how pensioners can claim
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Under the current rules, you only receive the Winter Fuel Payment in England and Wales if you're over state pension age and receiving a means-tested benefit, such as Pension Credit. They used to be universally available to anyone over state pension age, regardless of their income or if they are in receipt of benefits. But now, the Government has announced that Winter Fuel Payments will be available to anyone over state pension age who has an income of, or below, £35,000 a year. If you earn above £35,000 a year, you will receive the payment - but then you will have to pay it back. The payment will be automatically recovered by HMRC via PAYE, or through self-assessment return. You can opt out of receiving the payment, with details to be confirmed. Winter Fuel Payments will still be issued per household, but the income eligibility is based per person. 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The Sun
3 hours ago
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Daily Mail
3 hours ago
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House prices rise £7k in the past year but pace of growth has slowed with affordability 'a challenge'
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Craig Fish, a director at Lodestone, told Newspage: 'Halifax is reporting price falls whilst Nationwide reports price increases. 'This conflicting data is very confusing to the general public. 'The key is to understand that there will always be fluctuations in house prices but with one general direction overall, and that's up. 'Until the housing shortage is fixed, property will always be in demand. 'So, if you are considering purchasing a property then the sooner you get on the ladder the better. Don't wait for rates to fall because nothing is guaranteed. 'Pick a product that suits your circumstances, get on the property ladder and be patient.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
