Money Tips News Round Up Friday 19 February 2021 – Free Software To Make Money Online
Money Tips News Round Up Friday 19 February 2021
- UK government borrowing soared to £8.8bn in last month
- Uber Drivers are “NOT self-employed, Supreme Court Rules
- Free Property Training For Money Tips Followers – Could 2021 Be Your Year?
UK government borrowing soared to £8.8bn in last month, the highest January figure since records began in 1993, reflecting the cost of pandemic support measures.
Annual borrowing for the financial year reached a whopping £270.6bn, £222bn more than a year ago, said the Office for National Statistics (ONS).
This is the first time in 10 years that more has been borrowed in January than collected in taxes and other income. January is usually a bumper revenue-raising month, as taxpayers submit their self-assessment returns.
Tax income plummeted by less than £1bn, while the British government splashed out £19.7bn more than last year on measures such as furlough.
The spending of taxpayer’s money, QE and borrowing will eventually have to be repaid through higher taxes or increased economic activity if the lockdown is lifted quickly. As retail sales fell through the floor last year, Conservative backbench MPs are putting pressure on the government to ease lockdown restrictions and open up the economy by Easter.
Uber Drivers are “NOT self-employed, Supreme Court Rules
Landmark ruling will have far reaching repercussions for the GIG economy and taxation of businesses which “employ” staff on “self-employed” basis.
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