Here are 5 important things happening in the UK today – 6 August 2025.
- Reeves must raise taxes to cover a £41 billion gap: Taxes must rise in the autumn if Chancellor Rachel Reeves is to meet her self-imposed borrowing rules, according to an economic think tank. The National Institute of Economic and Social Research (NIESR) said the government was on track to miss the target it has set itself by £41.2 billion. It recommended a moderate but sustained increase in taxes, including reform of the council tax system to make up the shortfall. [BBC]
- UK to bear transport costs of new asylum seeker deal with France: The UK will pay the costs of transporting asylum seekers to and from France under Keir Starmer’s “one in, one out” deal with Emmanuel Macron, it has emerged. The deal will have to be renewed by 11 June next year, and can be ended at a month’s notice by either side, documents made public by the government indicate. [Guardian]
- HMRC plans new private school tax grab: The Government is preparing a fresh tax grab on private school parents after Britain’s richest families paid hundreds of millions of pounds in fees early to avoid VAT. HMRC will target schools where families paid several years’ school fees in advance, ahead of the 20% levy coming into force on 1 January 2025, meaning the payments were not taxed. [Telegraph]
- Half of UK companies want all staff back in the office five days a week: Nearly half of British businesses expect their staff to turn up to their place of work all the time, in fresh signs that more companies are pushing for a return to pre-pandemic attendance patterns. Some 48% of companies told the British Chambers of Commerce their staff would spend all working days on site in the year ahead. [Financial Times]
- On Wednesday, Oil was trading lower at $66.91. The pound is trading at £1.33 to the dollar, £1.15 to the euro and £9.56 to the yuan.
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