“UK becomes the fraud capital of the world”

Jun 25, 2024 | Investments

An independent (financial adviser’s) view

Remember that rather silly song?: ‘Everybody’s good at doing something, and I’m good at cooking crumble’. No? Well, we are, it seems, good at something but not something we want to be good at. Online fraud in the UK has increased faster than in other major economies with companies are losing £ms a year, either directly or by having to compensate scammed customers. And the problem is that the crooks are always one step ahead of the cyber security guys. I’d guess many of them are cyber security guys who’ve moved to the dark and more profitable side and that tracing them is pretty much impossible. Having said that, I was talking to someone who’s recently worked in a Regent Street store, where gangs routinely walk in, blatantly clear rails of designer gear and run out giving the finger to the CCTV.  In the words of another song, Somethings Gotta Change.

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“Rachel Reeves may be forced to raise taxes”

“Rachel Reeves may be forced to raise taxes”

Why did she/they (in the old sense) think that tinkering around with IHT and CGT would be enough to sort out the NHS; and the potholes; and…and the list goes on. My guess is  that they asked the Treasury for a list of anything not involving income tax that they could get away with lightly, although they should already have learned from the winter fuel stuff that all publicity is not good publicity.