Lenders are making billions through a little known scheme under which they receive interest payments on reserves they have to hold at the Bank of England.
Lenders are making billions through a little known scheme under which they receive interest payments on reserves they have to hold at the Bank of England.
The government could save billions by implementing a tiered reserves policy which would reduce the proportion of central bank reserves on which the Bank of England pays interest to the banking sector, says the New Economics Foundation.
The freezing of tax-free allowances since 2021 will result in the effective tax rate rising five times more for lower earners compared to higher earners in three years, according to analysis from the New Economics Foundation.