Top news
- Trump threatens 200% tariffs on all alcoholic drinks from EU
- Tesco to give shoppers free food in update to 'yellow sticker' prices
- Massive rise in income tax revenues laid bare - as Treasury becomes more reliant on pensioners paying tax
Money essential reads
- Cheap Eats: Top chef reveals one thing customers should know about their bill
- Money Problem: 'I was kicked off plane for my nut allergy'
- £1,000 a day, fighting pirates and drunk clients: Life as a bodyguard
- Overpaying your mortgage - the dos, don'ts and why
Massive rise in income tax revenues laid bare - as Treasury becomes more reliant on pensioners paying tax
More retired baby boomers are paying income tax than Gen Z workers, new HMRC data shows - in a significant shift since the pre-COVID period.
Some 5.45 million Britons aged over 70 paid income tax in the 2022-23 financial year (the latest figures we have), compared with 5.23 million aged under 30.
Pensioners are the single biggest income tax revenue raiser for Rachel Reeves, with Britain becoming increasingly reliant on its retirees.
Baby boomers are also paying more each year, as many with even modest private pensions have been dragged into the income tax net due to the triple lock. The thresholds at which people start paying income tax have also been frozen since 2021 - rather than going up in line with inflation.
With this freeze due to last until 2028, the amount of income tax being paid across all age groups is only set to rise.
The HMRC data dump also revealed the number of higher rate taxpayers (40p) increased by 680,000 to 5.1 million people in 2022-23 - another consequence of frozen thresholds. The number oftop rate (45p) taxpayersrose by 10% to 600,000.
The figures show that while roughly 80% of the workforce pay the basic rate of income tax, they account for only around 33% - or £75.6bn - of total tax revenues.
The five million taxpayers on the higher rate account for another third of tax revenues (£85.1bn).
Those paying the 45p rate account for a further third (£83.4bn) despite only representing 2% of the workforce.
We thought it would be interesting to see how all this compares with pre-COVID, so we looked back at the 2019-20 data...
You can see income tax revenues have increased massively - and how back then, more under-30s were paying income tax than retirees.
Trump threatens 200% tariffs on all alcoholic drinks from EU
The US president has threatened200% tariffs on all French wines, champagnes, and other alcoholic beverages exported from the European Union.
Donald Trump said it was in response to the EU placing a50% tariff on whisky.
He will take action if that tax is not removed "immediately", he added.
Trump said his threatened tariff would be "great for the wine and champagne businesses in the US".
While there are some American sparkling wines that are produced in the same way as champagne, the word refers to a region of France.
The USA does not, therefore, make any champagne.
Writing on his Truth Social programme, Trump described the EU as "one of the most hostile and abusive taxing and tariffing authorities in the world".
He also claimed it was "formed for the sole purpose of taking advantage of the United States".
'90s R&B star reveals she's been living in her car for three years - and doesn't regret a thing
Grammy-nominated singer Dawn Robinson, who rose to fame with the girl group En Vogue in the 1990s, has opened up about how she's been living out of her car for years.
In a candid YouTube video released on Monday, the 58-year-old explained how she's become devoted to the lifestyle that was previously a necessity.
"You guys, for the past three, almost three years, I have been living in my car," she told viewers.
"I said it. Oh my god, it's out. I've been living in my car. Oh my gosh."
Robinson explained she had moved in with her parents near the start of the pandemic but after falling out with her mother, moved out and slept in her car for around a month.
She then accepted an offer to stay with her then manager in LA, but after it transpired there was no place for her, she stayed in a hotel for eight months, which he paid for.
She said she felt constantly stressed over whether he could pay the bill and began researching communities of people who live in their cars and RVs, telling her assistant that she was going to give it a go.
"I just thought, 'Wow, these people. I could do this, I think,'" she said. "And I ended up in my car, and it's been, like I said, three years."
Robinson said the first night was "scary" but she quickly adapted to her new life and is now glad to have made the choice.
"I was so free, I felt like I was on a camping trip. It was the right thing to do, I didn't regret it."
Robinson rose to fame in the 1990s alongside original En Vogue members Terry Ellis, Cindy Herron and Maxine Jones.
They sold millions of records and achieved a number of hit songs, including No 2 records Hold On and My Lovin' (You're Never Gonna Get It).
She later formed part of R&B supergroup Lucy Pearl alongside Raphael Saadiq and Ali Shaheed Muhammad, who released their critically acclaimed eponymous album in 2000
Would you spend £4,000 on this Lamborghini pram?
Ergonomic support, Italian leather details and precision engineering... sounds like the next supercar.
But this "hybrid of high-performance detailing and meticulous engineering" is a pram created by Lamborghini and baby product company Silver Cross.
Costing £4,000, the Reef Al Arancio will set you back almost 10 times as much as the average pram.
It comes with a carry cot, a car-inspired seat, a foot muff, cupholder, sun sail and mosquito net and only 500 have been made worldwide.
It claims to be "the new era of super stroller", with its tagline being "born to perform", and has taken two years to bring to market.
Other Silver Cross prams range in price from around £170 to £695.
John Lewis profits leap up - but no staff bonus for third consecutive year
The John Lewis Partnership (JLP) has revealed a 73% rise in annual profits but says staff will receive no bonus for the third year in a row.
The employee-owned business behindJohn Lewisdepartment stores and Waitrose supermarkets said earnings over the 12 months to January came in at £97m - up from the £56m achieved in theprevious year.
Group sales rose 3% to £12.8bn in a year when the department store chain restored its 'Never Knowingly Undersold' price promise that was scrapped in 2022.
Tesco to give shoppers free food in update to 'yellow sticker' prices
Tesco will introduce "yellow sticker" prices of £0 for food going out of date as it races to slash waste and hit net-zero targets.
Bosses are trialling the change in a small number of Express stores for shoppers who visit after 9.30pm.
The free food will first be offered to charities and staff members before it hits the shelves, the supermarket told Money.
More and more people are buying discounted food across supermarkets. Figures from Barclays in 2023 suggest almost two thirds ofhouseholds buy discounted products.
In an internal memo, seen by The Telegraph, Tesco told staff the £0 yellow sticker move would allow it to "continue with our drive to reduce food waste within our own operations".
A spokesperson for the supermarket said: "We are constantly looking for innovative new ways to reduce food waste. In all our stores we offer unsold surplus food to charities and community groups, donating millions of meals each month.
"This trial, in a small number of our Express stores, will allow customers to take any remaining yellow stickered items for free at the end of the day, after they have first been offered to charities and colleagues."
Trump's refusal to rule out US recession has intensified jitters
ByJames Sillars, business and economics reporter
It's proving really hard for financial markets to look beyond Donald Trump's tariffs.
The so-called "Trump trade" boost which followed his election has been replaced by the aptly-named "Trump slump".
The shift in opinion is mostly a consequence of the president's trade war being seen as more intense than had been expected.
Business, consumer and investor confidence has slumped in the world's largest economy as the fights have expanded.
Market analysts agree that Trump's refusal to rule out a US recession has only intensified the jitters.
Yesterday, hours after steel and aluminium tariffs were applied to all imports, Canada responded with immediate reciprocal measures and Trump went on to rattle the cage of the EU with a series of fresh tariff threats.
Tepid gains seen yesterday are set to be erased in US trading today as futures showed a fresh retreat for values was on the cards.
Sentiment in Asia and Europe is weak too.
The FTSE 100 opened 0.2% down at 8,526 and the declines were more intense elsewhere on the continent.
The dollar was trading at £1.30 and €1.09 after losing further ground yesterday.
Top UK chef to leave hotel restaurant after 23 years
Michelin-star chef Lisa Goodwin-Allen is leaving a luxury hotel and restaurant in Lancashire after 23 years.
The Great British Menu winner has said she is stepping away from Northcote in Ribble Valley to explore "all new opportunities".
"I am leaving Northcote with the happiest of memories, after more than two decades it will always have a very special place in my heart," she said.
"I am excited to see what happens next and exploring all new opportunities,whatever they may be. While this is a bittersweet moment, I wish the team continued success in the years ahead."
Northcote secured planning permission to a build a new fine dining restaurant last year, which was set to be run by Goodwin-Allen.
The hotel later went up for sale, with its listing on Rightmove saying it had a turnover in excess of £6.5m in 2023.
Wanted: Marmite and mayonnaise influencers
Unilever is planning to hire a team of influencers to help it market products to customers who are "suspicious" of corporate branding.
The consumer goods company, which owns brands including Marmite, Hellmann's and Cornetto, is aiming to have at least one influencer promoting its products in each area of every country.
Its newly appointed chief executive Fernando Fernandez said: "Today brands are by default suspicious. Messages from brands coming from corporations are suspicious messages.
"So, creating marketing activity systems in which others can speak for your brand at scale is very important.
"This is one of the things I will drive like hell in the company in the next few years. Desirability at scale and marketing activity systems of 'others say' at scale will be the fundamental principles of our marketing strategy. I'm 100% behind that."
The new social media-first advertising strategy is expected to see Unilever spend as much as 50% of its total media budget on influencers.
The company is in the middle of a restructuring plan that includes cutting 7,500 jobs.
'I wish they realised': Top chef reveals the one thing customers should know about their bill
Every Thursday we interview chefs from around the UK, hearing about their cheap food hacks and more. Today we chat toNick Beardshaw, chef patron at Starling in Esher, Surrey.
I wish people realised...VAT is included in the menu price. When you pay £12 for a starter, the restaurant only receives £10 of it, which makes us seem more expensive than we actually are. In other countries, and indeed other UK industries, it is added afterwards at the point of receiving the bill, which makes it much more obvious to the customer what the restaurant is receiving.
There are so many truffles out there that just are not worth the money... The right truffles, bought at the right time, are one of the best things ever, but unfortunately, there are so many that are just not worth it.
One cheap place I love near me is... Esher Best Kebab. Everything is skilfully cooked with care. There is a great selection of marinated skewers cooked over coal. We usually go for the "charcoal special" which is a massive tray of grilled meats, including a selection of skewers, kofte and doner that feeds the whole family for at least two meals!
One restaurant that's worth blowing out for is...Dorian. The best ingredients, all cooked perfectly, in a plush Notting Hill setting. The vibe is super relaxed, no frills or fuss, just the perfect local bistro.
We've cut costs for our restaurant by... reducing the size of the menu. This really helps with wastage and staying in control of the food cost. It's about making sure the dishes you have on are all absolutely quality, with something for everyone, even if it is a reduced size menu.
My favourite cheap substitute is... chicken thighs. They are so tasty and tender when treated properly but are so often overlooked. We have a cast iron pot for slow cooking in the oven, and chicken thighs cooked in this are just magical. Tarragon chicken in white wine, chicken balti, chicken tagine, to name just a few.
The biggest mistake I see in kitchens is…overcomplicating things. The best cooking happens when ingredients are beautifully sourced and cooked simply to allow the natural characteristics to shine.
My one piece of advice for an aspiring chef is…to be thick-skinned. There is a lot of criticism if you work at a high level, and you need to be able to use it to improve. You also need to be able to be self-critical to continue to improve.
My favourite cookbook is...Harold McGee's On Food And Cooking. It explains every detail of what is happening during every imaginable cooking process. There is an answer for virtually any question you might have with regards to cooking.
