KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
A UK cabinet minister has fueled speculation that the government may increase payroll taxes for businesses by raising their national insurance contributions (NICs), a move aimed at addressing the public finance gap.
In an interview with Sky News, Business and Trade Secretary Jonathan Reynolds emphasized that the Labour government’s manifesto only promised not to raise NICs for employees, leaving open the possibility of increasing contributions for employers. National insurance is a payroll tax paid by both workers and businesses.
When pressed about the election campaign pledge, Reynolds clarified, "The pledge was specifically in reference to employees."
According to a person familiar with Labour’s budget plans, raising employers' NICs is under consideration by Chancellor Rachel Reeves and would not violate the manifesto, which focused on protecting working people from tax increases.
Last week, Prime Minister Keir Starmer also left open the possibility of a payroll tax increase for businesses as the government looks for ways to fill a £22 billion deficit in public finances. One option under consideration could be charging national insurance on pension contributions by employers, a move that could raise around £16 billion annually, according to consultancy firm LCP.
However, the opposition Conservative Party criticized the potential tax hike, with Shadow Work and Pensions Secretary Mel Stride calling it an "absurdity" and claiming it would breach Labour’s election promises.
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