PICTURED The entrance to HS2 station, Birmingham Curzon Street
U K E C ONOMY
neobanks in the UK
Top 4 £ (4.7 million users) (4.5 million users) (2.6 million users)
Monzo Revolut Starling Monese
(1.8 million users)
and in the US
$ (14.4 million users)
Chime Varo
(3.9 million users)
Aspiration (3.7 million users)
Current (3.5 million users) U P D AT E HS2 and fro
The saga of the high-speed rail line bisecting England continues, with spiralling costs and further U-turn decisions. After the bombshell news of the Birmingham to Manchester leg being scrapped in 2023, an ‘HS2 light’ project is now being discussed to add capacity to the north. In October, Transport Secretary
Louise Haigh said ministers would be stepping in to manage the budget – which some have warned could rise to £66 billion. (In November, it emerged £100 million has been spent on a “shed” to protect bats on a 1km stretch of track.) The Chancellor meanwhile has
confirmed the southern terminus won’t be Old Oak Common, but will move to Euston in central London. A 4.5-mile tunnel will run the last part of the way, at a cost of around £6.5 billion. But don’t expect to see that any time before 2041.
Budget high (low?) lights
KEY AMONG the announcements in the UK Budget, published in October, was a rise in the level of National Insurance contributions from employers. This rose from 13.8% to 15%, while the threshold has dropped to apply to earnings above £5,000 a year (previously this was £9,100). At the same time, the national minimum wage was raised from £11.44 to £12.21 an hour. Income tax rates were not
increased, but a sting in the tail is that the income thresholds for each tax rate have been frozen, so if your wages go above the old threshold, you’ll be paying a higher rate of tax. However, from 2028, thresholds will rise in line with prices. Travel costs are also affected.
Air passenger duty (APD) will increase from 1 April, 2025 by £2 for the cheapest seats on short-haul international flights and £6 on pricier tickets. From 1 April 2026, standard rate tickets will rise by another £4 to £32, while seats that aren’t basic economy will rise from £84 to £142. The APD for private jet flights of
over 2,000 miles, currently £581 will rise by 50% to £1,097 in 2026.
Source: EMARKETER’s forecasts for 2024
DECEMBER 2024/JANUARY 2025
BUSINESS TRAVELLER 21
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HS2.ORG.UK; PETER DAZELEY/GETTY
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