Today in Money: A Michelin-listed chef from Newcastle takes part in our Cheap Eats interview; Southwest Airlines has a new policy for plus-sized travellers; and Terry Wogan’s son rages at Rachel Reeves.
Thursday 28 August 2025 12:30, UK
The Treasury is considering a tax increase on landlords by imposing national insurance on rental income at this autumn’s budget, it has been reported.
Chancellor Rachel Reeves and her officials are examining a possible levy on property earnings, which could raise about £2bn every year, The Times reports.
But an expert has told Money the move would “almost certainly” be passed on to renters.
Why is the government considering it?
The move is being backed by some Labour MPs and government aides, with some proponents saying that landlords were seen as a way of targeting “unearned revenue”.
Employee national insurance contributions (NICs) on other earnings stand at 8%, but drop to 2% above a £50,270 threshold.
Allies of Reeves are said to have argued the proposals avoid breaking the Labour government’s 2024 election pledge not to raise VAT, income tax or NIC for workers.
And the chancellor is under pressure to raise money to fill a hole in the public finances.
Read more on that here…
‘Almost certain’ costs would be passed on to tenants
Shaun Moore, tax and financial planning expert at the wealth management company Quilter, fears the proposal to apply national insurance to rental income would be a “significant blow to the buy-to-let sector”.
“Introducing an additional tax burden risks accelerating the exodus of landlords from the market, further reducing the supply of rental properties at a time when demand remains high,” he said.
“This imbalance will inevitably push rents even higher, worsening affordability for tenants and deepening the housing crisis. 
“Similarly, the addition of national insurance would almost certainly be passed on to renters through higher rents, compounding the problem.”
Moore said a “more balanced approach” might be to revisit the changes to mortgage interest relief. 
Treasury won’t confirm plan
Asked about the report in The Times, an HM Treasury spokesperson said the “best way to strengthen public finances is by growing the economy”.
“We are committed to keeping taxes for working people as low as possible, which is why at last autumn’s budget, we protected working people’s payslips and kept our promise not to raise the basic, higher or additional rates of income tax, employee national insurance, or VAT,” they added.
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Terry Wogan’s son has failed to find a buyer for his £3.75m family home – and he’s squarely blaming one person. 
Mark Wogan says Rachel Reeves is to blame for no one coming to see the house.
The chancellor has “killed the housing market,” the 51-year-old says.
Speaking to TalkTV’s Plank Of The Week, Wogan said: “It’s interesting how you say Rachel Reeves is killing the housing market – she’s killed it already. 
“You’d think someone would come round, even just out of interest. But no one’s come to see it. No one, not one single person. That’s how dead the market is.” 
The pizza restaurant owner said the house in Buckinghamshire was a “steal” and had already been reduced in price. 
“We can’t afford to hold on to it at all. The property market has ground to a halt. Nothing is moving. People are desperate to sell their homes because they can’t afford their mortgages,” he added in a follow-up interview.
He explained that he had been forced to put it on the market after his mother, Lady Helen, died last year. 
His father, the former BBC Radio Two presenter, bought the 6,500sqft home in 1975, and raised his family there. 
It was passed to Lady Helen in 2016 after Wogan died. 
Reeves has repeatedly said boosting economic growth is the government’s key priority.
Growth has been impacted by Donald Trump’s tariffs and increased costs to businesses imposed in April.
However, the latest set of growth figures provided a boost to the chancellor – and compared favourably internationally.
Read more on that here…
By James Sillars, business and economics reporter
Global stock markets drifted yesterday in anticipation of results from the star of the show.
Nvidia, the US company at the heart of investor portfolios due to its lead in the AI boom, reported quarterly revenues of £34.6bn and forecast a sum of £41.5bn for its current quarter.
All this without selling any restricted performance chips (known as H20) to China due to continuing US export restrictions.
It wasn’t enough to spark a renewed rush for the stock, which remains 35% up in the year to date.
Shares fell 3% in after-hours trading.
Looking to explain the dip, analysts pointed to worries about a slowdown in sales growth and bloated values across the tech space.
As such, there’s been no rush to buy more widely, with US futures indicating a flat open for major stock markets already treading record levels.
It sounds very dull, frankly, but perhaps that was just what was needed, as there had been concerns that weaker-than-expected numbers out of the stock market darling could have prompted a price correction across technology stocks.
The FTSE 100 began the day at 9,263 – a rise of just 0.1%.
That cancelled out Wednesday’s slight decline.
The two electric car models eligible for £3,750 purchase grants have been revealed by the government.
Two Ford vehicles – the Puma Gen-E or e-Tourneo Courier – will come with the £3,750 discount, while 26 other models are eligible for grants of £1,500.
The government announced its £650m Electric Car Grant scheme last month to help drive the switch to non-polluting vehicles.
Grants will only apply to vehicles with a list price of £37,000 or below, and the discount will be applied automatically at the point of sale.
Ford puts the price of a new Puma Gen-E at £28,495 and the e-Tourneo Courier at £32,190.
They qualify for the highest grant because they are the greenest available within the eligible price range.
Here is the full list of electric vehicles (EVs) eligible for the £1,500 grant:
• Citroen e-C3 and Citroen e-C3 Aircross
• Citroen e-C4 and Citroen e-C4 X
• Citroen e-C5 Aircross
• Citroen e-Berlingo
• Cupra Born
• DS DS3
• DS N°4
• Nissan Ariya
• Nissan Micra
• Peugeot E-208
• Peugeot E-2008
• Peugeot E-308
• Peugeot E-408
• Peugeot E-Rifter
• Renault 4
• Renault 5
• Renault Alpine A290
• Renault Megane
• Renault Scenic
• Vauxhall Astra Electric
• Vauxhall Combo Life Electric
• Vauxhall Corsa Electric
• Vauxhall Frontera Electric
• Vauxhall Grandland Electric
• Vauxhall Mokka Electric
• Volkswagen ID.3
The manufacturer of the popular weight loss drug Mounjaro has paused shipments to the UK ahead of an upcoming price hike.
US pharma company Eli Lilly said the pause was to manage its supply and ensure patients maintain access to the drug ahead of the hike in September.
It added it has allocations in place for pharmacies and providers that order medicines from the company, and there were legal protections in place to prevent inappropriate stockpiling of medicines by providers.
It said it would resume UK orders from 1 September – when the price of the drug is set to go up 170%, with the highest dose of the medicine increasing from £122 to £330.
The hike comes amid White House pressure to increase the price of the drug abroad so it can be made cheaper in the US.
Read the full story here…
Southwest Airlines is changing its rules for plus-sized travellers.
Under the US airline’s current rules, passengers who cannot fit between two armrests can either pay for an extra seat in advance and secure a refund later, or request a free extra seat at the airport.
From 27 January, they will be required to book an extra seat in advance – and a refund will no longer be guaranteed.
It will only be granted if at least one seat on the flight was empty at departure and the seats were booked in the same class.
The passenger also needs to request the refund within 90 days.
“Customers who don’t have the seat space they need will be required to purchase an additional seat and pay any applicable fees,” the airline is quoted as saying.
‘Worse for everybody’
Jason Vaughn, a travel agent who posts travel tips for plus-size people on social media and his website Fat Travel Tested, said Southwest’s current policy helped create a more comfortable flying experience for plus-size travellers, while also ensuring everyone had adequate space.
“I think it’s going to make the flying experience worse for everybody,” he said.
Every week we interview top chefs from around the UK, hearing about their cheap food hacks, views on the industry and more. This week, we speak to Greg Lambert, food director of Michelin-listed Six Rooftop in Newcastle… 
The toughest moment of my career has been… the current climate within the hospitality industry. I find my job harder each week, and some of my friends and ex-colleagues are feeling the same. Restaurants and cafes are closing down weekly in Newcastle and there seems to be no thought-out help for the industry from the government. I also think that the one-click culture of people ordering takeout has taken away restaurant dining customers, as disposable income is shrinking and convenience is taking over. 
I hate it when customers… leave the restaurant happy and polite, and then head online and troll the restaurant. I believe that if you have had a bad experience at any level, you should share that with the server, manager or chef politely and offer feedback. Online criticism is often over-egged, one-sided and personal – not helpful!
My controversial food opinion is that… most sushi is overpriced and overhyped. 
The best chef in the UK is… open to opinion but my all-time favourite is Philip Howard, and my modern hero is Kirk Haworth. Phil Howard has always cooked classic food with a clean, modern approach and his food just never seems to age or go out of fashion. What Kirk is doing down at [plant-based London restaurant] Plates now is phenomenal. To be that open-minded and creative about plant-based cooking and to execute it to that level is inspiring. A pair of legends. 
My favourite own-brand supermarket product is… Sainsbury’s high protein Greek-style yoghurt. It’s better than Fage and a third of the price. 
One thing you’re always better off buying is… frozen hash browns. I don’t have a deep-fat fryer at home and this is the best way for me to cook a proper hash brown. So I make use of my air fryer on max heat and blast them until super crispy and golden, then pig out. 
My go-to chain restaurant and order is… Pizza Hut. Just let me at that buffet and salad bar! Pepperoni pizza, stuffed crust, extra sloppy. 
A budget bite I will always recommend is… an authentic Chinese restaurant just beside the football stadium called Infusion 2018. Often, if I am going to see my beloved Newcastle United, I will make time to go in and enjoy some top quality food that is so full of flavour and spice and mega affordable, even without mates’ rates! I usually go for Beef Brisket Casserole – Szechuan Style, with steamed rice, which is around £14. You get so much you can barely finish it. 
My delicious and simple (yet versatile) budget recipe is… Egg & Chips! I think it is one of those infallible dishes that, if done correctly, brings just such comfort and pleasure, but also sustenance and nutrition. 
There are levels to do this dish depending on your budget. 
To make this as affordable as possible, just buy the best potatoes and eggs you can afford and treat yourself to some good quality salted butter. 
Method:
Chips
Eggs
To serve
Serve the hot eggs with the freshly baked chips, a drizzle of that butter, and I always drench my chips in Sarson’s vinegar. 
A proper dinner, affordable, enjoyable, comforting and adaptable. 
In there, there are healthy fats, protein, fibre and vitamins.
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Sausages, burgers, cheese and olives could become cheaper if the UK strikes a deal with the EU.
That’s according to a report in The Times, with sources telling the newspaper an agreement in the works with the bloc could make it easier for retailers to import those kinds of foods.
The government is trying to get a permanent deal with the EU on food and drink in the next 18 months, after securing a temporary arrangement last June.
Under that deal – known as the SPS (sanitary and phytosanitary) provisions – checks on some fruit and vegetables from the EU were stopped.
That covers “medium-risk” fruit and vegetables, such as tomatoes, grapes and peppers.
Ministers also cancelled border checks on live animal imports from the EU and on animal and plant goods from Ireland.
But this SPS arrangement expires in January 2027.
Labour says the current deal, which it is hoping to improve, lowers costs for supermarkets and shoppers.
It also said an agreement is “forthcoming”.
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