Business

FOX Business White House correspondent Edward Lawrence reports on 'Making Money' as the Federal Reserve announces its decision to leave rates unchanged. Federal Reserve Chair Jerome Powell was asked about his future at the central bank beyond the end of his term in May and also offered some advice to his successor. Powell spoke at a news conference Wednesday after the central bank left interest rates unchanged at its January meeting after it cut the benchmark federal funds rate by 25 basis points at each of its final three meetings last year.His term as chairman of the Federal Reserve expires in May, though he could remain at the Fed as a member of the central bank's board of governors until January 2028 if he chooses to do so.  "Honestly, I'd say a couple of things. One is stay ou...

Martin Lewis has spoken about a bank account that comes with some key perks (Image: ITV)Martin Lewis has highlighted a bank account that may be a good choice for couples. In a wide-ranging recent episode of his BBC podcast, the savings expert shared many tips for your household finances.Listeners were also invited to send in their own words of wisdom to be featured on the show. One piece of advice was sent in encouraging people who are coupled up to have their own individual bank account, rather than just having a joint account together.Mr Lewis said there has been a change in attitude here in recent decades. He explained that joint accounts were previously "much more common", particularly back in the days when men were the primary breadwinners for families. He said: "These days we tend...

IRS CEO Frank Bisignano told Fox News' Aishah Hasnie that another possible government shutdown would not impact refund checks. Americans will be getting their refund checks no matter what, according to IRS CEO and Social Security Commissioner Frank Bisignano, who said a potential government shutdown would not impact refunds. When asked whether a possible shutdown would impact Americans' tax refund checks, Bisignano told Fox News' Aishah Hasnie there was "no way.""We will be in. We were in the last shutdown, 43 days," Bisignano said. "Our people will be in. These are unbelievable career employees that serve the American public. And that was true at Social Security. Every one of our offices was open, and we did everything we could for our people who had hardship because it was a Demo...

Chancellor Rachel Reeves is being pressured over tax thresholds for pensioners (Image: Bloomberg, Bloomberg via Getty Images)A campaign pushing for crucial reforms to tax personal thresholds affecting pensioners has reached a significant milestone, potentially increasing pressure on Chancellor Rachel Reeves. A petition demanding that pensioners receive a distinct tax code to prevent them from breaching the basic income tax threshold has surged past 50,000 signatures, reaching halfway towards triggering a parliamentary debate.The Treasury has issued a statement in response to the campaign, and should it achieve 100,000 signatures, it will force a parliamentary confrontation where treasury officials would be required to outline their proposals and justify the current policy.The petition w...

Treasury Secretary Scott Bessent spoke with Fox News' Aishah Hasnie ahead of the summit to discuss the investment accounts and what's to come under the Trump administration. Treasury Secretary Scott Bessent said "big announcements" are coming ahead of Wednesday’s White House summit on the "Trump Accounts." The program would provide $1,000 in federally funded investment accounts to every U.S. citizen born between 2025 and 2028, with the potential for the accounts to grow significantly over time. Bessent said additional states and philanthropists will be announced at the event."We’re [going to] have some big announcements today on some very important states from some great philanthropists who have adopted their states," Bessent said on "Fox & Friends" Wednesday. BESSENT SAYS TRUM...

Jonathan Russell, chief executive of the Valuation Office Agency, speaking to MPs (Image: Parliament TV)HMRC senior officials have spoken about a major change to council tax. The amount of tax you are charged varies widely depending on where you live and the type of property you have.Labour announced in the Autumn Budget 2025 that it would bring in a High Value Council Tax Surcharge, also called the 'mansion tax'. Coming in from April 2028, owners of properties valued at over £2million will be liable for a recurring annual charge on top of their council tax bill.The extra charge will range from £2,500 up to £7,500, with the highest charge applying to properties worth £5million or more. Jonathan Russell, chief executive of the Valuation Office Agency (VOA), recently spoke to MPs about ho...

President Donald Trump on Wednesday announced Trump Accounts, an investment program for children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028. The Trump administration on Wednesday introduced "Trump Accounts," a provision of the new tax legislation which will dole out $1,000 to every newborn U.S. citizen whose parents enroll them in the program. No contributions are necessary, but parents can deposit up to $5,000 per year, which will be invested in American companies in the stock market.At age 18, without any additional contributions, it is estimated a child's account will be worth $5,800. By age 55, a child's account without any additional contributions will reach roughly $200,000. President Donald Trump speaks during the Trump Accounts Launch Summit, Wednesday, i...

The Pension Credit application system has been simplified (Image: GETTY)People applying for a particular DWP benefit could be confronted with a daunting application form with 243 questions. However, ministers have unveiled plans to simplify this process, stating that some applicants will only need to answer as few as 35 questions to make a claim.The Government has been encouraging people to claim their Pension Credit entitlement, as 38% of those eligible did not receive it in the 2023/2024 tax year. According to DWP figures, it can be worth around £4,300 annually on average, but many have criticised the complex application process as a potential obstacle preventing people from applying.Labour MP Tracy Gilbert raised this issue in a written statement: "To ask the Secretary of State for W...

FOX Business host Marcus Lemonis discusses billionaires fleeing California to avoid a proposed wealth tax on ‘The Bottom Line.’ One of America’s largest unions has made a public declaration regarding California’s hotly-debated billionaire wealth tax. Teamsters California and its 250,000 members have formally backed state legislation proposing a one-time 5% tax on the net worth of California residents worth more than $1 billion."The fight to pass the California Billionaire Tax is a fight to protect workers’ ability to afford living in California; it's a fight Teamsters California will continue to lead," Teamsters California Co-Chairs Peter Finn and Victor Mineros said in a joint press release. "The same Big Tech billionaires shedding crocodile tears over the idea of paying their fai...

Pubs grappling with rising costs will be able to stay open longer during this year's World Cup as part of the Government's efforts to offset pressure on the sector. The Treasury announced the special dispensation on Tuesday, alongside planned measures to allow boozers to open late for other big events such as Eurovision. The World Cup extension will enable pubs in England and Wales to stay open late without applying for a Temporary Event Notice for home nation games until 1am for quarter-finals, semi-finals and matches starting at or before 9pm.Landlords will also be able to stay open until 2am for any quarter-finals that start at 10pm. The World Cup will kick off on June 11, and the first three of England's matches in the group stage will begin at 9pm and 10pm. England and Scotland hav...