Economy, Business & Finance

We check facts about the UK economy. This includes money issues like prices, taxes, jobs, people out of work, and housing. We also look at how these things are different in each part of the UK.

28 May 2026

Not kept

Government Tracker

Has the government kept its pledge not to increase taxes on ‘working people’?

By Hannah Smith • 4 mins

Full Fact looks at Labour’s manifesto commitment on taxation, which has led to much debate over the meaning of the phrase ‘working people’. Read

Gov Tracker

28 May 2026

Achieved

Government Tracker

Has the government established a National Wealth Fund?

By Hannah Smith • 2 mins

Full Fact looks at Labour’s pledge to establish a ‘National Wealth Fund’. Read

Gov Tracker

27 May 2026

Achieved

Government Tracker

Is the government on track to abolish ‘non-dom’ tax status?

By Hannah Smith • 2 mins

Full Fact looks at Labour’s manifesto commitment to scrap the current domicile-based tax system. Read

Gov Tracker

27 May 2026

Not kept

Government Tracker

How much capital has the government committed to the National Wealth Fund?

By Joshua Salisbury and Hannah Smith • 2 mins

Full Fact looks at whether Labour has met its pledge to assign £7.3 billion of capital to the National Wealth Fund. Read

Gov Tracker

20 May 2026

Achieved

Government Tracker

Has the government ended the use of offshore trusts to avoid inheritance tax?

By Hannah Smith • 2 mins

The Labour government set out plans to change inheritance tax rules for non-UK assets in its first Budget. Read

Gov Tracker

19 May 2026

Appears off track

Government Tracker

Is the government on course to secure ‘the highest sustained growth in the G7’?

By Nasim Asl • 4 mins

Full Fact looks at Labour’s pledge to kickstart economic growth, from the first of the party’s “five missions to rebuild Britain”. Read

Gov Tracker

19 May 2026

Economy, Business & Finance

Viral post includes several false claims about UK taxes

By Hannah Smith • 1 min

A post shared thousands of times on social media makes a number of inaccurate claims about the UK’s public finances. Read

Fact checks

14 May 2026

Economy, Business & Finance

Welfare payments have not exceeded income tax ‘for the first time ever’

By Leo Benedictus • 3 mins

Welfare spending, which includes state pensions, has been higher than income tax for at least 13 years, contrary to a claim in the Conservatives’ Alternative King’s Speech. Read

Fact checks

13 May 2026

Economy, Business & Finance

Conservative ‘Alternative King’s Speech’ repeats inaccurate claim about Labour’s unemployment record

By Hannah Smith • 1 min

The Conservative party’s ‘Alternative King’s Speech’ claims that unemployment has risen “every single month” that Labour have been in government. This isn’t correct. Read

Quick check

6 May 2026

Economy, Business & Finance

Why do Reform and the Conservatives both claim they’ve delivered the lowest average council tax increase?

By Hannah Smith • 4 mins

We’ve taken a look at the figures after Reform UK and the Conservatives made seemingly contrasting claims about council tax rises. Read

Analysis