Mortgage rates rose this week to the highest level in nearly a year, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.55% – the highest level since August 2025 – from last week’s reading of 6.49%. 

The average rate on a 30-year loan was 6.75% a year ago.

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The average rate on the benchmark 30-year fixed mortgage climbed to 6.55% this week, according to Freddie Mac.  (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)

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“Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving,” said Freddie Mac chief economist Sam Khater.

The average rate on a 15-year fixed mortgage rose to 5.93% from last week’s reading of 5.82%.

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. (Daniel Acker/Bloomberg via Getty Images)

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.57% as of Thursday afternoon.

“June CPI data showed headline inflation cooling to 3.5% and core inflation easing to 2.6%, both below expectations and a welcome sign for rate-watchers,” said Realtor.com senior economist Hannah Jones. “However, the conflict in the Middle East flared up once again this week, pushing oil prices and Treasury yields higher. Since mortgage rates tend to track the 10-year Treasury yield, they’re likely to follow suit as long as oil markets stay jumpy.”

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The latest mortgage data comes as conditions in the housing market have improved somewhat for buyers, many of whom have been on the sidelines as tight inventory has supported higher home prices and mortgage rates have held relatively steady.

The average rate on a 15-year fixed mortgage rose to 5.93% from last week’s reading of 5.82%. (Daniel Acker/Bloomberg via Getty Images)

Realtor.com recently released a midyear update to its 2026 housing market forecast that estimates home price growth will slow to 1.2% this year, a rate that’s slower than the original forecast for the year and is below the current pace of inflation. That means home prices would be effectively declining in real, inflation-adjusted terms.

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The IRS this week announced changes in the amount taxpayers may deduct in gas used per mile while operating a vehicle for business for the remainder of the year amid higher gas prices.

The tax collection agency noted that the change “results from recent increases in the price of fuel” and will allow for larger mileage deductions for business, medical and moving expense purposes.

Under the revision, the standard mileage deduction rate for business will increase to 76 cents per mile, up from 72.5 cents a mile.

Deductions for medical and moving purposes will also rise to 23.5 cents per mile, rising from the previous rate of 20.5 cents.

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Gas prices surged this spring and early summer due to the Iran war. (Ariana Drehsler/Bloomberg via Getty Images)

The IRS’ changes to the mileage deduction are effective starting this month, retroactive to July 1, 2026.

The Journal of Accountancy noted that the IRS’ revision is the first midyear adjustment of the standard mileage rate since 2022.

Gas prices surged following the outbreak of the Iran war, which disrupted the flow of oil from the Middle East through the Strait of Hormuz and has contributed to higher gasoline prices at the pump.

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The IRS increased the mileage deduction rate for businesses, medical transport and moving expenses. (J. David Ake/Getty Images)

Data from AAA shows that the national average cost of a gallon of gasoline was $3.943 as of Thursday. That’s up from $3.16 a gallon a year ago, which represents an increase of 24.7% over the past year.

There has been some relief for drivers in recent weeks, as the average price of gas is down from $4.044 a gallon a month ago.

Gas prices have been a major factor in inflation rising this year, with the latest consumer price index (CPI) data showing gas prices are up 26.7% compared with a year ago.

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Gas prices are up nearly 25% from a year ago, AAA data shows. (David Paul Morris/Bloomberg)

That rise is despite CPI inflation data showing a 9.7% decline in gas prices in the month of June as energy flows through the Strait of Hormuz picked up, but further declines will be needed to offset the large increases seen in the first few months of the conflict.

Headline CPI was up 3.5% in June, well above the Federal Reserve’s target rate of 2%, which has cast doubt on the ability of the central bank to cut interest rates this year if inflation remains persistently above target.

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Shares of Micron Technology fell another 3.2%, or $28.90, to $875.38 on Thursday morning, extending a punishing stretch for the memory chipmaker that has now wiped out more than a quarter of its value from the record highs it reached earlier this year.

Thursday’s decline followed an even steeper drop Wednesday, when Micron shares tumbled 8.02%, falling from $983.12 to $904.28 in a session that saw the stock swing nearly 12% between its intraday low of $873.63 and high of $978.40. Trading volume surged alongside the losses, with roughly 54 million shares changing hands Wednesday, well above the company’s average daily volume of about 44 million shares, a signal that some analysts flagged as a sign of elevated risk in the stock’s near-term trajectory.

The stock has now fallen in six of its last ten trading sessions, a stretch that has produced a cumulative decline of more than 21% over that period. Micron shares remain down roughly 30% from the 52-week high of $1,255 they touched earlier this year, even as the stock trades well above its 52-week low of $103.38 and remains up sharply over the past 12 months, reflecting the extraordinary volatility that has characterized the memory chip sector throughout 2026.

Several factors have converged to pressure Micron and its peers across the memory chip industry in recent sessions. Chinese memory chip maker ChangXin Memory Technologies, known as CXMT, announced plans for an $8.5 billion initial public offering, a development that has intensified investor concerns about rising competition from Chinese rivals in a market Micron has long dominated alongside South Korea’s Samsung Electronics and SK Hynix. At the same time, reports have circulated that the U.S. government is considering new export restrictions on high-bandwidth memory products, adding another layer of uncertainty for a company that has increasingly relied on HBM chips to supply the artificial intelligence data center buildout.

Broader worries about cooling demand in the personal computing and mobile device markets have also weighed on sentiment, with some analysts revising earnings forecasts downward amid concerns about reduced capital expenditure plans and general macroeconomic uncertainty across the technology sector. The pullback in Micron shares this week has coincided with a broader retreat across the memory chip complex, including sharp declines in SanDisk, Western Digital and South Korea’s SK Hynix, as investors have grown more cautious about the sustainability of the current AI-driven memory upcycle after a period of extraordinary gains.

The selloff has not been confined to the United States. South Korea’s central bank raised its benchmark interest rate this week for the first time since January 2023, a move that triggered a sharp selloff in the country’s stock market, with the Kospi index tumbling and both Samsung Electronics and SK Hynix posting steep declines. That regional weakness has continued to spill into U.S. trading, reinforcing the pressure on Micron shares as investors globally reassess valuations across the memory and broader semiconductor sector.

Despite the recent slide, Wall Street’s overall view of Micron remains notably bullish. According to data compiled by stock analysis platforms, the average 12-month price target among analysts covering Micron sits above $1,460, implying substantial upside from current levels, with the average rating characterized as “Strong Buy.” KeyBanc Capital Markets analyst John Vinh, who visited Asia to assess conditions across the technology supply chain, raised his price target on Micron to $1,750 following that trip, one of the more bullish calls on the stock heading into the recent pullback.

Analysts at Barclays have also pointed to Micron and SK Hynix as two AI memory stocks that could see substantial further gains, citing continued strength in underlying demand for high-bandwidth memory products used in artificial intelligence infrastructure. Micron’s most recent quarterly results, reported for the period ended in late May, showed revenue rising 346% year-over-year to $41 billion, easily beating both revenue and earnings guidance, with non-GAAP gross margin climbing to 85% from 39% a year earlier. The company’s guidance at the time implied continued growth and margin expansion in the quarters ahead, underscoring the disconnect between Micron’s recent operating performance and the sharp pullback in its share price.

Not all analysts share that optimism, however. Some market commentators have cautioned that Micron’s stock has become one of the more speculative names trading in the current environment, with billionaire investor Warren Buffett recently warning more broadly that the stock market has increasingly been shaped by speculative trading rather than long-term investing, a dynamic some observers have specifically tied to the erratic price swings seen in Micron shares in recent weeks.

Technical indicators on Micron shares have also turned more cautious in recent sessions. The stock has shown sell signals from both its short- and long-term moving averages, according to technical analysis platforms, with resistance levels identified in the range of roughly $955 to $1,012 that would need to be reclaimed to reverse the current bearish trend. A sell signal first triggered in late June has been followed by a decline of more than 25% in the stock through Thursday’s session.

Micron’s next scheduled earnings report is expected in late September, leaving investors with several weeks to assess how the current mix of geopolitical risk, competitive pressure from Chinese manufacturers and shifting sentiment around AI infrastructure spending will play out before the company’s next opportunity to update its outlook. In the meantime, Micron executives are scheduled to participate in the KeyBanc Capital Markets Technology Leadership Forum, an appearance that could offer investors additional insight into the company’s near-term demand trends and capital spending plans as the memory chip sector continues to navigate one of its more turbulent stretches of the year.

Ikea shoppers in Charlotte and Austin will soon have fewer options for home design consultations and pickup services.

The Sweden-founded retail giant is closing its South Charlotte and Austin-Domain, Texas, “Plan & order point with Pick-up” locations on Aug. 30, 2026, according to notices posted on the company’s website.

The smaller-format sites allow customers to get help with planning kitchens, rooms and business spaces, while also offering pickup services.

Both locations will remain open for planning appointments until their closure dates, according to Ikea.

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Ikea shoppers in Charlotte and Austin will soon have fewer local options for home design consultations and pickup services. (Brandon Bell/Getty Images)

Ikea said the closures are part of its strategy to build a “more affordable, accessible, and sustainable future” in the U.S.

“We continue to test, explore, and develop new ways for customers to meet Ikea, while investing in home delivery, pick-up services and our online experience,” the retailer said.

Customers with current kitchen, room or business planning projects at either location can finish them before the closure date. 

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Ikea said the closures are part of its strategy to build a “more affordable, accessible, and sustainable future” in the U.S. (Brandon Bell/Getty Images)

They can also transfer their projects to another Ikea store or work with an online remote planner, according to Ikea.

Ikea noted that Charlotte-area customers can still shop at the full-size Ikea Charlotte store at 8300 Ikea Blvd. or online at IKEA.com.

Austin-area customers can visit Ikea Round Rock or the Ikea location inside Best Buy South Austin. They can also shop online.

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Customers with current kitchen, room or business planning projects at either location can finish them before the closure date.  (Brandon Bell/Getty Images)

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Ikea launched the format in early 2023 as part of a broader push to make shopping more convenient and accessible, according to The Street.

The retailer now has about 32 “Plan & order point with Pick-up” locations across 14 states.

FOX Business reached out to Ikea for comment.

Shares of SK Hynix’s American depositary receipts tumbled 7.94% Thursday morning, falling $14.01 to $162.44, extending one of the more volatile stretches Wall Street has seen from a newly listed stock as the South Korean memory chipmaker continues to whipsaw investors just over a week after its blockbuster Nasdaq debut.

Thursday’s decline followed a previous close of $176.46 and adds to a dizzying sequence of swings that has defined SK Hynix’s trading since it began listing its ADRs on the Nasdaq on July 10. The stock jumped 13.1% on its opening day, only to fall 9.32% the following Monday to $152.35, before surging 27% Tuesday to $193.92, then sliding roughly 5% Wednesday to $184.50, and now dropping again sharply Thursday. The pattern has left the ADR trading well below both its recent peak and its debut-week highs, even as it remains above its initial public offering price of $149.

The volatility has coincided with an even sharper rout in SK Hynix’s Seoul-listed shares. South Korea’s Kospi index tumbled again Thursday, extending a sharp selloff that saw the benchmark fall further after chip stocks overshadowed a wave of otherwise strong regional earnings reports. On the Korean exchange, SK Hynix shares slid more than 11% Thursday to 1,847,000 won, reversing the prior session’s sharp rally, according to data tracked by Investing.com. That decline followed an even more severe drop earlier in the week, when SK Hynix’s Seoul-listed shares plunged 15.4% on Monday, marking the largest single-day fall in the company’s history, according to data from LSEG.

Market analysts have described the swings as a natural, if severe, adjustment following an unusually strong run-up in the stock ahead of and immediately after its U.S. listing. Hebe Chen, a market analyst at Vantage Global Prime, characterized the pullback as investors working through the aftermath of an overheated rally. “SK hynix is trading through the hangover after the dopamine rush, as the excitement that powered the rally gives way to a much harsher reset in expectations,” Chen told Bloomberg earlier this week.

Several structural factors specific to the ADR listing have contributed to the stock’s outsized swings. Analysts have pointed to the relatively thin available float of the newly listed shares, along with a persistent premium the U.S.-listed ADRs have carried relative to SK Hynix’s Korean shares, as key drivers of the volatility. One market strategist, identified only as Yoo in reporting on the listing, attributed part of the initial selloff to the mechanics of the offering itself, describing it as additional share issuance that increased the overall supply of stock available to investors. Yoo added that the pullback reflected a correctional period for the stock domestically in South Korea, rather than a fundamental shift in the company’s outlook, and expressed confidence that shares would likely move in the right direction over the coming six to 12 months despite near-term turbulence.

The rise of newly launched leveraged trading products tied specifically to SK Hynix has further amplified the stock’s day-to-day price swings. Several exchange-traded funds designed to double the daily returns of SK Hynix’s ADR, including products from Direxion, GraniteShares and ProShares, all launched in the days surrounding the company’s Nasdaq debut. These daily-reset, leveraged instruments are designed only for short-term trading and can mechanically amplify intraday volatility in the underlying stock, according to disclosures from the fund providers, which warn that such products can lose money even when the underlying stock rises over periods longer than a single trading day.

Despite the sharp swings, some market observers have downplayed concerns that the volatility reflects any deterioration in the broader artificial intelligence hardware investment story. Phillip Wool, chief research officer at Rayliant Global Advisors, described the recent weakness across Asian AI hardware names as more of a portfolio rebalancing exercise than a sign of waning enthusiasm for the sector. He said the selling “doesn’t really speak to any sort of reduction in the excitement about AI hardware,” adding that AI-related investment was broadening beyond semiconductors in ways that should continue to benefit memory suppliers like SK Hynix over time.

SK Hynix’s core business fundamentals have remained strong even amid the stock’s volatility. The company is one of the world’s dominant suppliers of high-bandwidth memory chips used in AI accelerators, a market where demand has continued to outpace available supply. Analysts at Korea Investment have projected DRAM average selling prices could rise roughly 30% quarter-over-quarter in the company’s upcoming earnings report, expected around July 23 in Korea, with NAND prices potentially climbing about 50% over the same period, even as some analysts have trimmed longer-term operating profit estimates to account for the timing of full-scale HBM4 production, now expected in the third quarter rather than the second.

The broader memory chip sector has moved largely in tandem with SK Hynix this week, with Micron Technology and SanDisk both posting sharp declines alongside the Korean chipmaker’s swings, reflecting how closely intertwined sentiment has become across the AI-driven memory trade. Western Digital’s upcoming earnings report, scheduled for July 29, is expected to serve as the next major checkpoint for the group, offering investors additional insight into hyperscaler capital spending commentary that could help determine whether the broader AI memory investment thesis remains intact heading into the second half of the year.

For now, market watchers say the central question for SK Hynix’s ADR is less about the company’s underlying demand outlook and more about whether the stock can stabilize following its historic debut, with traders closely monitoring whether shares can hold key technical levels as the newly listed security continues finding its footing in U.S. markets.

A dense band of wildfire smoke stretching from the Upper Midwest and Canada across the Great Lakes and into New England darkened skies across large parts of North America again Thursday, pushing air quality readings to dangerous levels in cities including Chicago, Cleveland, Detroit, Minneapolis and Toronto.

Satellite imagery showed the smoke plume extending from active wildfires burning in Minnesota, Wisconsin and Ontario, sweeping southeast through southern Ontario and New England before reaching New York City, with portions of the plume even drifting out over the Atlantic Ocean and curling back toward Canada’s far eastern coastline. Forecasters said Thursday was expected to unfold much like the day before, with the densest smoke moving south throughout the day and potentially reaching as far as Maryland.

The worst air quality Thursday morning was concentrated in Minnesota, Wisconsin and Ontario, where the wildfires were actively burning. Among U.S. cities, Minneapolis, St. Paul, Chicago, Milwaukee, Detroit and Cleveland recorded the most severe readings. But forecasters warned that unhealthy air quality was likely to extend as far east as Toronto and New York throughout the day, with the worst conditions around New York City expected in the afternoon and evening hours.

Toronto has borne the brunt of the smoke’s impact for a second consecutive day. On Thursday morning, the city’s Air Quality Index reading approached 400, placing conditions well within the “hazardous” category, with forecasters projecting the air would not return to healthier levels until around 7 p.m. That followed an even more severe stretch Wednesday, when Toronto’s air quality index briefly ranked among the worst of any major city in the world. By Wednesday evening, every U.S. state stretching from Minnesota to Connecticut had at least one location where the index had climbed into unhealthy territory. At 10 p.m. Wednesday, as some of the thickest smoke plumes pushed south of the international border, Minneapolis recorded a reading of 287, Detroit registered 196, New York City reached 192, and Scranton, Pennsylvania, hit 157, according to data from AirNow, the monitoring network run by the Environmental Protection Agency.

The EPA’s Air Quality Index scale runs from 0 to 500 and measures the concentration of five pollutants: ground-level ozone, particulates, carbon monoxide, nitrogen dioxide and sulfur dioxide. Readings of 100 or higher serve as a warning for people with respiratory conditions to take precautions. Once the index climbs above 150, air is considered unhealthy even for people outside sensitive groups; above 200, conditions are classified as “very unhealthy”; and above 300, the air is deemed “hazardous.” Several locations in northeastern Minnesota, closest to the active fires, recorded readings well into the hazardous range on Wednesday.

Meteorologists said the unusually widespread reach of the smoke this week stems from the same atmospheric conditions responsible for the brutal heat gripping the Midwest and Northeast. A heat dome parked over the region has trapped the smoke close to the ground rather than allowing it to disperse at higher altitudes, compounding both the heat and the pollution simultaneously. Forecasters expect conditions to begin easing in the Northeast by the weekend, as another weather system moves in and pushes the hottest air out of the region. However, areas closer to the fires themselves, including much of the Upper Midwest and Ontario, are likely to see the smoke linger longer even as conditions improve further east.

The Environmental Protection Agency estimated that many locations affected by smoke on Wednesday would experience similar or even slightly worse conditions on Thursday, underscoring the persistence of the smoke event across the region.

Health officials and researchers have pointed to a broader pattern behind weeks like this one. As climate change continues to push global temperatures to record levels, the frequency of days that combine extreme heat with heavy air pollution has been increasing, a dynamic that compounds health risks for vulnerable populations during already dangerous heat events. Wildfire smoke in particular can travel enormous distances from its source, meaning cities far removed from any active fire can still experience unhealthy or even hazardous air quality, as this week’s smoke plume reaching from Minnesota and Ontario down to New York and Maryland has demonstrated.

Public health guidance for smoky conditions generally centers on limiting outdoor exposure, particularly for children, older adults and people with existing heart or lung conditions. Officials recommend keeping windows closed, running air conditioning or air purifiers on recirculating settings where possible, and monitoring for symptoms such as coughing, difficulty breathing or eye and throat irritation. Athletes and others who exercise outdoors are advised to pay especially close attention to real-time air quality readings before heading out, since exertion during smoky conditions increases the amount of polluted air the body takes in and can heighten health risks even for otherwise healthy individuals.

The current smoke event follows a familiar pattern seen in recent years, as Canadian wildfires have increasingly sent smoke drifting deep into the United States during summer months, disrupting outdoor activities and prompting air quality alerts across a wide swath of the country far from where the fires themselves are burning. With active fires continuing to burn in Minnesota, Wisconsin and Ontario, forecasters said they would continue monitoring the smoke’s movement and updating air quality projections as conditions evolve through the rest of the week, particularly as the heat dome responsible for trapping the smoke near the ground begins to break down heading into the weekend.

The business department says it will secure the future of one of the UK’s last virgin steel plants

British Steel has been brought under state ownership after the steelmaker’s nationalisation passed a public interest test. The Prime Minister declared the move “secured the future of British steelmaking”, following the introduction of new legislation that made it simpler for ministers to forcibly nationalise steel companies.

The Scunthorpe-based steelmaker has appointed a revamped leadership team tasked with “stabilising the business and developing a commercially sustainable” future, the business department confirmed on Thursday.

It added that bringing the plant into public ownership would safeguard thousands of jobs both at the steelmaker and throughout its supply chain, as well as preserving one of the UK’s last remaining virgin steel plants.

“British Steel is one of the nation’s biggest steel producers, and I’ve made the decision to nationalise the business to secure steelmaking capability and maintain production in the national interest,” said Business Secretary Peter Kyle, as reported by City AM.

The move comes after a turbulent year for the UK’s largest steel producer. Negotiations over a funding package between ministers and former owner Jingye collapsed last year, prompting the Chinese firm to effectively abandon the plant.

In an extraordinary Saturday sitting, MPs voted to bring the plant into public control, a move they argued would prevent the closure of Britain’s last two arc furnaces while helping to protect thousands of livelihoods.

The government said that despite “extensive discussions” during the intervening period, no agreement had been reached with Jingye regarding the plant’s future, enabling it to utilise its new powers to bring the facility under state control unilaterally.

Under the fresh legislation, ministers have the authority to nationalise a steelworks deemed essential to the nation’s future, provided it satisfies a public interest test. The business department confirmed on Thursday that this test had been satisfied, and that an independent valuer would now be appointed to assess whether Jingye is entitled to any compensation.

British Steel interim chief executive Allan Bell described the firm’s nationalisation as a “momentous day” for the company.

“Much more than that, it is an historic day for Britain and UK manufacturing,” he added, “one which safeguards our future and strengthens the national security and infrastructure.”

Jingye has been approached for comment.

It has largely met market forecasts

The UK economy expanded modestly in May after solid performance across parts of the services sector helped cushion the blow from the Iran conflict and narrowly averted a downturn.

New data from the Office for National Statistics (ONS) has shown the economy grew 0.1 per cent in May, largely meeting market forecasts.

The services sector – which accounts for more than 80 per cent of total economic output – expanded 0.3 per cent despite sharp declines elsewhere in the economy.

Manufacturing fell 0.8 per cent and production dropped 0.5 per cent.

“While all three main sectors grew over the three months (to May), the slight growth in GDP in May was driven by services alone, with production and construction both falling back,” Liz McKeown, director of economic statistics at the ONS, said,

She added the activity in services came from computer programming and advertising, while the “often-volatile pharmaceutical industry also performed well.”

Science and technology activity rose 1.8 per cent, largely propelled by a 5.1 per cent surge in research and development on the back of medical sciences. The ONS said this sector alone contributed 0.06 percentage points to real GDP growth, as reported by City AM.

Scott Gardner, investment strategist at JP Morgan Personal Investing, said while the latest figures were encouraging, the “broader picture still points to a fragile economy” as elevated energy costs take their toll.

“The services sector continues to do most of the heavy lifting, helping to keep the economy steady,” he added.

“With momentum still proving difficult to sustain and the situation in Iran remaining uncertain, this reading highlights the economic challenge facing the next Prime Minister. They will inherit a difficult hand as inflation remains above-target and the Iran conflict continues to dampen growth.”

The figures follow the economy recording a 0.1 per cent slip in April, which came after a robust first quarter comprising growth of 0.3 per cent in March and 0.4 per cent in February.

However, the eruption of hostilities in Iran at the end of February sent shockwaves through global economies and stoked inflationary pressures, as oil prices rocketed to highs of $120 per barrel.

Chancellor Rachel Reeves has said that it was “not a war we wanted or joined, but one that will have an impact at home”.

The latest data will rank among the final entries on Reeves’ scorecard before she is expected to be moved on from the Treasury as Andy Burnham takes the keys to No. 10.

The Chancellor used her Mansion House address this week as a last-stitch effort to defend her record on growth and the UK’s public finances.

She issued a stark warning to her successor that “radical governments without credibility have ultimately failed to win the trust necessary to deliver their agenda”.

Energy Secretary Ed Miliband had been widely regarded as the leading contender to replace Reeves, however briefings from his detractors suggest he has slipped down the pecking order.

Home Secretary Shabana Mahmood has since emerged as the preferred candidate for No. 11.

Whoever takes the reins at the Treasury will face an enormous strain on the public finances, after the OECD forecast this week that economic growth would stagnate at 0.9 per cent for the year.

The leading independent economics body also cautioned that government debt is projected to exceed 105.4 per cent of GDP by 2027 — a figure that could balloon to 200 per cent by 2050 in the “absence of policy changes and considering ageing costs and climate damage”.

Economists put forward a package of reforms which, if successfully enacted, the OECD said could boost GDP by as much as four per cent within a decade.

Central to these recommendations is the “essential” consolidation of taxes, which the organisation noted were sitting at “historically high levels”.