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It currently gets most of its income from the licence fee - in the last financial year, the BBC received £3.7bn, or about two-thirds of its total income, from it.

Among the raft of new rules implemented since January is a requirement that families provide proof of their income source, show a U.S. identification and in many cases take a DNA test.

"The effect of tariffs announced on April 2 and associated uncertainty offset the expected strengthening of private consumption with above-inflation wage growth boosting household disposable income," its World Economic Outlook report said.

Ackman’s comments, made on X on April 6, highlighted Cantor Fitzgerald’s longstanding role as a major player in the bond market and pointed to the firm’s indirect and direct positions in fixed income as problematic.

"The cost of living crisis has been particularly brutal the last few years for those on the lowest incomes and people have to prioritise," Mr Sykes said.