Chancellor

UK retailers still facing ‘mountain of costs’, M&S CEO warns

M&S CEO Stuart Machin has warned that UK retailers are still facing a mountain of costs despite Rachel Reeve’s push for growth.  Writing in the Sunday Times, Machin said that the government should lighten “the burden” the budget has loaded on the retail sector, claiming that the industry is being…

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Iceland boss criticises chancellor over farmer inheritance tax

The managing director of Iceland has criticised the chancellor’s inheritance tax raid on farmers, despite the Labour-backing boss previously voicing his support of the new budget.Richard Walker said that Rachel Reeves should prioritise online sales tax reform instead of targeting farmers with higher death duties, according to The Telegraph.  He…

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Today’s news in brief-29/1/25

Lord Wolfson, CEO of Next and Conservative peer, has leveraged his House of Lords position to propose amendments phasing in upcoming National Insurance (NI) reforms. The budget measures, effective April, will raise employers’ NI contributions from 13.2% to 15% and lower the secondary threshold to £5,000 annually. Wolfson supports staggered…

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Next CEO uses Lords status to lodge amendments to NI bill

The CEO of Next, Lord Wolfson, has reportedly used his position in the House of Lords to table amendments aimed at phasing in the upcoming changes to employers’ national insurance contributions, The Times has reported.The measures outlined in the budget will see employers’ national insurance contributions rise from 13.2% to…

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CMA appoints Doug Gurr as interim chair

Former Amazon boss Doug Gurr has been appointed as interim chair of the Competition and Markets Authority (CMA), in a bid to boost growth and support the economy. Gurr, currently the director of the Natural History Museum, will bring a wealth of experience in the technology sector as the former…

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Pets at Home CEO warns Budget will effect part-time workers and women

Pets at Home CEO Lyssa McGowan has warned that the changes to National Insurance in the Budget will negatively impact part-time workers and women. McGowan stated in an interview with Mail on Sunday that Pets at Home faces an £18m increase in costs. The National Insurance contribution threshold will be…

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UK economy narrowly returns to growth in November

The UK economy narrowly returned to growth in November as real gross domestic product (GDP) increased 0.1%, largely because of a growth in services. The increase comes after two consecutive months of decline, however, real GDP is estimated to have shown no growth in the three months to November 2024,…

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Today’s news in brief-15/1/25

Inflation in the UK unexpectedly fell to 2.5% in December, marking its first decline in three months, according to the ONS. The decrease, attributed to reduced hotel and tobacco prices despite rising fuel costs, exceeded expectations, as analysts had predicted inflation would remain steady at 2.6%. While inflation remains above…

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NI increase will force retailers to raise prices, BRC warns

The British Retail Consortium (BRC) has warned that the National Insurance Increase, set to come into place this April, will force retailers to put up prices after it found that two thirds of CFOs said they will do so in response to the change.  The BRC said its survey of…

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Inflation unexpectedly falls to 2.5% in December

The rate of Consumer Price Index inflation unexpectedly fell one percentage point to 2.5% in December, dipping for the first time in three months, according to the Office for National Statistics (ONS).  It comes as hotel prices fell and tobacco costs eased, which have been credited with helping offset a…

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