NIGEL FARAGE: Britain can no longer be treated like a charity for the rest of the world
Skilled migrants, we have long been told, will assimilate, strengthen our economy and drive innovation.
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BreakingNews.ie
3 hours ago
- BreakingNews.ie
One-off payments for businesses ‘not sustainable' response to tariffs
One-off payments for businesses are 'not sustainable' as a response to 15 per cent tariffs imposed by the US, the enterprise minister has said. The Irish government has welcomed the certainty of a trade deal between the EU and the US but said more detail is required to assess the impact on the Irish economy. Advertisement Taoiseach Micheál Martin said nobody was welcoming 15 per cent tariffs 'with open arms' but the deal avoided a 'ruinous' trade war. Speaking before briefing Cabinet on the trade agreement struck by US President Donald Trump and European Commission president Ursula von der Leyen at the weekend, Peter Burke said Brexit-style supports were not the answer. 'This is a new environment. It is a new trading world. There are huge tensions now on the geopolitical landscape, and that looks like it's going to remain into the future,' he said. 'So we have to try and navigate those sustainably and the answer is not really setting up a Brexit-type response right now, it is working specifically with companies, trying to assist them, like we have been, in a sustainable way. Advertisement 'One-off payments are not sustainable and I think we have to be honest about that. What is sustainable is that if you make your production process more efficient that allows you retain that high-value market despite the tariff rate with the US economy. 'I think one of the key things we're looking to establish is that there's no stacking in tariffs, and that could be a significant win, if it's fleshed out correctly as we think it is, that you won't have a 15% on top of previous tariffs, particularly in our agrifoods and drinks sector. It will be important to see what the carve-outs are in that sector.'
Reuters
4 hours ago
- Reuters
Egypt's growth outlook improves slightly as reforms take root: Reuters poll
CAIRO, July 29 (Reuters) - Egypt's economy likely grew 4.0% in the fiscal year that ended in June, a slight upward revision from the 3.8% forecast in April, a Reuters poll showed, as reforms tied to IMF financing and stronger manufacturing activity support a gradual recovery. Growth in gross domestic product was projected to accelerate to 4.6% this fiscal year, according to the median estimate of 13 economists surveyed July 15-28. The Arab world's most populous country has been struggling with the aftermath of a sharp currency devaluation, soaring inflation and the economic fallout from the war in Gaza. Growth slumped to 2.4% in 2023/24 but the government has since accelerated economic reforms under an $8 billion programme with the International Monetary Fund and secured $24 billion in investment from the United Arab Emirates' sovereign wealth fund, including a major land deal on the Mediterranean coast. Inflation, which peaked at a record 38% in September 2023, has begun to ease but remains high. Egypt's annual urban consumer price inflation slowed to 14.9% in June from 16.8% in May. Economists expect average headline inflation to moderate to 12.5% in 2025/26, 9.5% in 2026/27, and 7.3% in 2027/28 - still above the central bank's target of between 5% and 9% on average by Q4 2026. Under its IMF-backed reform agenda, Egypt has pledged to phase out energy subsidies, particularly on fuel - although this could keep inflationary pressures elevated in the near term. The Egyptian pound, which was floated in March 2024 after being fixed at around 30.85 to the dollar for over a year, is expected to weaken further. The currency is projected to fall to 51.1 per dollar by the end of June 2026 and 52.9 by June 2027. It currently trades at around 48.6 on the interbank market. Interest rates are also expected to ease gradually, the poll found. The Central Bank of Egypt's overnight lending rate, now at 25.0%, is forecast to decline to 17.5% by end-2025/26 and to 13.0% the following year. The central bank cut its benchmark rate by a cumulative 325 basis points in April and May, citing slowing inflation and improved foreign exchange liquidity. However, in July, policymakers signalled a more cautious stance as oil price volatility, driven by supply-side risks and global demand uncertainty, prompted a "wait-and-see" approach to the monetary easing cycle. (Other stories from the Reuters global economic poll)
BreakingNews.ie
4 hours ago
- BreakingNews.ie
Conditions ‘really tough' for running UK businesses, says Gary Neville
Former footballer and entrepreneur Gary Neville has said conditions are 'really tough' for UK businesses in the face of surging costs and tight margins. The former England and Manchester United player has built up a business empire including commercial properties, hotels and media companies since retiring. Advertisement On Tuesday, Mr Neville was also appointed brand ambassador of business software firm Sage as it launched a new long-term partnership with the English Football League (EFL). Gary Neville stressed the importance of successful football teams to local economies (Sage/PA) He told the PA news agency that there are 'huge opportunities' for how football clubs and businesses can join forces to help drive growth in regions across the UK. Mr Neville said: 'The impact of having Football League clubs, and those crowds and attendance, is massive for the local economy and businesses. And not just in terms of actual financial terms but in terms of the spirit of a city and a town too. 'A successful football club and a football club that's thriving can definitely have a big impact on small businesses in the surrounding town or city. Advertisement 'Local businesses thrive upon those local match days, and the successful team having more matches at home so they can make more money, because it's bloody hard work to make money for local businesses, and they need supporting on a regular basis.' Nevertheless, he stressed that it was a 'challenging' time to run a business in the UK after sharp recent cost increases and pressure on consumer demand. The Sky Sports pundit runs a raft of businesses including League Two club Salford City, which he owns as part of a group including David Beckham and US businessman Declan Kelly. 'It's tough. It's really, really tough because cost of products gone up, cost of everything, utilities, rents, everything, has gone up,' Mr Neville said. Advertisement 'It is challenging at this moment in time – there are certain sectors where it's tough to operate, just purely because of rising costs and people finding it tough to be able to find the money to go and support those local businesses.' His work with Sage comes as the firm becomes the official accounting software partner for the EFL. The group has launched a new UK campaign to champion local businesses, with fans across all 72 EFL clubs invited to nominate the matchday heroes in their community. Steve Hare, chief executive of Sage, said: 'We've been supporting British small businesses since we were founded, including many football clubs up and down the country. Advertisement 'It's fantastic to bring all of this together in support of the small businesses that power the football experience week in, week out.' Mr Neville added: 'I've seen it from my time as a player and now as an owner, just how vital these businesses are. I'm proud to join Sage in celebrating their contribution and helping them thrive.'
