logo
Senedd hears food processing industry ‘in managed decline'

Senedd hears food processing industry ‘in managed decline'

Nick Allen, chief executive of the British Meat Processors' Association, told the Senedd's rural affairs committee: 'My members are incredibly concerned about the direction of travel.
'And it doesn't just apply to Wales, [it's] right across the whole country, but I think it's particularly significant here: the decline in livestock numbers, the projections and, dare I say, the attitude and the desire… in the Welsh Government to actually drive a further reduction.'
Mr Allen said: 'Big investors and employers in Wales are incredibly concerned about the future: more than concerned, I'd say incredibly depressed about what the future holds.'
He warned: 'Unfortunately, it seems endemic within civil servants that they don't really want to help industry and work with them. They seem to almost [act] as a police force to stop us doing things rather than thinking 'this is what's good for the country'.'
Mr Allen, who has been involved in discussions since the controversial sustainable farming scheme was paused by ministers, suggested the dial has barely moved in the months since. He described ministers' approach to bluetongue disease as 'another nail in the coffin'.
José Peralta, chief executive of Hybu Cig Cymru/Meat Promotion Wales, said livestock numbers have dropped significantly and will likely continue to fall.
Giving evidence on June 2, he warned: 'That poses a big question mark about how do we carry on in the future with an industry that remains competitive.'
Kepak, a family owned business which runs a beef and lamb processing site in Merthyr Tydfil, employing 1,000 people, raised urgent and grave concerns about livestock numbers.
In its written evidence, the company said: 'The efficiency and viability of our operations and the jobs that we provide rely on a critical mass of livestock.'
Asked about the Welsh Government's 2021 vision for the industry, Mr Peralta said: 'It's a set of very nice and good aims but I struggle to see sometimes what's underneath that's going to drive all the different elements to get to that final aim.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Reeves says rulings on tax must wait for Budget amid inheritance tax speculation
Reeves says rulings on tax must wait for Budget amid inheritance tax speculation

The Independent

time32 minutes ago

  • The Independent

Reeves says rulings on tax must wait for Budget amid inheritance tax speculation

Rachel Reeves has said that decisions around taxes will have to wait for the autumn Budget, amid reports that the Treasury is looking to raise more money from inheritance tax. The Chancellor told reporters that decisions will be made 'in the round' and her priority 'is to get our economy firing off all cylinders'. Earlier this week, the Guardian reported that officials are examining whether tightening rules around the gifting of assets and money could help address the UK's multi-billion-pound fiscal shortfall. Government U-turns over winter fuel payments and welfare reform have left Chancellor Rachel Reeves with a multibillion-pound spending gap to about the reports on Thursday, Ms Reeves said: 'Any decision around taxation is a … decision for the Budget, and I'll make those announcements. 'We haven't even set the date yet for the Budget, but the key focus of the Budget is going to be to build on numbers that we've seen today to boost productivity and growth and prosperity all across the country. 'That is my number one priority as Chancellor, to get our economy firing off all cylinders so that working people in all parts of the country will feel the benefits of that economic growth.' Pushed on whether taxes will have to increase in the autumn, Ms Reeves added: 'We'll wait for the official forecast from the Office of Budget Responsibility, and we'll make those decisions in the round.' Among the reported inheritance tax measures under consideration is a potential cap on lifetime gifts, part of a broader review into how assets can be transferred before death to minimise inheritance tax liabilities. Under current UK rules, gifts made more than seven years before a person's death are exempt from inheritance tax. Gifts made between three and seven years prior are taxed on a sliding scale, depending on their value and the total estate. The Chancellor was speaking as new official figures show that the UK economy slowed in the second quarter of this year amid pressure from tariff uncertainty and tax increases. The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.3% for the quarter after 0.7% growth in the first three months of the year. However, the figure was stronger than the 0.1% level widely expected by economists after an uptick in activity in June and revised data for earlier in the quarter.

DWP crackdown on benefit fraud as woman jailed for wrongly claiming £110,000
DWP crackdown on benefit fraud as woman jailed for wrongly claiming £110,000

Daily Mirror

timean hour ago

  • Daily Mirror

DWP crackdown on benefit fraud as woman jailed for wrongly claiming £110,000

The UK Government has issued a stern warning that benefit fraud will be detected and prosecuted to the full extent of the law, following the sentencing of a Manchester woman to 20 months in prison Nearly 24 million people across Great Britain are currently receiving at least one benefit from the Department for Work and Pensions (DWP) with a record-breaking eight million people now claiming Universal Credit. ‌ However, the UK Government has delivered a stark warning that benefit fraud will be uncovered and prosecuted to the full extent of the law, following the sentencing of a Manchester woman to 20 months behind bars. ‌ The 51 year old woman was found guilty of stealing £110,000 in benefits she wasn't entitled to after failing to inform the DWP of changes to her living circumstances. Meanwhile, the Mirror reports of ' state pensioners could lose DWP payments after 'unfair' £10,000 rule '. ‌ The woman admitted guilt to four counts of benefit fraud at Manchester Magistrates Court on August 12, having dishonestly claimed Job Seeker's Allowance; Employment Support Allowance; Housing Benefit; and Council Tax Support between April 2013 and April 2023. The case emerged following an anonymous tip-off, which triggered a joint investigation by the DWP Pensions Regional Investigations team and Manchester City Council, reports the Express. Minister for Transformation, Andrew Western, stated: "Our social security system exists to support the most vulnerable in society and those genuinely in need". He added that they "will continue to take legal action to fight those trying to scam the system" and warned that "if anyone thinks they can get away with it, this case shows that they will be brought to justice". ‌ The minister stated: "Joint working between the DWP and local authorities will protect taxpayers' money while ensuring genuine claimants receive the money they are entitled to". Councillor Rabnawaz Akbar, Executive Member for Finances and Resource for Manchester City Council, shared: "We know that in Manchester there are a great number of people who are genuine beneficiaries of the benefit system and put their trust in it to deliver the support they need. For many it has been a lifeline through one of the most difficult economic climates in a generation". Akbar continued: "This case was an example of how the trust inherent in our benefits system was abused for personal gain". The councillor added his thanks to the "officers for their tireless work to detect this fraud, as well as colleagues in the DWP for ensuring a successful prosecution". ‌ The prosecution forms part of a wider pattern of successful court cases protecting public funds in recent months. One such example was made in June, where a couple from Port Talbot received suspended jail terms ranging from six months to two years after stealing £48,517 in Universal Credit whilst hiding their capital assets. During the same month, a woman from Swansea was convicted after submitting bogus childcare claims by uploading fake invoices to claim childcare costs she had never actually paid. She received a six-month prison sentence, which was suspended for 18 months, and was ordered to carry out unpaid work. Additionally, a couple from St Helens have each been handed two-year prison sentences after fraudulently claiming over £268,000 through offences, including false Personal Independence Payment (PIP) claims and a Local Authority Direct Payment. This was carried out using fake identities, as well as claiming Employment Support Allowance as a single person despite cohabiting. The Department for Work and Pensions (DWP) has stated that these successful prosecutions come as the UK Government is strengthening its ability to fight fraud and identify genuine errors even sooner, through the Public Authorities (Fraud, Error and Recovery) Bill. This Bill is expected to save taxpayers £1.5 billion over the next five years.

India's long bond rally falters as fiscal risks mount, demand ebbs
India's long bond rally falters as fiscal risks mount, demand ebbs

Reuters

timean hour ago

  • Reuters

India's long bond rally falters as fiscal risks mount, demand ebbs

MUMBAI, Aug 14 (Reuters) - The rally in India's long-duration bonds is faltering due to dwindling demand from banks, insurers and pension funds, coupled with rising fiscal concerns and limited potential for further rate cuts, according to several investors. Long bonds, or government securities with maturities of 10 years or more, are typically favoured by long-term investors who seek stable returns to match their future liabilities. Slowing tax revenues and weaker nominal GDP growth are straining government finances and souring bond sentiment, already hit by the Reserve Bank of India's signal that the bar for further rate easing will be high. The benchmark 10-year bond yield has risen 24 basis points since the RBI's surprise 50-basis-point rate cut in June, when it shifted its stance to "neutral" from "accommodative". The yield is now hovering at nearly 100 basis points above the policy repo rate. "The primary drivers of the 17 basis points rise in 10-year government securities yields in the past two weeks in our view are weak direct tax receipts, worries over higher supply, and investor positioning," Neelkanth Mishra, chief economist at Axis Bank wrote in a note on Thursday. The government received higher non-tax receipts in the form of RBI's dividend payout but gross direct tax revenues fell 2% between April 1 and August 11. Nominal GDP growth is expected at 8%–8.5% in the financial year 2026, below the budget assumption of around 10%. Still, economists do not expect the government to miss its fiscal deficit target of 4.4% of GDP for the year. "Traction in tax collections going forward could remain critical in achieving the fiscal deficit target for the year," economists at HDFC Bank said in a note. The bond market is also grappling with a growing mismatch between supply and demand for long-duration securities. Axis Mutual Fund pegs gross long-bond supply at 11.98 trillion rupees, outpacing expected demand of 10.82 trillion rupees from insurers, pension and provident funds, while ICICI Prudential Life's head of fixed income, Ketan Parikh said 30-year yields could rise to 7.30–7.40% from 7.20% without clarity on debt supply structure. Appetite is also capped by revised held-to-maturity norms for banks and a higher equity tilt in the national pension scheme, they said. "The 30-year bond is trading at a spread of 180 bps over overnight rates, but the supply-demand scenario is a problem," said Shantanu Godambe, vice president, fixed income investments at DSP Mutual Fund. "A lot of funds and investors have cut down duration as we're nearing the end of the rate easing cycle. But if a supply cut happens as the market is expecting, then we'll see sanctity coming back to that segment and some spread compression on the longer end." The RBI's bond purchases helped absorb supply in the first half of the year, but fresh buying is unlikely in the second half following the recent cut in the cash reserve ratio, said IDFC First Bank's chief economist Gaura Sen Gupta. Long-duration bonds may still offer value for long-term investors, though near-term volatility remains a risk, analysts said. "Unless India faces a significant growth shock or sees renewed momentum from Bloomberg index inclusion, the rally in long bonds is likely over," Devang Shah, head of fixed income at Axis MF wrote in a recent note.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store