Latest news with #AndrewGriffith
Daily Mail
5 days ago
- Business
- Daily Mail
Chancellor in new gaffe over £425bn pension reform
Rachel Reeves has been accused of a 'shocking grasp of detail' and ordered to correct the record after getting basic facts about one of her flagship pension reforms wrong, The Mail on Sunday can reveal. The Chancellor, who has been criticised and ridiculed for making misleading claims on her CV, made her latest misstep when quizzed by peers last week over her handling of the economy. She wants to kickstart sluggish growth by encouraging pension funds to invest more of their money in home-grown ventures. One of her plans is to create a series of town hall 'mega-funds' in the biggest overhaul of the £425 billion Local Government Pension Scheme (LGPS) in a decade. Replying to a question from former Chancellor Lord Lamont, Reeves claimed the LGPS was managed by '96 different administering authorities' which she wants to reduce to 'eight pools'. She repeated the erroneous claims despite being flanked by two Treasury officials and reading from copious briefing notes. But the LGPS is managed by 86 local authorities, while the number of pools is being cut from eight to six under controversial new laws that will force two pools covering the Tory shires of southern England to find new homes by next March. 'Shockingly the Chancellor's grasp of detail is no better than when writing her CV,' said shadow business secretary Andrew Griffith. 'When she's writing such big cheques with taxpayers' money, it's no time to be loose with your numbers.' An LGPS insider said: 'It's troubling she can't get basic facts right.' Reeves was accused of burnishing her CV on the social networking site Linked In by inflating how long she worked at the Bank of England. A spokesman for the Lords' economic affairs committee confirmed the Chancellor has until August 6 to correct Hansard, the official record of debates and hearings in Parliament. The Treasury was contacted for comment.
Scottish Sun
24-07-2025
- Business
- Scottish Sun
Tax hikes & red tape choke private sector growth to just 0.1% as economists blame Labour's Budget
New orders dropped, exports dipped, and business confidence remained 'subdued', a new survey has found FLATLINING Tax hikes & red tape choke private sector growth to just 0.1% as economists blame Labour's Budget Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) TAX hikes and red tape choked private sector growth to just 0.1 per cent last quarter, a top business tracker has warned. Bosses blamed Labour's Budget for rising costs, falling orders and job cuts as private sector momentum ground to a halt. Sign up for Scottish Sun newsletter Sign up 2 Shadow Business Secretary Andrew Griffith blasted Labour's 'anti-business agenda' for 'dragging Britain backwards' Credit: Alamy S&P Global, which compiles the closely watched PMI business survey, said the economy is 'struggling to expand' with 'risks tilted to the downside'. Its latest report showed output growth in July dropped to a two-month low - with firms reducing staff at the fastest pace since February. S&P economist Chris Williamson said: "The sluggish output growth reported in July reflected headwinds of deteriorating order books, subdued business confidence and rising costs." He added these pressures were 'widely linked to the ongoing impact of the policy changes announced in last autumn's Budget'. Shadow Business Secretary Andrew Griffith blasted Labour's "anti-business agenda" for "dragging Britain backwards". He said: "Growth is stalling, jobs are being axed, prices are rising even faster, and orders are drying up, which will inevitably lead to further tax rises in the autumn. 'This stalling is no coincidence. "Labour hiked taxes through the roof, tied industry in red tape, and declared open war on the very people who create jobs and wealth in this country." Companies across services and manufacturing blamed weak demand, soaring wage bills and rising National Insurance costs. New orders dropped, exports dipped, and business confidence remained 'subdued', the survey found. Top 5 takeaways from Spending review Manufacturers were hit by US tariffs and global uncertainty, while service firms reported the sharpest fall in domestic bookings since April. Some were forced to hike prices to offset rising costs for food, fuel and transport. It marked the tenth month in a row that firms cut staff - with job losses accelerating. The PMI Composite Index slipped to 51.0 in July, down from 52.0 the month before and barely above the no-growth line of 50.
The Sun
24-07-2025
- Business
- The Sun
Tax hikes & red tape choke private sector growth to just 0.1% as economists blame Labour's Budget
TAX hikes and red tape choked private sector growth to just 0.1 per cent last quarter, a top business tracker has warned. Bosses blamed Labour's Budget for rising costs, falling orders and job cuts as private sector momentum ground to a halt. 2 S&P Global, which compiles the closely watched PMI business survey, said the economy is 'struggling to expand' with 'risks tilted to the downside'. Its latest report showed output growth in July dropped to a two-month low - with firms reducing staff at the fastest pace since February. S&P economist Chris Williamson said: "The sluggish output growth reported in July reflected headwinds of deteriorating order books, subdued business confidence and rising costs." He added these pressures were 'widely linked to the ongoing impact of the policy changes announced in last autumn's Budget'. Shadow Business Secretary Andrew Griffith blasted Labour's "anti-business agenda" for "dragging Britain backwards". He said: "Growth is stalling, jobs are being axed, prices are rising even faster, and orders are drying up, which will inevitably lead to further tax rises in the autumn. 'This stalling is no coincidence. "Labour hiked taxes through the roof, tied industry in red tape, and declared open war on the very people who create jobs and wealth in this country." Companies across services and manufacturing blamed weak demand, soaring wage bills and rising National Insurance costs. New orders dropped, exports dipped, and business confidence remained 'subdued', the survey found. Top 5 takeaways from Spending review Manufacturers were hit by US tariffs and global uncertainty, while service firms reported the sharpest fall in domestic bookings since April. Some were forced to hike prices to offset rising costs for food, fuel and transport. It marked the tenth month in a row that firms cut staff - with job losses accelerating. The PMI Composite Index slipped to 51.0 in July, down from 52.0 the month before and barely above the no-growth line of 50.
BBC News
22-07-2025
- Business
- BBC News
'Critical' gas network reconnection repairs begin in Midhurst
"Critical" gas network reconnection works have begun in Midhurst, as SGN said it wants to ensure local energy demand is met ahead of the autumn and works were initially due to start in June, but an intervention by the local MP, Andrew Griffith, saw the start pushed back to said the work follows the disconnection of the gas network in the town centre as a precaution after a fire broke out at the Angel Hotel in 2023. Since the fire, local supplies have been sourced by re-directing the gas flow around the surrounding network, manipulating pressures to maintain constant supply. But, ahead of the colder months, SGN said this "won't be viable" and supplies need to be re-connected before works are expected to tale up to six weeks and began on Monday - but traffic management measures won't be introduced until Tuesday to enable the conclusion of the Gold Cup Polo weekend and the movement of several lorries from the site at nearby Cowdray Park. Kemal Erghun, who owns Kemælli's Cafe in Midhurst, told BBC Radio Sussex: "I feel sad but good about the roadworks starting."It's progress but the town is fragile after previous works - it is difficult for us."It isn't really ideal because businesses struggle when there are roadworks - some people avoid Midhurst due to roadworks as it can add to 30 minutes on to journey times, but I understand it." Jintana Barron, the co-owner of Jintana Flowers in the town, added: "The traffic means that no customers want to come to Midhurst."This makes business very difficult. All businesses suffer, it goes downhill."We fear for our future if works continue - some shops have left already."
Telegraph
21-07-2025
- Health
- Telegraph
Junior doctors have built up £1m strike war chest
The trade union for doctors has amassed a £1m war chest ahead of this week's strike action. The British Medical Association (BMA) is planning a five-day walkout from this Friday with junior doctors demanding a 29 per cent pay rise. Wes Streeting, the Health Secretary, has mooted offering concessions such as smoother holiday planning, accelerated career progression and improved shift patterns. But Mr Streeting said any further pay rise was off the table after resident doctors, as they are now known, received a 22 per cent pay rise after industrial action last year. The BMA has formed an 'industrial action reserve' worth £1m, according to documents seen by MailOnline. 'This reserve was created to ring-fence funds identified to contribute towards industrial action,' the document said, adding: 'Contingency plans are in place to fund any long-term industrial action from reserves.' The money is likely to cover lost pay and other costs incurred by striking resident doctors. A further £50m of collective reserves could also be drawn on to carry on the strikes, the BMA said. Up to 50,000 resident doctors are poised to walk out at 7am on Friday, which could cause more than 100,000 appointments to be cancelled. Senior colleagues will be expected to fill in for those striking and will receive premium rates of pay. In previous strikes, consultants have been offered as much as £3,000 to cover a single night shift. Andrew Griffith, the Conservative business spokesman, said: 'This is the latest sign they will be using their bully-boy tactics to hold the country to ransom. 'Labour has bent over backwards for the unions every chance they have got with no-strings-attached pay rises. 'It is no surprise they are now running riot. They are out of control. 'Thanks to Labour's weakness, we are now facing a summer of discontent.' The basic starting salary of a resident doctor is £38,831 a year, rising to £73,992 by the last stage of training, called ST8. An A&E doctor at this final stage can earn more than £100,000 a year, by working a full on-call rota, which includes one in six weekends, one in eight nights and two evening shifts. Sir Jeremy Hunt, who was health secretary from 2012 to 2018, said: 'It's totally ridiculous, having had a 22 per cent pay rise [last year]... for them to be going on strike.' Last year, it was reported that the BMA had built up a war chest of around £2m when junior doctors walked out. An audit has shown that strikes by the BMA in 2023 and 2024 were cited in five Prevention of Future Death Reports issued by coroners. Amongst those was Daphne Austin, 71, whose death from sepsis was found to be the result of neglect and 'more likely than not because of industrial action by junior doctors'. An inquest heard that Ms Austin had been one of 25 patients under the care of a single consultant at Cumberland Infirmary during industrial action in June 2023. Sir Iain Duncan Smith, the former Tory leader, told MailOnline: 'The unions are Labour's paymasters at the end of the day. 'They're getting their payback by being allowed to run riot. 'If we're not careful, we're heading towards all the lessons learned in the 1970s being reversed and the unions just being able to hold the country to ransom and take a wrecking ball to the economy.' The BMA is also demanding a 35 per cent pay rise for consultant doctors, who are threatening to join resident doctors on the picket line. The union has boasted of having 90,366 members, but only received 6,134 online donations from 2,144 donors between 2022 and 2024. This suggests fewer than 12 in 1,000 have contributed to help colleagues. A BMA spokesman said: 'The BMA has held reserves for industrial action for several years and they are there to contribute towards the costs of industrial action. The 'other reserves' outlined in the BMA's annual report to December 2024 are those of the entire BMA group, not connected to industrial action and have fluctuated little from the previous year.'
