Latest news with #AutumnBudget
Daily Mirror
2 days ago
- Business
- Daily Mirror
RACHEL REEVES: 'I have never accepted that decline is Britain's inevitable path'
Giving the go-ahead for the Sizewell C nuclear power plant project shows Labour is 'getting on and delivering it' One year on from the general election and this government's task remains clear: to invest in Britain's renewal so we can rebuild our country's security, its health, and the economy. We have already made great strides towards achieving this. We have delivered the biggest uplift in defence spending since the Cold War that will not only help towards keeping our country safe from new global threats but will protect and create tens of thousands of good jobs across our industrial heartlands. The decisions we took at the Autumn Budget last year mean we can keep our commitment to putting the NHS back on its feet, with record investment that is going towards cutting hospital waiting lists. And we are investing in our country's economic future, with more than £100billion of new capital investment in homes, transport, and energy. I do not accept - and have never accepted - that decline is Britain's inevitable path. Instead, this government is taking the right choices today to build a brighter and more secure future. No project reflects this Government's ambitions more than our commitment to Sizewell C. For years, politicians have talked about investing in cleaner, cheaper energy. We are getting on and delivering it. At the spending review last month, I announced an initial multi-billion-pound investment to fund Sizewell C, so we can power the equivalent of around six million homes with clean, homegrown energy that we control. Today, we have struck a deal with EDF, Centrica, La Caisse, and Amber Infrastructure. It is the biggest investment in clean and homegrown energy this century, and learning the lessons of the past, represents a saving of around 20% when compared with Hinkley Point C. These deals mean construction can get underway, thousands of jobs will be created, and millions of people will benefit from cheaper, cleaner power, putting more money in their pockets each month. But this deal is not just proof this Government is getting things done, it shows the huge confidence companies at home and overseas have in investing in Britain's future. Since the election, we have seen announcements of over £100billion of private sector investment. From Universal's investment in a new theme park in Bedford to Oracle's investment in cutting-edge cloud infrastructure here in the UK. And the reforms I announced last week in the City to free financial services from red tape have been welcomed by HSBC, Royal London, the CBI and others as opening the door for future investment and making us even more competitive on the world stage. We promised change at the election, and we are delivering that change. We have put a stop to the dither and delay. We have ended the previous government's commitment to decline, with a plan for national renewal - and we are just getting started.
RTÉ News
2 days ago
- Business
- RTÉ News
UK borrowing climbs as inflation pushes up debt costs
Britain borrowed more than expected in June as high inflation pushed up the government's debt costs, according to data that is likely to add to speculation about the need for fresh tax increases by finance minister Rachel Reeves. Public sector net borrowing totalled £20.7 billion last month, the data showed, higher than a median forecast of £16.5 billion in a Reuters poll of economists,and the second highest for June on record. The borrowing was also higher than expected by Britain's budget watchdog, the Office for Budget Responsibility, which forecast borrowing of £17.1 billion in June when it published its outlook in March. That was before a strong inflation reading in April had the effect of pushing up inflation-linked government bond payments. The data from the Office for National Statistics showed interest payable on central government debt was £16.4 billion in June, the third highest since monthly records began in 1997. Reeves is expected to raise taxes in a budget statement towards the end of 2025 in order to remain on track to meet her targets for fixing the public finances. That job was made harder by the UK government dropping its plans to save money from the welfare bill due to stiff opposition from within Prime Minister Keir Starmer's Labour Party. Slow economic growth is also adding to Reeves' problems. "Recent U-turns on welfare and persistent growth headwinds could open a gap against fiscal targets, which could require further tax rises or spending cuts in the Autumn Budget," Dennis Tatarkov, senior economist at KPMG UK, said. Darren Jones, a deputy to Reeves at the Treasury, said the UK government remained committed to its fiscal rules, chief among them a promise to cover day-to-day spending with tax revenues by the end of the decade. Over the first three months of the fiscal year which began in April, Britain borrowed £57.8 billion, 15% more than in the same time last year and the third-highest April-to-June deficit on record. However, the figure was in line with the three-month forecast by the Office for Budget Responsibility, offering some comfort to Reeves. The public finances have been bolstered by her increase in social security contributions paid by employers. Compulsory social contributions - mostly National Insurance Contributions - jumped by 18% in the April-to-June period to £48 billion.
Scottish Sun
17-07-2025
- Business
- Scottish Sun
Amount of unemployed Brits hits four-year HIGH after Rachel Reeves' NI hike as UK in ‘serious jobs recession'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITAIN has been plunged into a "serious jobs recession" as unemployment hit a four-year high, the Chancellor has been warned. Rachel Reeves was ordered to turn her Autumn Budget into a pro-growth platform after her £25 billion tax raid on business that kicked in from April. Sign up for Scottish Sun newsletter Sign up Official figures show the numbers on company pay rolls fell by 25,000 in May on the back of 41,000 just last month. But the unemployment rate edged up from 4.6 per cent to 4.7 per cent, according to figures from the Office of National Statistics. Lord Matthew Elliott, of the Jobs Foundation, said: "Today's figures confirm that the UK is now in the midst of a serious jobs recession. "The steepest fall in employment since the pandemic is a serious wake up call to the Government. 'The hike to Employer NICs has had the predicted damaging impact on jobs, and businesses are now worrying about further tax rises to come in the Autumn Budget. He added that Ms Reeves "must deliver a pro-growth, pro-jobs plan in the Autumn Budget'. Shadow Business Secretary Andrew Griffith said that unemployment 'is the only thing growing under Labour'. There will now be mounting pressure on the Bank of England to cut interest rates early next month to help kick-start the sluggish economy. Business are also braced for the new workers' rights package that is going through Parliament that will only add to firms' costs. Government estimates say that business will be hit for a staggering £5 billion as a result of the package that includes day one workers rights and a boost for trade union powers. The Chancellor heads to South Africa today to tell finance chiefs at the G20 that Britain is a "beacon of stability". It comes after her Mansion House speech this week where she called for red tape to be ripped up to help the City. But in recent months Britain has been hit by a shrinking economy and caught up in the global tariff war triggered by US President Donald Trump. Economy woes continued for Ministers as Jaguar Land Rover revealed that they were making 500 managers redundant as part of a voluntary scheme. Neil Carberry, of the Recruitment and Employment Confederation, said the Chancellor must be reassured that there will be no more punishing taxes this Autumn in the Budget. He warned: "If Government can increase businesses' and families' willingness to spend for the future, we would likely see a positive trend in both the labour market and the wider economy. "A reduction in the interest rate next month will help with that but so will reassuring firms that they don't face another swingeing tax raid in the Budget, and fixing the impracticalities in the Employment Rights Bill – a piece of legislation that is not yet suited to the modern workplace."
Daily Mirror
17-07-2025
- Business
- Daily Mirror
Popular card chain launches closing down sale as it shuts more stores
Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year. A leading card retailer has kicked off a massive closing down sale as it continues to close more outlets. Clintons saw 38 of its stores shut down, resulting in over 300 job losses during the last financial year. In its most recent financial briefing, the firm conceded that further store closures could be on the cards. The Rugby Central branch of Clintons is set to shut its doors following the launch of a closing down sale, The Sun reports. Although an exact date hasn't been confirmed, Warwickshire World was informed by employees that "it could be next April.", reports the Express. Last month, the Keighley store in West Yorkshire bid farewell to customers on June 14. Leading up to its closure, the shop slashed prices by 20 per cent across various products. Leamington Spa's outlet also enticed shoppers with discounts of up to 50 per cent in an "everything must go" sale. The final closure date for the Warwickshire store has not yet been announced. April saw two additional Clintons stores in Halifax and Andover close permanently. Why are Clintons Cards shops shutting down? Clintons has cited escalating costs due to labour tax increases and the rising minimum wage as reasons for some of its stores becoming financially unsustainable. The well-known card chain reported a pre-tax profit of £8 million for the financial year ending 29 June 2024, marking a significant recovery from a £5.3 million pre-tax loss the year before. Pillarbox Designs took ownership of Clintons in March 2024. A statement from Clintons revealed: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on company continues to monitor the performance of the existing estate and to close the poor performing stores, which, whilst impacting on turnover, should improve profitability moving forwards." Is Rachel Reeves to blame for Clintons Cards closures? Moreover, the threshold at which these contributions must be paid has been reduced from £9,100 to £5,000. These alterations to the tax system were announced by the Chancellor in the Autumn Budget last October and took effect on 1 April. Simultaneously, the national minimum wage experienced a significant rise, climbing to £12.21 per hour. For employees aged 18-20, the minimum wage jumped by £1.40 to £10 per hour. Clintons first opened its doors back in 1968 - and swiftly established itself as a destination for Britons seeking greeting cards. During its heyday, the chain operated more than 1,000 outlets nationwide. This figure has now plummeted to merely 163 physical shops.
Scottish Sun
16-07-2025
- Business
- Scottish Sun
Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good
The company saw 300 job losses in the previous financial year BYE BYE Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR card chain has launched a closing down sale as it shuts more shops. Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year. Sign up for Scottish Sun newsletter Sign up 2 Several Clintons branches have recently shut their doors following closing down sales Credit: Getty During its latest financial update, the company acknowledged the possibility of additional closures. One of its branches in Rugby Central is set to close after it recently launched a closing down sale. While they haven't yet confirmed a date, staff told Warwickshire World that "it could be next April". Last month its Keighley, West Yorkshire store closed its doors on June 14. In the run up to the closure, the store offered 20 per cent discounts across items. Another store in Leamington Spa was offering discounts of up to 50 per cent as part of an "everything must go" sale. The Warwickshire branch is yet to announce a final closure date. Two other stores - in Halifax and Andover - shut for good in April. The closures come even after a financial turnaround that saw it return to profit. Clintons said that rising costs driven by labour tax hikes and the increasing minimum wage continued to make some of its stores financially unviable. The popular card shop announced a pre-tax profit of £8 million for the financial year ending 29 June 2024. Costa Coffee Shuts Whitstable Branch: What Shop Closures Mean for UK High Streets It was a notable turnaround from the previous financial year which saw a £5.3 million pre-tax loss. In March 2024, the company was acquired by Pillarbox Designs. A statement from Clintons read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores. "The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year. "The company continues to monitor the performance of the existing estate and to close the poor performing stores, which, whilst impacting on turnover, should improve profitability moving forwards." Like many businesses, Clintons now faces higher employer national insurance contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour. Clintons was first launched back in 1968 - and quickly became a go-to for Brits looking for greetings cards. At its peak the chain boasted more than 1,000 branches across the country. This has now dropped to just 163 brick-and-mortar stores.
