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The Independent
a day ago
- Business
- The Independent
Bank governor flags signs that employment tax hikes are hitting pay and jobs
Bank of England governor Andrew Bailey has cautioned over growing evidence that employment tax hikes are hitting pay and jobs rather than leading to price hikes, but said there is greater 'uncertainty' over the outlook for inflation. Speaking at the British Chamber of Commerce annual conference in London, Mr Bailey said firms are responding to the national insurance contributions (NICs) rise for employers in April. He said while it could see firms pass on the higher wage bills to customers through prices, 'I am beginning to hear a bit more evidence of adjustments through pay and employment'. However Mr Bailey said the recent spike back up in inflation, which stood at 3.4% in May, 'introduces some further uncertainty into the near-term outlook' for price rises. He said policymakers still need to 'squeeze out' stubborn inflation, with recent surges in food costs in particular being watched by the Bank closely. The Bank held interest rates at 4.25% earlier this month, having voted for a cut in May. Mr Bailey said: 'While the significant progress we have made on disinflation has allowed us to cut Bank Rate, we retain a restrictive monetary policy stance to squeeze out remaining persistence in inflationary pressures.' Many economists expect the Bank to cut again in August when it will have its next set of quarterly forecasts. Mr Bailey added: 'Overall, interest rates remain on a gradual downward path. 'But monetary policy is not on a pre-set path, and at the June meeting, there was not a strong enough case to cut Bank Rate. 'As we meet for our August meeting in a few weeks' time, we will assess the situation afresh.' He said there are signs Britain's labour market is cooling, after recent official figures showed the number of people on payrolls dropped by more than 100,000 during May. 'The labour market has been very tight in the past few years. But we are now seeing signs that conditions are easing,' he said. While wage growth continues to outstrip inflation, Mr Bailey said the 'latest data on pay settlements and pay expectations point to a significant decline in wage growth in the year ahead'. But 'normalisation' of salary growth 'still has some way to go' in helping inflation get back to the Bank's 2% target, according to Mr Bailey. He also said that following a strong start to the year for the economy, the Bank believes 'the UK economy will grow at a more moderate pace over the coming quarters'.
Yahoo
28-05-2025
- Business
- Yahoo
UK companies shift focus from EU exports amid trade challenges
The number of UK businesses exporting solely to the EU dropped by 19% in 2024 to 14,300 from 17,800 in 2023, according to Lubbock Fine, a London-based chartered accountancy firm. Meanwhile, businesses importing and exporting exclusively to non-EU countries rose by 12% to 132,000. This shift highlights the impact of post-Brexit regulatory changes and recent trade agreements. Alex Altmann, partner at Lubbock Fine and head of the firm's German desk, noted that the decline in EU-focused exporters underscores the significance of the EU/UK trade agreement signed on 19 May 2025. The agreement aims to reduce veterinary checks on plants and animals transported from the UK to the EU, potentially easing some trade barriers. The trend of UK businesses moving away from EU trade is attributed to fears of red tape and regulatory divergence since Brexit. Altmann, also the vice president of the British Chamber of Commerce in Germany, said: 'The paperwork involved in trading with the EU has pushed many UK businesses away from their largest export market. Let's hope that the May 19 agreement is a first step in reducing red tape. The problems caused to UK businesses by Trump's tariffs shows that the EU will remain a key market.' The regulatory divergence is exemplified by the introduction of the UKCA safety mark, replacing the EU's CE mark. The change, along with increased customs inspections, has added to the challenges faced by UK exporters. Altmann said: 'More regulation means more paperwork – which is time consuming and expensive for businesses. On top of that, slow movement at the border causes delays for customers. 'UK exporters often find client relationships have been damaged to the point where their customers find alternative suppliers within the EU.' The recent UK-EU trade deal, while a positive step, leaves several issues unresolved. Altmann pointed out its narrow focus, which primarily addresses fishing and food exporters, leaving out significant sectors like manufacturing and professional services. 'These sectors account for a large portion of UK exports so they should really be a priority for the Government. What is also needed is a long-term commitment by both parties to streamline regulation. This will reduce business uncertainty and increase investor confidence – both of which will contribute to sustainable growth,' he explained. "UK companies shift focus from EU exports amid trade challenges" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
South China Morning Post
21-05-2025
- Business
- South China Morning Post
British firms in China lament burdensome environment, but commitment to market remains
For the fifth straight year, more British businesses report that doing business in China has become increasingly difficult. And they are once again calling for a more favourable policy environment where 'rules that are clear, fairly enforced and consistently applied', according to the latest position paper by the British Chamber of Commerce in China. As political disputes threaten to upend the global economic order, China also has an opportunity to distinguish itself if barriers can be removed, the chamber said. And despite the challenges they are facing, British firms 'continue to demonstrate substantial engagement with, and commitment to, the Chinese market'. For British firms doing business in China in the past year, there has been a growing sense of unease around regulatory opacity, rising compliance costs and complexities, geopolitical uncertainties and a perceived depreciation of foreign firms in China's evolving industrial policy, the chamber said in the paper published on Wednesday. The trend now reflects deeper structural and geopolitical concerns far beyond the lingering effects of the pandemic in the early 2020s that centred on travel restrictions and logistical disruptions. 01:26 China's Xi doubles down on self-reliance, rallying officials to bolster manufacturing China's Xi doubles down on self-reliance, rallying officials to bolster manufacturing Meanwhile, the percentage of firms feeling confident about China's long-term outlook has declined, year on year, even as many continue to see opportunity, the report said. Compounded by escalating tensions between China and the US – including technological decoupling and national security disputes – many British firms now find themselves caught between the competing superpowers and are delaying investments not just in China, but globally with any China exposure.
Western Telegraph
27-04-2025
- Business
- Western Telegraph
Hayscastle's Hywel George in top 10 Africa business leaders
Hywel George from Haycastle established a consulting business in Kenya five years ago. He said: "It was initially a project to help raise funds for a Maasai girls' education programme we established in response to a film exploring the lives of girls growing up in Maasai land. "But the company grew rapidly - at one time being described by the British Chamber of Commerce in Kenya as the 'fastest growing British company in the country.'" Griot Consulting Kenya Ltd, employing 25 people in East Africa, delivers social impact investment projects, linked to the creation and sale of carbon credits. The company has taken more than 1,000 water boreholes into management since 2020, ensuring the delivery of clean drinking water to at least half a million people living in rural poverty. It is also re-establishing mangrove forests along the Kenyan coast. This is made up of 100 hectares in Kilifi County and 1,200 hectares in the county of Lamu. Mr George's achievements have been recognised in the April edition of African CEO Magazine.
Associated Press
28-03-2025
- Business
- Associated Press
Mark Clayton Signs Fair Pay Charter as Custodian for British Business in China
/ -- In a landmark moment for ethical business practices in Asia, Mark Clayton, CFO of C2W Group and Chairman of the British Chamber of Commerce South China, has officially signed the Fair Pay Charter, becoming both the Custodian of the Charter for British Business in China and the first business leader to sign the Charter in the region. The signing was witnessed by a distinguished delegation including British Consul General to Hong Kong Brian Davidson CMG, Deputy Consul General Sarah Robinson, Dr. Sir Billy Chan, UN Ambassador of the Charter for the Asia-Pacific, Paul McComb, Executive Director of the British Chamber of Commerce Hong Kong, and Sheikh Aliur Rahman OBE, creator of the Charter and CEO of the London Tea Exchange. Alongside Mark Clayton, Dr. Manson Fok was formally appointed as the UN Ambassador of the Charter for China, marking another significant step in the global rollout of the Fair Pay Charter and its influence within China's business landscape. The Fair Pay Charter is an international initiative advocating for liveable wages and the elimination of exploitative labour practices. Since its launch, the Charter has already resulted in wage increases for over 5.2 million workers in Bangladesh and Sri Lanka, with its reach rapidly expanding across key global industries including the tea, textile, and manufacturing sectors. The Charter is also on track to become a UN Social Development Goal (SDG) by 2030, with the potential to impact up to one billion workers globally. 'Signing the Fair Pay Charter was more than a symbolic act—it was a declaration of commitment,' said Mark Clayton. 'At C2W, we are embedding the Charter's principles into our CSR strategy, onboarding process, and supplier relationships. Fair pay is not just an aspiration—it's a responsibility. I see the potential, this Charter could be one of the most important documents of the century, and I look forward to advocating these values across the British business community in China and encouraging others to take a stand for ethical, sustainable growth.' As a manufacturing and supply chain management company operating across Asia for 20 years, C2W is now actively working to incorporate the Charter's standards into its supplier onboarding protocols and vendor code of conduct, setting a clear example for other international businesses in the region. Through his dual role as Custodian of the Charter for British Business in China and Chairman of BritCham South China, Mark Clayton aims to inspire more companies to align with the Charter and promote a business environment where fair pay is the norm, not the exception. About C2W Group China 2 West (C2W Group) is a 100% British-owned manufacturing and supply chain management company, supporting businesses with product development, quality control, and production in China. C2W owns and operates Shield Works, a state-of-the-art OEM manufacturing facility in Zhuhai, offering IP-secure manufacturing solutions for international clients. About the London Tea Exchange The London Tea Exchange is one of the world's most exclusive luxury tea brands, committed to ethical sourcing and sustainability. With a mission to promote social impact through commerce, the Exchange offers over 1,200 varieties of rare and specialty teas sourced from more than 40 countries. The organisation plays a leading role in advancing fair pay and equitable labour practices across the global tea industry and beyond, and is the founding institution behind the Fair Pay Charter. About Mark Clayton Born in 1984, Mark Clayton is the CFO and a shareholder of C2W Group, a British-owned manufacturing and supply chain management company based in China. He also serves as Chairman of the British Chamber of Commerce South China and is a passionate advocate for ethical business practices, sustainability, and social impact. With two decades of experience operating in Asia, Mark brings a unique perspective on responsible leadership in international trade. He is actively involved in community initiatives, including the Come Together Community charity, and is dedicated to supporting British businesses both in the UK and China. C2W Group + +86 756 3828390 Legal Disclaimer:
