Latest news with #Budget
Time of India
38 minutes ago
- Business
- Time of India
Ready to assist states in certifying municipal accounts: CAG
File photo: Comptroller and Auditor General Sanjay Murthy NEW DELHI: To increase transparency and attract private investment in urban infrastructure, Comptroller and Auditor General Sanjay Murthy on Saturday said the federal auditor is ready to assist states in certifying their municipal accounts. Such certifications add credibility and value, encouraging private players to invest in urban projects, he added. The CAG will soon highlight best practices and models that municipalities can adopt, and if they adopt them, there will not be any financial audit observations, Murthy said. However, he said such an assurance would only be possible if municipal accounts are properly maintained and revenue sources clearly tracked. Transparent and reliable financial systems are essential to attracting serious bidders and funding for urban projects, Murthy said at an online event organised by think-tank Janaagraha to commemorate the 32nd anniversary of the 74th Constitutional Amendment, which granted constitutional status to urban local bodies. The announcement to certify accounts of municipalities comes ahead of the Centre's anticipated roll-out of the Rs 1 lakh crore Urban Challenge Fund, aimed at supporting large-scale projects through public-private partnerships. The housing and urban affairs ministry is finalising the framework for this, first announced in the Budget. On greater opportunities for municipal bodies with the Centre offering the Urban Challenge Fund, he said, 'We have a greater role to play in ensuring the transparency of accounts that urban local bodies do.' 'Therefore, we have envisaged or embarking on a initiative to ensure that any state govt which wants the assistance of the CAG in certification of their accounts, we will be open to work with the them to ensure that we provide this service to them to ensure the larger goal of getting investments in the urban local bodies based on certification done by the CAG, which adds greater value,' he said. Murthy also highlighted persistent challenges faced by even large municipal bodies, such as the lack of robust project reports, a key requirement for private funding. To address this, he said the CAG is planning to showcase successful models and best practices for municipalities to adopt. 'Reinventing the wheel wastes time,' he said. 'If municipalities implement proven models, we can assure them that there will be no audit objections,' the CAG said.
Otago Daily Times
3 hours ago
- Business
- Otago Daily Times
Budget rates relief ‘necessary'
Oamaru. PHOTO: PETER MCINTOSH Rates relief for potentially hundreds of Waitaki senior citizens through Budget 2025, is "timely and necessary", Age Concern Otago says. The Budget last week announced a rise in the income abatement threshold for SuperGold Cardholders and their households to be eligible for the maximum rebate from $31,510 to $45,000, about the same rate as a couple receiving superannuation. "In the Waitaki District alone, over 5700 people receive NZ Super, many of whom will benefit directly from this support," Age Concern Otago chief executive Mike Williams said. "While we don't have exact figures on how many will qualify, we do know that around 40% of New Zealanders aged 65 and over have virtually no other income beyond NZ Super. With nearly a quarter of Waitaki's population aged 65 or older, and rates set to rise by an average of around 10% across the district, this support is both timely and necessary." The maximum rebate for the scheme will also increase from $790 to $805, while those SuperGold cardholders with income higher than $45,000 will be eligible for a smaller rebate. Ratepayers can apply for the new maximum rebate under the new abatement thresholds after July 1. Application forms will be available from councils and will also be able to be downloaded from the New Zealand Government website ( and then submitted to local councils. Waitaki district mayor Gary Kircher is positive in his support for the move. "It's a tough budget for many, though I see some benefits in the budget for our community," he told the Oamaru Mail. "It is good to see that more of our Super Gold Card holders will be eligible for rates relief, as the government recognises the pressures on local government and their ratepayers. "This is welcome news for many of our Waitaki ratepayers, especially those on fixed incomes who own their own homes." Any over-65s with questions about eligibility can contact Waitaki District Council on 03 433 0300 or by contacting service@ Mr Kircher said there were other good news items in the Budget. "An increase of $2.7b for roads schools and hospitals will help, though at least some of those increases had already been announced. "From a council perspective, it will be extremely helpful if the government increases the ability of NZTA to match more of our funding to help councils make progress on the overall underinvestment in roading. "There will be general benefits for our community with the sensible changes to prescriptions, and improvements to our after-hours healthcare, along with an extra $1b for new health infrastructure. "However, the zero increase to many budgets and the decrease in others will be difficult for most government agencies. "I doubt that it has been an easy task for the government, and there is some good logic behind a number of changes. "Unfortunately, many people are doing it bloody hard right now and there will some who are going to be slightly better off, but not all of those most affected." Waitaki MP Miles Anderson said the district would also benefit from Budget 2025's new Investment Boost initiative, which would provide "a major new tax incentive to encourage businesses to invest, grow the economy, and lift wages". "This is great news for farms and businesses in the Waitaki and the initiative is already seeing a strong positive response from the sector. "With our region's strong rural and supporting industries we need businesses to invest in productive assets — like machinery, tools, equipment, vehicles and technology. Investment drives productivity improvements, makes firms more competitive and supports employers to improve workers' wages. "Investment Boost allows a business to immediately deduct 20% of the cost of a new asset, on top of depreciation, meaning a much lower tax bill in the year of purchase." That meant better cashflows, which in turn, makes potential investments "stack up financially", he said. On top of a $164m investment in rural health, including expanded and improved after-hours health services in Oamaru, the Budget also strengthened education provision with $1.5billion to improve student achievement, including $646m of initiatives to ensure earlier identification of, and better help for, children with additional physical, learning and behavioural needs, he said. Another $700m would deliver new schools and classrooms. "We are making smart improvements in education that will make a real difference for young people here," Mr Anderson said.
Straits Times
6 hours ago
- Health
- Straits Times
She proposed a marriage annulment after cancer diagnosis; he chose to stay on
Mrs Eleanore James and her husband Timothy James participated in MSF's "Real Families, Real Stories" campaign because they wanted to bring hope to other couples. PHOTO: COURTESY OF TIMOTHY AND ELEANOR JAMES She proposed a marriage annulment after cancer diagnosis; he chose to stay on SINGAPORE – Shortly after getting married in 2021, social worker Eleanore James and her husband Timothy James started trying for a child – something Mr James has always wanted. But two months in, she experienced a sharp abdominal pain which landed her in the hospital. A battery of tests found cancer in both her ovaries. She said: 'My oncologist told us the very devastating news that it is not possible for us to have children. 'I felt like our world crashed. I had to make a difficult decision to propose an annulment to Timothy since we were still newly married.' This decision was well-thought out, she told The Straits Times. She said: 'I made this decision since Timothy adores children and always wants to be the father of our children. It would be selfish of me to keep him by my side and rob him of his desire.' But Mr James refused. He said: 'I did not even want to reconsider. I remembered my wedding vows towards her – in sickness and in health. My love for her outweighs my desire to have our own children.' On May 31, the couple's story was featured in an interactive exhibition at the launch of this year's National Family Festival. The showcase features a selection of stories about the ups and downs of family life submitted by over 500 families for a campaign run by the Ministry of Social and Family Development called 'Real Families, Real Stories' . Mrs James, now 36, and Mr James, a 43-year-old halfway house operations assistant, chose to participate because they wanted to bring hope to other couples. They said in a joint e-mail to ST: 'Not having children may not mean the family is incomplete. It can be just spending time and finding ways to keep a marriage strong.' The launch event was held at the Singapore Expo, and marks the start of a series of events across the island in June. The launch event for this year's National Family Festival at the Singapore Expo marks the start of a series of events across the island in June. PHOTO: LIANHE ZAOBAO Minister for Social and Family Development Masagos Zulkifli gave a speech at the festival's launch. He reiterated the government's upcoming plans to support families, such as the increase of shared parental leave from 26 to 30 weeks in April 2026, and more benefits for couples who have two or more children announced in this year's Budget. He said: 'Family is critical to our journey in our life, and also as a nation. '…As our society evolves, so do the needs of our families. They change, and therefore, we must ensure that familial support systems remain relevant and robust.' One family at the event was retired contractor Toh Chee Keong, 57, and housewife Vu Thi Sam, 42 with their six children aged between four and 18. Mr Toh said having a large family is a joy, but good finances are the most important ingredient in making it work. He said: 'I'm lucky enough that I can support my family... We have two helpers to do the housework, which really lessens our burden. So we just enjoy watching them and playing with them.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Scottish Sun
10 hours ago
- Business
- Scottish Sun
Department store chain shutting last shop TODAY after 140 years as it's wiped off high street due to Budget tax hikes
The historic store launched a scathing attack on the Chancellor before shutting up for the last time today SHUTTERS DOWN Department store chain shutting last shop TODAY after 140 years as it's wiped off high street due to Budget tax hikes AN ICONIC department store has been forced to shut its last branch after 140 years of trading due to Rachel Reeves' Budget hikes. Beales has confirmed its last ever shop, located in the Dolphin Centre shopping mall in Poole, Dorset, will be closing for good today. 2 The Poole branch was the final department store to close Credit: Alamy 2 Beales hit back at the Chancellor's economic policies by announcing a "Rachel Reeves' Closing Down Sale" Credit: FACEBOOK - BEALES POOLE It marks the end of an era for the one of the oldest faces of the British high street, which first opened in Bournemouth in 1881. Struggles began for the retailer when it entered administration in January 2020, forcing the closure of 22 of its 23 shops. The shop in Poole reopened the same year after relocating to the shopping centre and remained the only Beales store standing. Despite weathering the financial storm for the past five years, Reeves' economic policies proved to be the final nail in the coffin for the iconic departmental store. Beales hit back at the Chancellor's economic policies by announcing a "Rachel Reeves' Closing Down Sale". On social media, the popular chain joked that it had fallen victim to the Budget "black hole". The closure will also affect an NHS clinic, which is located on the top floor of the Poole store. It was set up in 2021 to reduce waiting times, but will now move to St Mary's hospital on June 5. The death of the high street is the death of communities Beales chief executive Tony Brown explained that business had become "unviable" following the Chancellor's Budget last October. He said: "This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option. "We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit. "Our team has been informed, as have our suppliers. We will ensure the exit is managed and no one will be left with a financial loss." Below the advert for the "Rachel Reeves Closing Down Sale", which included discounts of up to 80%, the high street favourite launched a scathing attack on the Chancellor. A caption on the store's Facebook page read: "Our closing sale is almost over (cheers for the help, Chancellor) - and we've just dropped hundreds of lines to 80% OFF or more! "Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone." UK Retail Shake-Up: Superdry and More It has struggled to cope with rises in national insurance contributions and higher minimum wage which came into effect last month. Like many other businesses, Beales faced higher employer NI 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. It came as the national minimum wage was notably increased, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased to £10 per hour from £8.60. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. The British Independent Retailers Association (Bira) warned this closure could be the first of many as retailers continue to struggle with mounting costs. Commercial director Jeff Moody said he was "deeply saddened" to hear about Beales shutting up shop. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." He added: 'This is not just the loss of another shop. "It represents the end of a retail institution that has served communities for nearly one-and-a-half centuries. 'This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.' At its peak, Beales operated 41 stores across the country, selling a range of furniture, cosmetics, fashion products and toys. The high street chain shut its store in Southport last September just three years after the site reopened. FAMOUS NAMES GONE FROM THE HIGH STREET Beales is not the only brand that's been wiped from the high street in recent years. Ted Baker, fell into administration last March after years of turmoil. At the time it had 46 shops in the UK employing around 975 people. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January 2024 with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online.
Yahoo
21 hours ago
- Business
- Yahoo
Rachel Reeves on course for £24bn tax raid, warns JP Morgan
Rachel Reeves is on course to raise taxes by £24bn this autumn as she launches a fresh raid on working people to fund higher welfare spending. JP Morgan said the Chancellor was quickly becoming boxed in by pledges from Sir Keir Starmer, including proposals to reverse cuts to winter fuel payments for pensioners as well as the suggestion that he will remove a cap on benefits for families with more than two children. The moves have widely been seen as a bid to ward off the threat from Nigel Farage's Reform UK, which made significant gains in the recent local elections. However, Allan Monks at JP Morgan said the strategy would force Ms Reeves to increase taxes again, just a year after her record £40bn raid. Sir Keir's pledge to look again at eligibility for winter fuel payments and the benefit cap could cost up to £5bn a year by the end of the decade, JP Morgan said. Mr Monks said the Ms Reeves was also under pressure as a result of Donald Trump's trade war, which has taken a toll on the economy. An expected £2.4bn boost to growth from trade deals with the EU, US and India will fail to offset a £7.3bn hit from higher tariffs. JP Morgan believes the US president will be able to keep his 'liberation day' tariffs in place, despite a US court ruling they were illegal. He was granted a legal stay by an appeals court on Thursday. The investment bank said: 'There is continued uncertainty about the tariff regime in light of this week's US court ruling, but for now we assume the universal 10pc baseline will stay.' Weaker growth is set to blow a further £9bn hole in the public finances, leaving Ms Reeves on course to have to raise taxes by a total of £24.5bn to restore a £9.9bn buffer she currently has to balance the books, Mr Monks economist predict that Ms Reeves would extend a freeze on income tax thresholds until the end of the decade in a move that could raise just shy of £10bn. Thresholds have already been frozen until 2028, a policy that will drag 4m people into paying higher rates of income tax between now and then. It means the number of workers paying tax on their incomes is on course to climb above 40m for the first time, with 9.2m paying the higher or top rate. Frozen thresholds are not likely to be sufficient and JP Morgan believes the Government may be forced to impose a gambling tax and a further squeeze on welfare to balance the books. Ms Reeves's options are limited by Labour's manifesto pledge not to raise taxes on working people, including income tax, National Insurance and VAT. However, the Government has already found loopholes in its pledge after raising National Insurance on employers by £25bn last October. Further pressure to spend more may yet build between now and the Budget. Ms Reeves is already facing a rebellion over £5bn of welfare cuts as she tries to stop the sickness and disability benefits bill from rising above £100bn by the end of the decade. Sanjay Raja at Deutsche Bank also warned that higher taxes in the autumn were now 'a near certainty'. He said Ms Reeves would face further pressure ahead of the spending review on June 11 where she will set out detailed plans for Whitehall expenditure over the next three years. 'Undeniably, the Spending Review will likely leave the Chancellor with a tricky autumn Budget to navigate,' said Mr Raja. 'Tax rises look a near certainty. And pressure to reform the Chancellor's [borrowing rules] will only increase from here on out.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
