Latest news with #BusinessTrade
The Independent
2 days ago
- Business
- The Independent
Spending review winners and losers: How each department fares
The spending review sets out how government budgets will grow by an overall average of 2.3% per year across the period 2023/24 to 2028/29 – but this figure masks some sharp differences between departments. While health, education and defence are all set to see an average rise in spending, the Home Office and the Foreign Office will see their budgets fall. Here is a list of how each department fares, according to figures published by the Treasury, starting with those areas with the largest increases. All percentages represent average annual growth in real terms – in other words, adjusted for inflation. – Energy Security & Net Zero The total departmental budget, excluding costs related to Sizewell C, is planned to rise by an average of 16.0% per year across the period 2023/24 to 2028/29, and up by a smaller average of 2.7% from 2025/26 to 2028/29. The total departmental budget for Sizewell C grows by an average of 15.6% per year from 2023/24 to 2028/29, but falls by an average of 3.7% from 2025/26 to 2028/29, reflecting a planned drop in spending from £3.2 billion in 2027/28 to £2.5 billion in 2028/29. Day-to-day spending by the department (also known as resource spending) is set to grow by a much smaller average of just 0.5% per year from 2025/26 to 2028/29. – Business & Trade The total budget is planned to grow by an average of 5.8% per year from 2023/24 to 2028/29, and by 3.0% per year from 2025/26 to 2028/29. However, day-to-day spending is set to fall by an average of 1.8% per year from 2025/26 to 2028/29. – Housing, Communities & Local Government Total spending just on local government is planned to rise by an annual average of 5.2% from 2023/24 to 2028/29 and by 1.1% from 2025/26 to 2028/29. The total departmental budget is set to rise by an average of 3.0% per year from 2023/24 to 2028/29, but fall by 0.6% per year from 2025/26 to 2028/29. Day-to-day spending by the department is planned to fall by an average per year of 1.4% from 2025/26 to 2028/29. – Defence The total departmental budget is set to rise by an annual average of 3.6% from 2023/24 to 2028/29, and by 3.8% from 2025/26 to 2028/29. Day-to-day spending is planned to increase by the smaller average of 0.7% per year from 2025/26 to 2028/29. – Health & Social Care The total budget for the department is planned to grow by 2.8% per year from 2023/24 to 2028/29 and by 2.7% per year from 2025/26 to 2028/29. Day-to-day spending on NHS England is planned to rise by an average of 3.0% per year from 2025/26 to 2028/29. – Science, Innovation & Technology The total budget is set to rise by an average of 2.8% per year across the period 2023/24 to 2028/29, and by the smaller amount of 0.9% from 2025/26 to 2028/29. Day-to-day spending is set to rise by an average of 7.4% per year from 2025/26 to 2028/29. – Work & Pensions The budget is planned to grow by an annual average of 2.1% across 2023/24 to 2028/29, but is set to fall by an average of 0.2% per year from 2025/26 to 2028/29. Day-to-day spending rises by an average of 0.4% per year from 2025/26 to 2028/29. – Education The total departmental budget is set to rise by an average of 1.5% per year from 2023/24 to 2028/29, and by 0.8% from 2025/26 to 2028/29. Day-to-day spending rises by an annual average of 0.7% for 2025/26 to 2028/29. – Scottish Government The total budget rises by an average of 1.1% per year from 2023/24 to 2028/29 and by 0.8% from 2025/26 to 2028/29. Day-to-day spending grows by an average of 0.8% per year for 2025/26 to 2028/29. – HMRC The department's total budget grows by an average of 0.6% per year from 2023/24 to 2028/29, but falls by an average of 1.5% per year from 2025/26 to 2028/29. Day-to-day spending rises by an annual average of 0.7% from 2025/26 to 2028/29. – Welsh Government The annual budget grows by an average of 0.6% from 2023/24 to 2028/29 and by 0.7% from 2025/26 to 2028/29 Day-to-day spending grows by an average of 0.9% per year from 2025/26 to 2028/29. – Northern Ireland Executive The budget rises by an average of 0.5% per year from 2023/24 to 2028/29 and also by 0.5% from 2025/26 to 2028/29. Day-to-day spending grows by an average of 0.4% per year from 2025/26 to 2028/29. – Culture, Media & Sport The total departmental budget is planned to fall by an annual average of 0.2% across the period of 2023/24 to 2028/29, and by a larger 1.4% from 2025/26 to 2028/29. Day-to-day spending drops by an annual average of 1.2% from 2025/26 to 2028/29. – Transport Excluding costs related to HS2, the total budget is set to fall by an average of 0.4% per year for the period 2023/24 to 2028/29, but rises by 0.5% per year for 2025/26 to 2028/29. Spending on HS2 falls by an average of 8.6% per year for 2023/24 to 2028/29, and drops by 9.3% for 2025/26 to 2028/29. Day-to-day spending by the department is set to fall by an average of 5.0% per year from 2025/26 to 2028/29. – Environment, Food & Rural Affairs The total budget drops by an annual average of 0.7% from 2023/24 to 2028/29 and falls by 2.3% from 2025/26 to 2028/29. Day-to-day spending is set to fall by an average of 2.7% per year from 2025/26 to 2028/29. – Home Office The department's total budget is planned to fall by an annual average of 2.2% for the period 2023/24 to 2028/29, and down by 1.4% for 2025/26 to 2028/29. Day-to-day spending by the Home Office is set to fall by an average of 1.7% per year from 2025/26 to 2028/29; when excluding forecast costs on asylum, this figure rises by by an average of 0.4% from 2025/26 to 2028/29. Core spending by the police is planned to rise by an average of 2.3% per year across 2023/24 to 2028/29, and by 1.7% for 2025/26 to 2028/29. – Foreign, Commonwealth & Development Office The total budget is set to drop by an annual average of 5.0% from 2023/24 to 2028/29, and by the larger annual average of 8.3% from 2025/26 to 2028/29. Day-to-day spending is set to drop by an average of 6.9% per year from 2025/26 to 2028/29.
The Independent
06-05-2025
- Business
- The Independent
UK-India deal a ‘tremendous statement to the world', says Trade Secretary
The UK's trade deal with India is a 'tremendous statement to the world' following Donald Trump's tariffs, the Business and Trade Secretary has said. Jonathan Reynolds said 'the world needs a story like this right now', with the deal coming a month after the US president's tariffs sent shockwaves through the global trading system. Speaking to reporters while on a visit to the Beefeater Gin Distillery in Kennington, south London, after the deal was announced on Tuesday afternoon, Mr Reynolds acknowledged it was a 'difficult time for the global trading system' in light of the imposition of tariffs by Mr Trump. Mr Reynolds said: 'I'm confident that we can reach agreements with a whole range of countries, including the US in some of our trade talks. 'But I do think some of the pressure that we're facing around the world makes it even more important that major economies come to agreements themselves on trade and reduce those barriers to trade.' Discussing the deal with India, Mr Reynolds said: 'It's something that will boost wages, it will boost growth, it will boost prosperity. 'But at the same time, it's a tremendous statement to the world to have the fifth and sixth largest economies in the world come to terms on a trade agreement, rules-based trade in benefit for ourselves and for India at the same time. 'The world needs a story like this right now, but for people here at home in the UK, it's a tangible boost to their wages and to their local communities.' Mr Reynolds said the deal was clinched with a conversation between himself and Indian commerce minister Piyush Goyal while walking around the Serpentine in Hyde Park on Friday. He added that the agreement was 'particularly good' for Scotland, the Midlands and the North because of goods provisions and that it would lead to 'cheaper clothes and cheaper footwear' for people in the UK. A new cap of 1,800 a year was agreed as part of the negotiations on the total number of Indian musicians, chefs, and yoga teachers who can come to the UK. Mr Reynolds said the deal with India would have 'no impact on the immigration system'. He added: 'There's no guarantee of existing provisions like student visas for India. 'There are some modest changes to business mobility, with a limited number of musicians, yoga teachers and chefs becoming eligible for one of the existing routes. 'But that's just up for 12 months, with the usual agreements in place on business sponsorship, so not immigration, but a modest bit of business mobility.' Asked about whether the deal should have included legal services, Mr Reynolds replied that India had 'made clear they won't include any legal services in their trade agreements'. He added: 'There's a recent Supreme Court decision in India that guarantees some of the access our legal profession already has in India. 'So I'm confident that bilaterally with our professions we can build those relationships and links.' The Business and Trade Secretary said there was 'opportunity' to strike a new bilateral investment treaty with India, adding that this would be a 'finance ministry to finance ministry' discussion. Mr Reynolds acknowledged that winter fuel payment cuts had been a 'feature' of Labour's poor performance in the local elections last week but said the Government had 'no plans' to change its decision. Discussing the election results, he added: 'We know fundamentally people elected this government because they want to see change and that hasn't come soon enough for them, so we've got to listen to that, get on with the job.' During the visit to the gin distillery, Mr Reynolds met Beefeater's master distiller emeritus Desmond Payne, who has worked at the company for 30 years. Mr Payne said the deal with India was 'great news' for the company and the gin industry, adding that the current tariff of 150% was 'high'. The distiller told the PA news agency: 'There's a vast amount of domestically-produced Indian spirits, mainly whisky, and to give them the opportunity at a more favourable price to enjoy UK-produced products like our great Scotch whisky brands and English and UK gins just opens up the door to us and the Indian consumers. 'It's a vast country, and something like 20 million people become eligible drinking age every year in the subcontinent, so potentials are massive and it's great to see.'
