Latest news with #DepartmentForBusiness
The Independent
3 days ago
- Business
- The Independent
Calls to tell shoppers if they are buying food items hit by shrinkflation
Liberal Democrats are pushing for a legal requirement that supermarkets notify shoppers when the quantity of a pre-packaged product has been reduced, leading to a higher unit price, a practice known as " shrinkflation." The proposed amendment to the Product Regulation and Metrology Bill would require large supermarkets to display details of these changes on or next to the product for 60 days. A 2024 study showed that items like digestive biscuits, butter, crisps, and chocolate bars have decreased in size while their unit cost has increased. Lib Dem trade spokesman Clive Jones stated that shoppers are being forced to "pay more for less" by large companies and supermarket chains to protect their profits and need to be informed when they are at risk of being ripped off. A Department for Business and Trade spokesman said the government is committed to protecting consumers from unfair practices through clearer labeling for prices on supermarket shelves.
The Independent
11-05-2025
- Business
- The Independent
Just 21 companies prosecuted in 15 years for not paying minimum wage
Just 21 companies have been prosecuted for not paying the minimum wage in 15 years, shock new figures show. Experts said the small numbers 'emboldened' rogue employers who paid workers far less than they were due as ministers were warned to get a grip of the problem, amid claims it was hampering economic growth and increasing the burgeoning welfare bill. Between 2008 and 2023, only 21 employers were successfully prosecuted for underpaying the minimum wage, with an additional case accepting a caution, according to official figures from the Department for Business and Trade. Ministers say criminal prosecution is reserved for the most serious cases, which involve deliberate underpayment or reckless pay practices. These are usually where there is a wider public interest, or where employers are persistently non-compliant or refuse to cooperate with HMRC, they say. Last year 524 businesses were 'named and shamed' for failing to pay the minimum wage, leaving more than 172,000 workers out of pocket, and ordered to repay workers nearly £16 million, plus an additional financial penalty. But Labour peer Lord Sikka, emeritus professor of accounting at the University of Essex, described those punishments as 'puny' and called for more companies to be prosecuted. The figures on prosecutions were revealed by minister Baroness Jones of Whitchurch in response to a question from Lord Sikka. He told The Independent: 'Our enforcement is incredibly weak. 'I think this is part of the British disease where the law is not really enforced, because they do not employ enough enforcers. It really then emboldens rogue employers because they can then game the system. And every year hundreds of thousands of workers are denied the minimum wage. He called for more prosecutions and said the penalty for not paying the minimum wage 'should at least equal the remuneration of the company board. The larger the company the bigger the penalty'. He added that a failure to pay the minimum wage, brought in the Labour prime minister Tony Blair has an impact 'at many levels of the economy. It could boost growth and reduce the welfare budget - if people are earning more they have to claim less welfare.'
BBC News
06-05-2025
- Business
- BBC News
UK and India agree trade deal after three years of talks
The UK and India have agreed a trade deal that will make it easier for UK firms to export whisky, cars and other products to India, and cut taxes on India's clothing and footwear exports. The British government said the "landmark" agreement, which took three years to reach, did not include any change in immigration policy, including towards Indian students studying in the UK. Prime Minister Sir Keir Starmer said the deal would boost the economy and "deliver for British people and business". Last year, trade between the UK and India totalled £42.6bn and was already forecast to grow, but the government said the deal would boost that trade by an additional £25.5bn a year by 2040. India's prime minister, Narendra Modi, described the agreement as an historic milestone that was "ambitious and mutually beneficial". The pact would help "catalyse trade, investment, growth, job creation, and innovation in both our economies", he said in a post on social media platform X. Once it comes into force, which could take up to a year, UK consumers are likely to benefit from the reduction in tariffs on goods coming into the country from India, the Department for Business and Trade said. That includes lower tariffs on: clothing and footwear foodstuffs including frozen prawns jewellery and gems The government also emphasised the benefit to economic growth and job creation from UK firms expanding exports to India. UK exports that will see levies fall include: gin and whisky aerospace, electricals and medical devices cosmetics UK food products such as lamb, salmon, chocolates and biscuits Tariffs on gin and whisky, which was a key sticking point in negotiations previously, will be halved to 75%, with further reductions taking effect in later years. The deal includes provisions on the services sector and procurement allowing British firms to compete for more contracts. UK Business Secretary Jonathan Reynolds said the benefits for UK businesses and consumers were "massive". Reynolds met his Indian counterpart Piyush Goyal in London last week to put the final touches on the deal. The British government said the deal was the "biggest and most economically significant" bilateral trade agreement the UK had signed since leaving the European Union in 2020. Under the terms of the deal, some Indian and British workers gain from a three year National Insurance exemption, which the Indian government called "an unprecedented achievement". The exemption applies to the staff of Indian companies temporarily transferred to the UK, and UK firms' workers transferred to India. The agreement means they will only pay social security contributions in their home country, rather than in both places. The UK already has similar "double contribution convention" agreements with 17 other countries including the EU, the US and South Korea, the government said. However, leader of the opposition Kemi Badenoch described this as "two-tier taxes from two-tier Keir", with Labour's increase in employer NI contributions from the Budget coming into force last month. Shadow trade secretary Andrew Griffith said: "Every time Labour negotiates, Britain loses". Liberal Democrat deputy leader Daisy Cooper said it was "very worrying to hear concerns that Indian workers coming over here, companies may not have to pay taxes on those workers" and called for MPs to be allowed to vote on the deal. India is forecast to become the world's third-largest economy in a few years. US President Donald Trump's tariff campaign has focused minds in other countries on how to respond, and increased the impetus to strike trade deals. The UK is also a high priority trading partner for Prime Minister Modi's government, which has an ambitious target to grow exports by $1 trillion by 2030. Rain Newton-Smith, chief executive of business lobby group, the CBI, welcomed the deal saying it provided a "beacon of hope amidst the spectre of protectionism" following Trump's wave of tariffs. UK businesses saw "myriad" opportunities in the Indian market, she added. Allie Renison, from communications firm SEC Newgate, and a former government trade adviser, said the deal was potentially "transformational" due to India's size, growth rate and relatively high existing barriers to accessing its market.
Yahoo
06-05-2025
- Business
- Yahoo
UK and India agree 'landmark' trade deal
UK Secretary of State for Business and Trade Jonathan Reynolds and India's Minister of commerce and industry Piyush Goyal met in London last week to finalise the deal [UK Department for Business and Trade] After three years of on-off negotiations, the UK and India have agreed a trade deal which will make it easier for UK firms to export whisky, cars and other products to India, and cut taxes on India's clothing and footwear exports. The deal does not include any change in immigration policy, including towards Indian students studying in the UK, the British government said. Business Secretary Jonathan Reynolds said the benefits for UK businesses and consumers were "massive". Last year trade between the UK and India totalled £41bn and was already forecast to grow, but the government said the deal would boost that trade by an additional £25.5bn a year by 2040. ADVERTISEMENT Mr Reynolds met his Indian counterpart Piyush Goyal in London last week to put the final touches on the deal. Once it comes into force, which could take up to a year, UK consumers were likely to benefit from the reduction in tariffs on goods coming into the country from India, the Department for Business said. As well as clothing, that will include some Indian foodstuffs, such as frozen prawns. The government also emphasised the benefit to economic growth and job creation from UK firms expanding exports to India. Gin and whisky tariffs will be halved to 75%, with further reductions taking effect in later years. Import taxes on cars will fall to 10% as will levies on aerospace, electricals and some UK food products. India is forecast to become the world's third-largest economy in a few years. US President Donald Trump's tariff campaign has focused minds in other countries on how to respond, and increased the impetus to strike trade deals. The UK is also a high priority trading partner for Indian Prime Minister Narendra Modi's government, which has an ambitious target to grow exports by $1 trillion by 2030.
