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Telegraph
6 hours ago
- Business
- Telegraph
Rayner's workers' rights bill will damage growth, warn bosses
Angela Rayner's radical shake-up of workers' rights will hurt economic growth, bosses have warned, as companies prepare to slash hiring and curb investment. More than seven in 10 business leaders believe the Government's Employment Rights Bill will have a negative impact on the country's economy, according to a survey carried out by the Institute of Directors (IoD). Nearly half said they would be less likely to hire new staff as a result of the reforms to workers' rights. The warning will raise alarm bells for the Chancellor who has said that restoring economic growth is her priority. It threatens to deepen tensions between Ms Reeves and the Deputy Prime Minister, who is overseeing the workers' rights reforms. The pair have already clashed over the direction of economic policy, with a leaked memo recently revealing Ms Rayner was pressing the Chancellor to pursue tax rises instead of spending cuts. Under the workers' rights reforms, employees will be able to claim sick pay from the first day of their illness, instead of the fourth. The Bill will also extend the powers of unions in the workplace, making it easier for trade groups to organise strikes by weakening the thresholds currently needed to trigger a walkout. Sir Keir Starmer previously made the shake-up, dubbed Labour's 'new deal for working people', as a core part of his manifesto in the lead-up to his victory in the general election. However, it has sparked concern from business chiefs. The survey by the IoD found that more than half (52pc) of company bosses said they would be more likely to invest in automation as a result of the Bill. A quarter of business leaders polled said the Bill made it likely that they would make redundancies in a further blow to the labour market. The IoD, the so-called 'bosses' union', represents 20,000 business leaders across the country, ranging from entrepreneurial small ventures to major corporations. Already, many of those businesses have reported a slowdown in hiring since the Chancellor announced an increase in employers' National Insurance contributions and the minimum wage in the autumn Budget. The rise in labour costs has caused many businesses to cut jobs or scrap hiring plans. Alex Hall-Chen, a principal policy adviser for employment at the IoD, said: 'Government has yet to show that it is listening to the concerns of business about the potential unintended consequences of the Bill as it is currently drafted. 'If there is a silver lining, it is that more employers will invest in automation and other measures which may improve the UK's stagnating productivity levels.' Targeted changes The IoD has called on the Government to make targeted changes to the Bill, which it believes would soften the negative impact of the reforms on hiring. One of its proposed changes includes keeping the existing thresholds for statutory recognition of trade unions. Andrew Griffith, the shadow business secretary, said: 'If Labour ministers had worked in business they would know their choices mean that British workers will lose their jobs to robots and foreign workers. 'Whilst all Labour governments leave unemployment higher than they found it, this time they are actually passing laws to guarantee it.' The warning over the worker rights reforms comes after MPs warned that Britain's high energy bills and poorly coordinated efforts to fund business growth was hitting growth and prosperity. MPs on the business and trade committee said: 'The UK's high electricity prices are damaging the ability of UK businesses to compete, attract investment and decarbonise.' It pointed to evidence from Nissan that the company's Sunderland plant has higher energy bills than any of its other car factories in the world. Liam Byrne, chairman of the committee, said: 'The evidence we've heard from the nation's leading industrialists, scientists, economists and trade unionists is that this moment of history will be lost if the Chancellor's new investment is not matched by a re-making of the British state for a new economic era.' The MPs also called on the Chancellor to act to stop many of the best entrepreneurs from leaving the country for lack of funding to support their rapidly growing businesses. A government spokesman said: 'We've consulted extensively with business on our proposals, and we will continue to work closely with employers to ensure new laws work for them while putting money back into the pockets of working people.'
Yahoo
6 hours ago
- Business
- Yahoo
Rayner's workers' rights bill will damage growth, warn bosses
Angela Rayner's radical shake-up of workers' rights will hurt economic growth, bosses have warned, as companies prepare to slash hiring and curb investment. More than seven in 10 business leaders believe the Government's Employment Rights Bill will have a negative impact on the country's economy, according to a survey carried out by the Institute of Directors (IoD). Nearly half said they would be less likely to hire new staff as a result of the reforms to workers' rights. The warning will raise alarm bells for the Chancellor who has said that restoring economic growth is her priority. It threatens to deepen tensions between Ms Reeves and the Deputy Prime Minister, who is overseeing the workers' rights reforms. The pair have already clashed over the direction of economic policy, with a leaked memo recently revealing Ms Rayner was pressing the Chancellor to pursue tax rises instead of spending cuts. Under the workers' rights reforms, employees will be able to claim sick pay from the first day of their illness, instead of the fourth. The Bill will also extend the powers of unions in the workplace, making it easier for trade groups to organise strikes by weakening the thresholds currently needed to trigger a walkout. Sir Keir Starmer previously made the shake-up, dubbed Labour's 'new deal for working people', as a core part of his manifesto in the lead-up to his victory in the general election. However, it has sparked concern from business chiefs. The survey by the IoD found that more than half (52pc) of company bosses said they would be more likely to invest in automation as a result of the Bill. A quarter of business leaders polled said the Bill made it likely that they would make redundancies in a further blow to the labour market. The IoD, the so-called 'bosses' union', represents 20,000 business leaders across the country, ranging from entrepreneurial small ventures to major corporations. Already, many of those businesses have reported a slowdown in hiring since the Chancellor announced an increase in employers' National Insurance contributions and the minimum wage in the autumn Budget. The rise in labour costs has caused many businesses to cut jobs or scrap hiring plans. Alex Hall-Chen, a principal policy adviser for employment at the IoD, said: 'Government has yet to show that it is listening to the concerns of business about the potential unintended consequences of the Bill as it is currently drafted. 'If there is a silver lining, it is that more employers will invest in automation and other measures which may improve the UK's stagnating productivity levels.' The IoD has called on the Government to make targeted changes to the Bill, which it believes would soften the negative impact of the reforms on hiring. One of its proposed changes includes keeping the existing thresholds for statutory recognition of trade unions. Andrew Griffith, the shadow business secretary, said: 'If Labour ministers had worked in business they would know their choices mean that British workers will lose their jobs to robots and foreign workers. 'Whilst all Labour governments leave unemployment higher than they found it, this time they are actually passing laws to guarantee it.' The warning over the worker rights reforms comes after MPs warned that Britain's high energy bills and poorly coordinated efforts to fund business growth was hitting growth and prosperity. MPs on the business and trade committee said: 'The UK's high electricity prices are damaging the ability of UK businesses to compete, attract investment and decarbonise.' It pointed to evidence from Nissan that the company's Sunderland plant has higher energy bills than any of its other car factories in the world. Liam Byrne, chairman of the committee, said: 'The evidence we've heard from the nation's leading industrialists, scientists, economists and trade unionists is that this moment of history will be lost if the Chancellor's new investment is not matched by a re-making of the British state for a new economic era.' The MPs also called on the Chancellor to act to stop many of the best entrepreneurs from leaving the country for lack of funding to support their rapidly growing businesses. A government spokesman said: 'We've consulted extensively with business on our proposals, and we will continue to work closely with employers to ensure new laws work for them while putting money back into the pockets of working people.' Responding to the select committee report, a government spokesman said ministers were working on 'creating the best possible conditions for the private sector to thrive.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
28-05-2025
- Business
- Irish Times
Aviva chair appointed president of the Institute of Directors
Aviva Life and Pensions chairwoman Helen Nolan has been appointed president of the Institute of Directors (IoD). IoD, which is the membership body for directors and business leaders, made the announcement at its annual general meeting on Tuesday. Ms Nolan replaces John Reynolds who has held the position for the last two years. Ms Nolan is also a non-executive director of US-listed fresh produce company Dole and of Companjon Insurance, where she chairs the audit committee. READ MORE A KPMG-trained chartered accountant, she has held several senior roles with Bank of Ireland, including group secretary, group chief internal auditor, and divisional finance officer for the capital markets division. 'As the commitment of being a director and business leader evolves and expands, with technological advances driving transformational changes in businesses, IoD will be there to support the needs and concerns of its members,' said Ms Nolan. 'Our ambition is for Ireland to be considered an exemplar of corporate governance. We will continue to instil stakeholder trust and confidence in organisations by educating, informing, and supporting directors and business leaders. 'I would also like to acknowledge former president John Reynolds for his leadership and commitment to IoD Ireland over the last two years. 'I look forward to working with the IoD executive and council in supporting our members while we deliver what directors need to lead in times of ceaseless change. 'By championing innovation, lifelong learning, and good governance we can help shape a dynamic future of Irish business from the inside out.' Mr Reynolds said: 'I would like to express my appreciation of the work and commitment of each of the members of our council and executive during my tenure as president. 'I am delighted to pass on the baton to Helen and watch IoD Ireland continue to go from strength to strength.'
Business News Wales
21-05-2025
- Business
- Business News Wales
IoD Launches Global Leadership Programme Featuring Erin Brockovich
The Institute of Directors (IoD) has launched a global leadership programme featuring keynote speaker Erin Brockovich. The Global Certificate in Company Direction has been created by the IoD in collaboration with the University of St Andrews Business School. It aims to equip directors with the knowledge, skills, and strategic insight to lead effectively. The programme combines governance expertise, academic excellence, and immersive board simulations. Environmental activist and consumer advocate Erin Brockovich will deliver an exclusive in-person session at St Andrews. Professor Mark Brewer, Dean of the University of St Andrews Business School, said: 'This collaboration brings together the academic excellence of St Andrews and the IoD's unmatched expertise in corporate governance. The Global Certificate in Company Direction is for leaders who want to drive meaningful change and excel in their boardroom roles. By combining real-world case studies, peer learning and cutting-edge research, this programme offers a transformative experience for directors worldwide.' Jonathan Geldart, Director General of the IoD, said: 'The IoD is an organisation that exists for the public good and is designed to support directors in effectively running businesses in the public interest. Better directors mean better-run businesses; better businesses mean a better economy. And a better economy means a better world.' The programme is delivered via in-person residential learning with virtual sessions. The residential session will take place at the Fairmont Hotel in St Andrews from October 18–24, 2025, followed by a virtual session from December 2–4, 2025 and the programme cost is £19,500. The programme has a limited number of available spots. To find out more visit the IOD website here.
Yahoo
15-05-2025
- Business
- Yahoo
Rental prices 'painful' for average earners
Guernsey's Institute of Directors (IoD) has described the island's rental prices as "painful", leaving little money left over for tenants after paying their rent, food, and bills. It follows the release of the government's Property Prices Bulletin, which shows the average local market rental price was £2,068 a month in the first quarter of 2025. That figure is 1.5% higher than the previous quarter, 8.2% higher than the first quarter of 2024 and 51.7% higher than five years ago. Richard Hemans, the IoD lead on economics, said comparing the figure to the most recent average income data showed renting would cost 55% of a persons salary. Mr Hemans said rental prices had been a "major driver of inflation" in the island and had increased "much faster than in Jersey". "The ongoing strength will continue to put upward pressure on local inflation," he said. "The cost of renting a property in Guernsey has increased by 52% since the pandemic as the population has grown and not enough properties have been built. "The last figures from Q3 2024 show that rental costs consume a painful 55% of earnings, leaving little scope for discretionary spending once essential purchases and taxation is paid." He added: "Given that rental costs have likely outpaced earnings over the last six months, this metric will have deteriorated further." The Property Prices Bulletin also showed the average price for a local market property was £580,412 at the start of the year, 3.2% lower than the first quarter of 2024. "The cost of renting a property is still rising fast, whilst the affordability of ownership is improving although still elevated," said Mr Hemans. "The latest figures confirm what we already know in that we are not building enough homes, which is the key driver of price and affordability pressures. "This has to remain one of the top priorities for the next States and is fundamental to our social and economic prosperity." He said 71 new property units were created over the last 12 months and 527 over the last five years, which was "significantly lower" than the target of 310 units per year, or 1,550 over five years. "Over the last quarter the number of property units fell by five," said Mr Hemans. "This explains why Guernsey house prices will continue to remain high and strong in the context of full employment, robust earnings, falling interest rates and a growing population driven by positive net migration. He added: "The scale of the housing challenge has been recognised, and momentum is building to address the issue, but over the short term this disequilibrium will ensure that prices remain elevated whilst transactions will remain below historic levels." More news stories for Guernsey Listen to the latest news for Guernsey Follow BBC Guernsey on X and Facebook and Instagram. Send your story ideas to Plans submitted for 101 homes near cinema complex Guernsey adds 'one affordable home in two years' Slight drop in Guernsey rent and house prices Guernsey Property Prices Bulletin Institute of Directors
