Latest news with #KateNicholls
Daily Mirror
27-05-2025
- Business
- Daily Mirror
KFC to open 500 new restaurants in UK as part of major expansion plan
KFC estimates that the UK fried chicken market is worth £3.1bn annually, and it expects it to continue to grow, with new entrants in recent years including Popeyes, Wingstop, Dave's Hot Chicken and Slim Chickens KFC is planning to open 500 new UK restaurants over the next five years as part of a major expansion drive. The chicken fast food giant said the £1.5illion plan would create more than 7,000 new jobs. KFC said £466million of the overall funding would go towards opening new "flagship" high street stores and drive-thrus in 'key locations' such as Ireland and North West England. Alongside this, KFC will be "upgrading" more than 200 restaurants, which equates to 20% of its UK store estate. The brand added that it will spend £404million to 'strengthen KFC's long-standing relationships with its suppliers and help businesses across the UK and Ireland continue to grow'. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. KFC estimates that the UK fried chicken market is worth £3.1billion annually, and it expects it to continue to grow, with new entrants in recent years including Popeyes, Wingstop, Dave's Hot Chicken and Slim Chickens. Rob Swain, general manager KFC UK & Ireland, said: 'We've been serving customers in the UK for 60 years now, but we've never seen such strong demand for freshly prepared, fried chicken as we're seeing today. 'As the market leader and a near-£2billion revenue business, we're incredibly well positioned to unlock this opportunity. 'That's why we're doubling down on our commitment to the UK&I with a major investment in our restaurants, and in the suppliers who have been so crucial to our success, which will create jobs in local communities across the country.' Join Money Saving Club's specialist topics Kate Nicholls, chief executive of UKHospitality, added: 'Hospitality's ability to create places where people want to live, work and invest is unrivalled. This significant announcement from KFC is proof of that and will help to drive socially productive growth, deliver economically and support employment across the UK.' To mark 60 years of operating in the UK and Ireland, KFC also released its first economic and community impact report, which showed that it had added £110billion of total annual economic contribution to the UK economy every year. It also reported that it spends £856million annually directly with UK-based suppliers Over the last 60 years, KFC says it has contributed £ 11.6 billion to the UK economy. Kentucky Fried Chicken - known better as KFC -was founded by Colonel Harland D Sanders in Kentucky in the 1950s. The first KFC site to open was in Preston, Lancashire, in 1965. As of now, the chain has over 1,000 branches across the UK and Ireland and employs 33,500 people through its company and 27 franchise partners.
Scottish Sun
21-05-2025
- Business
- Scottish Sun
Pub & restaurant bosses slam Rachel Reeves' tax hikes for sending inflation rate soaring by more than expected
PUBS and restaurant bosses angrily hit out at the higher-than-expected inflation figures - blasting a slew of government taxes and regulation for higher prices for consumers. Hospitality chiefs aimed their fire at decisions to raise national insurance costs for firms and called for lower business rates for the suffering sector. 1 Pubs and restaurant bosses angrily hit out at Rachel Reeves today Credit: PA The call came as inflation shot up to 3.5 per cent in the year to April which was a steep rise on the month before when it stood at 2.6 per cent. Kate Nicholls, UK Hospitality boss also hit out at a new packaging tax, known as the "bevvy levy" for also hitting consumers in the pocket. She said: "Political and tax decisions have consequences for consumer prices - we need downward pressure on regulation and costs of doing business with action on business rates, NICs, packaging and tourism taxes." Union boss Sharon Graham said the cost and living crisis is "alive and kicking". Read More Money News RATE SPIKE UK inflation rate soars by more than expected after millions hit with huge bills She added that growth and profit must turn into jobs and wages. Tory shadow Chancellor Mel Stride said that the news was "worrying for families" who are seeing prices spiral. Why does inflation matter? INFLATION is a measure of the cost of living. It looks at how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time. Usually people measure inflation by comparing the cost of things today with how much they cost a year ago. The average increase in prices is known as the inflation rate. The government sets an inflation target of 2%. If inflation is too high or it moves around a lot, the Bank of England says it is hard for businesses to set the right prices and for people to plan their spending. High inflation rates also means people are having to spend more, while savings are likely to be eroded as the cost of goods is more than the interest we're earning. Low inflation, on the other hand, means lower prices and a greater likelihood of interest rates on savings beating the inflation rate. But if inflation is too low some people may put off spending because they expect prices to fall. And if everybody reduced their spending then companies could fail and people might lose their jobs. See our UK inflation guide and our Is low inflation good? guide for more information. He said: "This morning's news that inflation is up – and now well above the 2% target – is worrying for families. "We left Labour with inflation bang on target, but Labour's economic mismanagement is pushing up the cost of living for families - on top of the £3,500 hit to households from the Chancellor's damaging Jobs Tax. "Higher inflation could also mean interest rates stay higher for longer, hitting family finances hard. "Families are paying the price for the Labour Chancellor's choices.' Richard Tice, deputy Reform UK leader, said: "Terrible inflation numbers soaring to 3.5% Due to Labour's awful budget and economic mismanagement." Ms Reeves said: "I am disappointed with these figures because I know cost of living pressures are still weighing down on working people. "We are long way from the double digit inflation we saw under the previous administration, but I'm determined that we go further and faster to put more money in people's pockets. "That's why we have increased the minimum wage for millions of working people, frozen fuel duty to protect commuters and struck three trade deals in the past two weeks that will go towards cutting bills." What does it mean for my money? Rising inflation reduces people's spending power because things cost more. Core inflation, which excludes volatile items, also increased, driven mainly by higher household bills like energy and water. Businesses are passing on increased employment costs to consumers, contributing to inflation. Rising inflation means prices will rise faster, pushing up grocery and household bills. The Bank of England may keep interest rates higher for longer to control inflation, which could mean that mortgage rates will rise again. Rob Wood, at Pantheon Macroeconomics, said he believes inflation will stay around 3.5% for the rest of the year. He said: "We think the Monetary Policy Committee will have to proceed cautiously. "We stick with two more rate cuts this year, but are very close to reducing that to only one." However, this isn't guaranteed. If economic growth remains slow, the Bank could continue to lower interest rates to encourage spending and investment, helping to give the economy a much-needed boost. The base rate is currently set at 4.25%, and the Bank of England's Monetary Policy Committee will next review its level on June 19. Wage growth is slowing, and job insecurity is rising and this puts more pressure on personal budgets. While energy bills may fall in the summer, many households are still struggling. It's important to review budgets, cut wasteful spending, and manage debt. Homeowners and first-time buyers may be discouraged as interest rate cuts could slow down. Savers need to be aware that higher inflation reduces the value of their returns. It's important to secure good savings deals now and consider tax-efficient savings strategies like ISAs to protect savings from tax. Myron Jobson, senior personal finance analyst at interactive investor, said: "While the increase might come as a shock to households, it's important to remember that CPI inflation is an annual measure, comparing prices to what they were a year ago. "Britons should approach headline inflation figures with perspective. Everyone has an inflation rate that is unique to them, depending on their individual spending habits. "It's crucial to focus on maintaining financial resilience in uncertain times – whether by reviewing budgets, building up emergency savings, or managing debt – to better weather any bumps along the road ahead."
The Sun
21-05-2025
- Business
- The Sun
Pub & restaurant bosses slam Rachel Reeves' tax hikes for sending inflation rate soaring by more than expected
PUBS and restaurant bosses angrily hit out at the higher-than-expected inflation figures - blasting a slew of government taxes and regulation for higher prices for consumers. Hospitality chiefs aimed their fire at decisions to raise national insurance costs for firms and called for lower business rates for the suffering sector. The call came as inflation shot up to 3.5 per cent in the year to April which was a steep rise on the month before when it stood at 2.6 per cent. Kate Nicholls, UK Hospitality boss also hit out at a new packaging tax, known as the "bevvy levy" for also hitting consumers in the pocket. She said: "Political and tax decisions have consequences for consumer prices - we need downward pressure on regulation and costs of doing business with action on business rates, NICs, packaging and tourism taxes." Union boss Sharon Graham said the cost and living crisis is "alive and kicking". She added that growth and profit must turn into jobs and wages. Tory shadow Chancellor Mel Stride said that the news was "worrying for families" who are seeing prices spiral. Why does inflation matter? INFLATION is a measure of the cost of living. It looks at how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time. Usually people measure inflation by comparing the cost of things today with how much they cost a year ago. The average increase in prices is known as the inflation rate. The government sets an inflation target of 2%. If inflation is too high or it moves around a lot, the Bank of England says it is hard for businesses to set the right prices and for people to plan their spending. High inflation rates also means people are having to spend more, while savings are likely to be eroded as the cost of goods is more than the interest we're earning. Low inflation, on the other hand, means lower prices and a greater likelihood of interest rates on savings beating the inflation rate. But if inflation is too low some people may put off spending because they expect prices to fall. And if everybody reduced their spending then companies could fail and people might lose their jobs. See our UK inflation guide and our Is low inflation good? guide for more information. He said: "This morning's news that inflation is up – and now well above the 2% target – is worrying for families. "We left Labour with inflation bang on target, but Labour's economic mismanagement is pushing up the cost of living for families - on top of the £3,500 hit to households from the Chancellor's damaging Jobs Tax. "Higher inflation could also mean interest rates stay higher for longer, hitting family finances hard. "Families are paying the price for the Labour Chancellor's choices.' Richard Tice, deputy Reform UK leader, said: "Terrible inflation numbers soaring to 3.5% Due to Labour's awful budget and economic mismanagement." Ms Reeves said: "I am disappointed with these figures because I know cost of living pressures are still weighing down on working people. "We are long way from the double digit inflation we saw under the previous administration, but I'm determined that we go further and faster to put more money in people's pockets. "That's why we have increased the minimum wage for millions of working people, frozen fuel duty to protect commuters and struck three trade deals in the past two weeks that will go towards cutting bills." What does it mean for my money? Rising inflation reduces people's spending power because things cost more. Core inflation, which excludes volatile items, also increased, driven mainly by higher household bills like energy and water. Businesses are passing on increased employment costs to consumers, contributing to inflation. Rising inflation means prices will rise faster, pushing up grocery and household bills. The Bank of England may keep interest rates higher for longer to control inflation, which could mean that mortgage rates will rise again. Rob Wood, at Pantheon Macroeconomics, said he believes inflation will stay around 3.5% for the rest of the year. He said: "We think the Monetary Policy Committee will have to proceed cautiously. "We stick with two more rate cuts this year, but are very close to reducing that to only one." However, this isn't guaranteed. If economic growth remains slow, the Bank could continue to lower interest rates to encourage spending and investment, helping to give the economy a much-needed boost. The base rate is currently set at 4.25%, and the Bank of England's Monetary Policy Committee will next review its level on June 19. Wage growth is slowing, and job insecurity is rising and this puts more pressure on personal budgets. While energy bills may fall in the summer, many households are still struggling. It's important to review budgets, cut wasteful spending, and manage debt. Homeowners and first-time buyers may be discouraged as interest rate cuts could slow down. Savers need to be aware that higher inflation reduces the value of their returns. It's important to secure good savings deals now and consider tax-efficient savings strategies like ISAs to protect savings from tax. Myron Jobson, senior personal finance analyst at interactive investor, said: "While the increase might come as a shock to households, it's important to remember that CPI inflation is an annual measure, comparing prices to what they were a year ago. "Britons should approach headline inflation figures with perspective. Everyone has an inflation rate that is unique to them, depending on their individual spending habits. "It's crucial to focus on maintaining financial resilience in uncertain times – whether by reviewing budgets, building up emergency savings, or managing debt – to better weather any bumps along the road ahead."
Business News Wales
20-05-2025
- Business
- Business News Wales
Business Leaders Welcome New Agreement with EU
Business leaders have welcomed a new UK agreement with the European Union. As part of the deal, a new SPS agreement will make it easier for food and drink to be imported and exported by reducing red tape. Some routine checks on animal and plant products will be removed completely, allowing goods to flow freely again, including between Great Britain and Northern Ireland. The UK will also be able to sell various products, such as burgers and sausages, back into the EU again. The UK Government said that closer co-operation on emissions through linking respective Emissions Trading Systems would improve the UK's energy security and avoid businesses being hit by the EU's carbon tax due to come in next year. Combined, the SPS and Emissions Trading Systems linking measures alone are set to add nearly £9 billion to the UK economy by 2040, the UK Government said. Meanwhile a new Security and Defence Partnership will pave the way for the UK defence industry to participate in the EU's proposed new €150 billion Security Action for Europe (SAFE) defence fund. The UK Government said that with more than 160 firms employing more than 20,000 people in defence, Wales was 'well-placed to benefit' from an increase in defence spending, adding that it was 'exploring access' to the EU defence fund for firms based in Wales. Ben Cottam, Head of Wales at the Federation of Small Businesses, said: 'As Wales's most important trading partner, FSB welcomes the announced easing of trade barriers between the UK and the EU. 'In particular, simplifying exports for Welsh food and drink SMEs provides a vital injection of confidence and certainty for these key businesses, enabling them to unlock new opportunities for growth and innovation in the EU market. 'There is a role now for Wales's business support organisations to proactively engage with businesses to provide comprehensive guidance on what the deal means for them and how they can capitalise on the benefits of this improved trading environment.' Kate Nicholls, Chief Executive of UKHospitality, said: 'The new agreement with the EU to remove trade barriers is positive news for hospitality businesses and will help to further increase access to high-quality, affordable food and drink for business and consumers alike. 'We're pleased that there is a clear commitment to co-operate further on a youth experience scheme. These schemes are beneficial for those already working in hospitality, tourism and other cultural sectors to live and work in either the UK or EU. Not only does it provide economic benefits, but it also provides new opportunities for critical cultural exchange, which ultimately delivers richer experiences for customers. 'I urge both parties to pursue a model with maximum flexibility, and mirroring existing schemes with Australia and New Zealand is a sensible approach.' Nick Farmer, Partner and Head of Outbound Services at accountancy and advisory firm Menzies, welcomed the announcement but warned that without broader reform, business will remain constrained by unnecessary red tape. He said: 'This is the reset businesses have been crying out for – but it must be the start, not the end. If the Government is serious about supporting growth, this has to lead to wider reform. Today's news provides much-needed positivity, but true progress means tackling the broader non-tariff frictions still making UK-EU business harder than it needs to be. 'We need to see real momentum on lifting the trade barriers, red tape and regulatory hurdles that are still holding companies back. Exporters in many sectors are still facing unnecessary constraints – practical, coordinated action is now essential to get UK trade back to where it should be.' Offshore Energies UK (OEUK) said the opening of UK-EU talks on key areas such as grid linkage and emissions trading offered opportunities to drive down costs for homes and businesses, boost energy security and accelerate the drive to net zero. OEUK's head of energy policy Enrique Cornejo said: 'I hope we can work with our European partners to drive down costs and unlock a new era of innovation and collaboration across our shared energy mix from offshore wind, hydrogen to carbon capture – all secured by domestic oil and gas production and our world class supply chains. 'With Europe's largest CO2 storage capacity – 78 gigatonnes, equivalent to 200 years of UK emissions – the UK can develop international carbon storage services for European countries lacking capacity, creating a £7 billion market by 2040, while also becoming a leader in low-carbon hydrogen production, both blue and green, for countries with limited production capacity such as Germany. 'The linkage of UK-EU emissions trading systems could help to create a more robust market and avoid significant costs for UK exporters as the EU Carbon Border Adjustment Mechanism comes into force. This has the potential to reintegrate UK and EU electricity markets, reducing frictions and costs to consumers. 'By transforming the North Sea into an integrated hub that produces low-cost, high-value energy for consumers, the UK and its neighbours can capitalise on the existing resources, supply chains, skills and expertise we have built up together over many decades.' Prime Minister Keir Starmer said: 'I'm determined that Wales will feel the benefit. Take iconic Welsh lamb for example. More than 90% of Welsh lamb exports go to the EU. This agreement will slash costs and red tape for this £190 million industry. Welsh producers used to sell thousands of tonnes of cockles and mussels each year, but since 2021 they've been banned from selling to the EU. We're ending this unfair treatment so exports can resume. Reducing barriers to trade will be good for the economy, good for businesses and good for Welsh workers. 'But we're not stopping there. Wales has more than 160 defence companies that employ more than 20,000 people. We're exploring access to the €150 billion EU defence fund for firms based in Wales. That will benefit companies and their workers in Wales, as well as making our continent more secure in this new era. 'We're protecting British steel and jobs; by restoring how much we can export tariff free – so more UK steel can be exported to the EU. And we're securing opportunities for young people across Wales too, restoring the chance for young people to live and work in the EU.' The UK Government said it would continue to hold talks with the European Union on the details of each commitment.
Yahoo
15-05-2025
- Business
- Yahoo
Graduate scheme jobs slump in wake of Reeves tax raid
The number of graduate schemes in Britain plunged by a third last year as employers cut costs following Rachel Reeves's Budget tax raid. New figures from recruitment platform Adzuna show there were 794 entry-level programmes advertised in the 12 months to April, down from 1,224 a year earlier. The decline was prominent across many industries, although the hospitality and catering industry was one of the hardest hit as it battled the Chancellor's £25bn increase in employer National Insurance contributions (NICs). This led to the sector recording a 41pc drop in jobs for university leavers last year, falling from 266 to 157. Kate Nicholls, the chief executive of UKHospitality, said: 'Since October, recruitment in the sector has undoubtedly been impacted as hospitality prepared itself to be hit by £3.4bn in additional annual cost, which largely made it more expensive to employ people.' Employers have slashed hiring in a scramble for savings following Ms Reeves's Budget, as bosses have reduced the most junior roles in favour of retaining existing staff. This has left graduates bearing the brunt of the Chancellor's tax raid, with fewer job openings fuelling an increasingly competitive labour market. Kate Shoesmith, deputy chief executive of the Recruitment & Employment Confederation, said: 'Slow economic growth and rising employment costs are making businesses hesitant to hire in some sectors.' Given the slowdown in hiring, Ms Shoesmith urged the Government not to pile more pressure on employers through its incoming Employment Rights Bill. This is set to burden companies with red tape by boosting workers' rights. She said: 'It is vital the Government strikes the right balance in its employment rights reform, ensuring entry-level jobs remain both affordable for employers and appealing to young workers'. Meanwhile, the drop in the number of entry-level roles comes amid growing questions over the value of university degrees, particularly as graduate schemes now offer salaries in line with the minimum wage. In April, the National Living Wage climbed 6.7 pc to £12.21 per hour, meaning a full-time worker on the UK's lowest salary now earns £25,500 annually. That is narrowly above the average advertised graduate salary in March, which came in at £24,734, according to Adzuna. That was one month before the increase in the National Living Wage came into effect. Meanwhile, the latest figures also revealed that the number of advertised graduate roles in the accounting and finance sector fell from 595 to 367 over the past year, representing a 38pc decline. Will Holt, of the Institute of Chartered Accountants in England and Wales, said a 'sluggish economy and increasing employer costs' were fuelling a drop-off in vacancies. It comes after figures released by the ONS on Tuesday revealed that the number of jobs advertised fell to an average of 761,000 in the three months to April, down from 804,000 for the previous three-month period. The sudden fall in roles has made it the hardest time to find a job since January 2017, excluding the pandemic. 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. 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
