Latest news with #NICs
Scottish Sun
2 days ago
- Business
- Scottish Sun
The average price of a pint rises AGAIN across UK – how much more are Scots paying?
Scots will have to cough up more than a hangover for a trip to the pub as prices increase again. OH BEER The average price of a pint rises AGAIN across UK – how much more are Scots paying? A TRIP to the pub will cost Scots more than a just hangover as punters are being forced to cough up more than ever. The average price of a pint has now soared to £5.17 across the UK, leaving a bitter taste in punters' mouths. 1 Pint of beer next to a map of the UK highlighting a region. In February we reported how Scotland saw the biggest percentage price increase across the whole of Britain. Now it has gone up again with the cost increasing by 34p compared to figures reported by the Office for National Statistics at the start of the year. Beer prices have risen sharply as manufacturers and pubs grapple with higher alcohol taxes, soaring utility bills and increased staffing costs. Trade magazine The Morning Advertiser regularly examines the average cost of a pint across London, the Midlands, the North East, the North West, the South East, the South West, Scotland, and Wales. According to its latest research, London tops the list for the priciest pints, with pub owners charging an average of £6.10. On the more affordable end of the scale, Tennent's and Carlsberg emerged as the cheapest options, with drinkers paying an average of £4.23 per pint across England, Wales, and Scotland. UK pub numbers have now plunged by more than 2,000 since the start of 2020. A number of breweries are facing trouble too, including the Fourpure brewing company which appointed administrators in October and the Magic Rock Brewery which said it would bring in administrators at the start of the year. Meanwhile, Carlsberg Marston's Brewing Company (CMBC) said in November it would stop making eight classic British cask beers following a review. A number of pubs also warned they would have to hike prices for customers this year after the Government's Autumn Budget. Stunning beer prices at Miami GP revealed as F1 fans face staggering cost for drinks, steak sandwiches and pizza Employer National Insurance Contributions (NICs) and the national minimum wage both rose in April. But businesses cautioned this would force them into upping the price of drinks as they try and absorb the extra costs.
Daily Mirror
2 days ago
- Business
- Daily Mirror
High street chains closing stores in June including Trespass, Iceland, and Game
The British high street has suffered over the last few years. Reduced footfall and higher costs have forced many retailers to tighten their belts and close some of their brick-and-mortar sites Five major retailers will be closing sites this month - with some set to shut more than one. The British high street has suffered over the last few years. Reduced footfall and higher costs have forced many retailers to tighten their belts and close some of their brick-and-mortar sites. However, it is always important to note that some retailers close sites for other business reasons and not because they are struggling financially. Some close because the tenancy has come to an end on the site, or that the branch is not as profitable as others. According to recent data from the Centre for Retail Research, around 13,479 high street stores closed for good last year, a 28% increase from the previous year. It estimates that around 17,350 stores will close this year as businesses face higher National Insurance Contributions (NICs) and increases in th e national minimum wage from April. Sadly, the closures are coming earlier, with a handful of popular high street chains closing sites this month. Here we have listed all of the retailers with sites pulling down shutters over June. Trespass Trespass will be closing one of its high street stores at the end of next month. However, shoppers don't need to be disapointed as the closure comes as the site is set for refurb. Trespass is known for selling sports clothing, camping gear and outdoor accessories. The retailer's store in Abergavenny - based on Cibi Walk - is set to close on June 30, with signs having been placed in the window saying "all stock must go". The refit is expected to be conducted over the summer, however a new opening date has yet to be confirmed by the retailer. According to its website, Trespass has around 300 stores worldwide, with the majority of those stores based in the UK. Game Game is closing its Trafford Centre store in Manchester this month. However once again shoppers do not need to be disapointed as the closure comes as a new Game store has opened nearby. The gaming retailer - which is on the mall's Lower Peel Avenue - has put up signs telling shoppers the store is closing down and "all stock must go". The reason for the move is because a new Sports Direct store has just opened across the bridge at Trafford Palazzo, and just like the Manchester Arndale store, it's also got a Game store included. The exact date for the closure has not been confirmed however, it will be closing at some point this month. A spokesperson for The Trafford Centre said: "Game has relocated to the new Sports Direct store at Trafford Palazzo, and we wish them well in their new home. We're always working hard to bring new and exciting brands to Trafford Centre, offering our visitors the best possible experience. "We're currently in discussion with a number of retailers and will be in a position to announce which brand will be going in the former Game store in due course." Iceland Iceland will be closing its supermarket store in Margate on June 21. The frozen food retailer - which has around 900 stores across the UK - has been in the site in College Square for the last decade. The reason for the closure has not been confirmed, however, Iceland has said that staff working at the store have been offered jobs in other areas of the business. On the closure, a spokesperson said: "We can confirm our Margate Iceland store will close. Our store colleagues have entered into a consultation process and have been offered opportunities at surrounding stores where possible." Original Factory shop The Original Factory Shop has been struggling in recent years and has said it will have to close some of its loss-making stores as part of a restructuring plan. The next two locations to close will be the retailer's branches in Pershore and Normanton. Both will be closing on June 28. The Normanton store said in a Facebook post: "We as a store regret to inform you all that the store is closing down on 28 June. Live from today we have up to 30% off in store." The Pershore store also announced its closure in a Facebook post, saying: "We regret to inform you that the rumours are true. The Original Factory Shop Pershore has served you for 30+ years and will be closing its doors for the final time on 28 June." It has also been reported that the retailer's Peterhead store is also due to close in June, although no exact date has been given. The location has been listed for rent and staff have confirmed its upcoming closure. Holland and Barrett The Holland and Barrett store in Inverness is set to close this month. Signs have been put up in the store saying: "'We're sorry this store is closing soon but you can still shop at Holland and Barrett sells a range of vitamins, supplements, sports nutrition, beauty, gluten free and vegan foods. According to local reports, the store - which is located at 34 Eastgate - is set to close as the lease is coming to an end. However this has not been officially confirmed by the health retailer. The official date of the stores closure has also not been confirmed, however locals believe it will be this month due to the "closing soon" signs in-store.
ITV News
3 days ago
- Business
- ITV News
Wales' public services face £36m shortfall after National Insurance hikes
The Welsh Government says it won't get enough money from the UK Government to offset all of the impact of higher National Insurance costs for public services. Ministers say there'll be a £36m shortfall even after they've raided reserves. The UK Government says it's 'boosted' the Welsh Government's spending power by lifting limits on use of reserves on top of 'a record £21bn' budget. Employers have been paying more National Insurance Contributions (NICs) since April after the Chancellor announced the increase in her budget last October. The UK Government had said it would ensure funding for the Welsh Government to cover the cost of the increase for public sector organisations such as hospitals, local authorities and schools. Welsh Ministers have been concerned about the method the UK Treasury is using to calculate that amount. It relies on the Barnett Formula - a method used to work out how much funding Wales should get based on spending in England. But because the public sector is bigger here in Wales than across the border, Welsh ministers argued that using the formula in this instance would leave Wales shortchanged. Now the Welsh Government says it's had final confirmation of the figures. It says that the increase in NICS will cost the public sector here in Wales an extra £257m. The UK Government is providing £185m, leaving a shortfall of £72m. The Welsh Government says it will find half of that amount, £36m, from its own reserves. But it says that still leaves a gap of £36m. Finance Secretary, Mark Drakeford, said: "We're protecting our vital public services by using £36m from our reserves to help address the National Insurance shortfall left by UK Government. "The UK Government did provide funding, but this falls short of the actual costs faced by Welsh public services, creating a multi-million-pound gap every year. "We have stepped in to help as much as we can, but the Welsh Government cannot afford to cover the entire shortfall. "The UK Government should treat the public sector the same across the UK and make good on its pledge to fully fund these extra costs." A UK Government source said: "The Welsh Government's spending power has been boosted by the UK Government's decision to waive their reserve draw down limits for 2025-26. "This increased spending power came on top of more than £180m extra to compensate for public sector national insurance contributions, and a record £21bn financial settlement at the Autumn Budget, the largest in the history of devolution. "UK Government did this to help the Welsh Government invest in public services and drive down NHS waiting lists. Together, we are delivering our Plan for Change in Wales by fixing our NHS, creating thousands of well paid jobs, boosting the minimum wage, and investing billions in our high streets and public services." It's another source of tension between the Labour Welsh Government and the Labour UK Government. Earlier this week the First Minister called for the two-child benefit cap to be scrapped. Eluned Morgan told ITV Wales: ''We are really concerned about levels of child poverty in Wales and we have called on the UK Government to lift the two tier child benefit cap. "We think this should be considered in future budgets and we have made that case to the Prime Minister as I did last week in London." Ahead of that meeting, Eluned Morgan told ITV Wales that Keir Starmer should 'start coughing up' to make up for areas where Wales has been shortchanged. She added: "I'll obviously be taking that opportunity to really push the case for those things that I outlined in my Red Welsh Way speech, making sure that we get a fairer deal on things like the railways and coal tips and other issues that are absolutely top of my agenda, where we think we've been hard done by in the past and we want them to make up for it." Is a cash boost for railways coming down the tracks? There have been reports today that there will be significant extra funding for at least one of those demands: railways. The Chancellor Rachel Reeves will set out long-term spending plans in her Spending Review on June 11th. The Politico website says it's been told that the plans will include capital funding for Wales which is aimed at improving rail infrastructure. UK Government sources have dismissed the report as 'speculation' but say that rail spending in Wales is a top priority for the UK Government as has been repeatedly highlighted by the Welsh Secretary Jo Stevens.
Yahoo
6 days ago
- Business
- Yahoo
Food gets more expensive as Reeves's tax raid pushes up prices
Food inflation is accelerating as supermarkets pass on the cost of Rachel Reeves's tax raid. Figures from the British Retail Consortium (BRC) and NielsenIQ showed food price inflation rose to 2.8pc in May, up from 2.6pc in April. It marks the fourth month in a row of rising food inflation. Helen Dickinson, the chief executive of the BRC, said the acceleration was driven by retailers passing on increased labour costs after measures from the Chancellor's October Budget took effect last month. Ms Dickinson said: 'With retailers now absorbing the additional £5bn in costs from April's increased employer National Insurance contributions (NICs) and National Living Wage, it is no surprise that inflation is rearing its head once again.' Fresh food was the main driver of higher prices during the month, with the produce inflation rate jumping from 1.8pc to 2.4pc in May. The cost of steaks and burgers also increased as wholesale beef prices rose. It follows months of warnings from retailers that increases in employment costs would lead to higher prices on shelves. Ms Reeves unveiled a 6.7pc rise in the National Living Wage to £12.21 an hour in her October Budget, alongside an increase to NICs for businesses. The Chancellor also lowered the threshold at which companies have to pay the tax on employees' wages. The changes came into force last month. Mike Watkins, of NielsenIQ, said: 'Whilst shoppers are seeing savings at the checkout as retailers increase promotional activity, increasing prices is still an extra challenge to consumer spending alongside rising household bills.' Overall inflation rose to 3.5pc in April, its highest level in more than a year, driven by increases in energy costs and household bills. Retailers face fresh pressure from a packaging tax coming into force later this year and Labour's workers' rights overhaul, which is currently making its way through parliament. The changes are expected to make it more difficult to hire temporary staff at peak periods. Ms Dickinson said: 'Later this year, retailers face another £2bn in costs from the new packaging tax, and there are further employment costs on the horizon from the implementation of the Employment Rights Bill.' Families will continue to see food prices climb if retailers face more and more fixed costs, she warned. Last week, pub groups wrote to the Sir Keir Starmer to urge the Prime Minister to delay the introduction of the controversial recycling tax, which is officially known as the extended producer responsibility (EPR) levy. There are fears the changes – which will see food and drink companies charged a levy based on how many tonnes of packaging such as glass, aluminium and plastic are used in products – will lead to higher prices for consumers and costs for businesses without driving an increase in recycling rates. 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. Sign in to access your portfolio
Spectator
22-05-2025
- Business
- Spectator
Is Britain heading for bankruptcy?
We can thank Rachel Reeves for one thing: setting up a real-world experiment to show the Laffer curve in action. April's figures for the public finances, like yesterday's figures for inflation, are truly dreadful. April should have been a bumper month for tax receipts, being the month that the rise in Employers' National Insurance Contributions (NICs) came into effect. Instead, borrowing surged to £20.2 billion in a single month. It took borrowing for the year 2024/25 to £18.3 billion, a smidgeon less that the Office for National Statistics (ONS) estimated last month but £11 billion higher than the Office for Budgetary Responsibility (OBR) had forecast. Government receipts in April did advance by a fairly modest £5.6 billion compared with April 2024. However, this was outpaced by growth in spending, which was up £6.6 billion compared with April 2024, thanks to higher public sector wages and galloping benefits claims. Departmental spending in April was up £4.2
