Latest news with #NationalInsurance
Yahoo
7 hours ago
- Business
- Yahoo
Asda market share hits record low as crisis deepens
Asda's share of the grocery market has fallen to a record low in a fresh setback for the struggling supermarket. New figures show that Asda's market share fell to 12.1pc in the 12 weeks to May 18, which is the lowest level since Kantar started collecting data in 2011. That is despite Allan Leighton launching a price war to kickstart turnaround efforts at Asda, which has lost swathes of customers to the likes of Tesco, Aldi and Lidl. Lower prices helped the retailer record its best performance in a year, although this did not prevent sales from falling by 3.2pc over the period. This means that Asda was once again the only supermarket to record a drop in sales in the 12 weeks, with the likes of Lidl and Ocado posting growth of 10.9pc and 14.9pc respectively. Even Marks & Spencer and the Co-op reported improved grocery sales despite suffering cyber attacks. Asda has struggled ever since it was bought by private equity firm TDR Capital and the Issa brothers in 2021, as the debt-fuelled £6.8bn takeover hindered attempts to keep up with lower-priced competitors. The supermarket chain has also been left without a permanent chief executive when Roger Burnley stood down in August 2021. Mr Leighton was drafted in as chairman last year to revive the retailer's fortunes, since ploughing investment into increasing store opening hours while also reintroducing Rollback – its price-cutting campaign. However, the retail veteran faces an uphill battle, as data shows that Asda's market share has fallen from 15.0pc in 2021 to 12.3pc. Meanwhile, the latest figures also revealed that grocery price inflation is now at its highest level since early 2024, hitting 4.1pc over the period. It comes after retailers warned they would have to increase prices as a result of Labour's Budget, which hit them with increased National Insurance (NI) contributions and lowered the threshold at which those contributions are paid. The tax raid kicked in last month. Fraser McKevitt, head of retail and consumer insight at Kantar, said: 'This latest jump in grocery price inflation takes us into new territory for 2025. 'Households have been adapting their buying habits to manage budgets for some time, but we typically see changes in behaviour once inflation tips beyond the 3pc to 4pc point as people notice the impact on their wallets more. 'Own label lines are ones to watch, with premium own label, in particular, being the fastest growing part of the market since September 2023.' Total grocery sales grew by 4.4pc in May, Kantar added, while Ocado was the fastest-growing retailer year on year with sales growth of 14.9pc. Elsewhere, both Lidl and Aldi's market share reached fresh highs, hitting 8.1pc and 11.1pc respectively. Tesco also grew its share to 28pc, while Sainsbury's slipped from 15.3pc to 15.1pc. An Asda spokesman said: 'We have a clear plan to drive improvements in key areas like price, availability and service underpinned by a material investment in the business. 'The Kantar figures highlight Asda had its best performance since last May, which demonstrates that customers are responding positively to the changes we have made.' 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
The National
9 hours ago
- Politics
- The National
Con men use race to distract from society's most glaring division
Stephen Yaxley was born to an immigrant Irish mother in England, but for some reason has always been ashamed of his Irishness. That led to him forming an 'English Defence League'. After leaving school he worked for a time at Luton Airport, but lost that job when he was sentenced to a year in prison for a drunken, violent assault on a police officer. Ever since then, he's never really had what most folk would consider an honest job. His activities always seem to involve raising funds by some sort of con. READ MORE: SNP call out BBC over 'unacceptable' Hamilton by-election programme Perhaps in an attempt to cover up this criminal record, Yaxley started using the alias 'Tommy Robinson'. He has also used a range of other aliases. Imagine being so ashamed of your own identity you've got to use so many different false names, trying to hide who you are! In September 2011, 'Robinson' was convicted of another assault, for headbutting a fellow member of the English Defence League. Yaxley-Lennon has just been released from his latest stint in prison. He said thank you to Elon Musk for getting him out. This petty crook gives thanks to the richest man on Earth. That's fascism for you; the filthy rich linked with small-time crooks using race to direct everybody's attention away from the real glaring divide in society: class Despite their pride, Trump, Musk, and Fromage are all failures. What they fail at (and, of course, those nearest to them, including their own families, realise this, even if most of them think it's probably safer to keep quiet) is being even slightly decent human beings. Forget hatred; what they deserve is our contempt. As for that posturing puppet Yaxley-Lennon/'Robinson', yes, he's also contemptible, as well as being pathetic. Dave Coull Findowrie A GP appointment costs £129. An MRI scan is £457. Calling an ambulance sets the NHS back £1045. An A&E visit averages £1368. A life-saving coronary bypass operation costs £71,996. Crucially, every penny of this is covered upfront for every UK citizen through National Insurance. No bills at the hospital door. No crippling invoices. Treatment is guaranteed when you need it. Now consider the private, profit-driven model Farage tacitly endorses. In the US – where healthcare is a market commodity – 600,000 people are bankrupted by medical bills every single year. Countless others die preventable deaths, denied care either by empty wallets or insurers who profit by refusing to pay claims. The system is structurally perverse: it rewards denial of treatment. READ MORE: Nigel Farage: Don't take Nigel Farage's threat to abortion rights lightly This is the grim future Nigel Farage and his Reform party would drag Britain towards. Farage – a man whose contempt for Scotland drips from his poisonous 'subsidy junkies' slur – represents the worst kind of nativist grift. His vision is one of division and dismantled security. Voting for Reform in Scotland isn't just misguided; it's akin to sleepwalking into self-inflicted disaster, ignoring every historical warning about empowering demagogues who peddle hate. Those tempted by Farage's facile lies must understand the brutal arithmetic. The choice is simple: defend the NHS – that rare, tangible embodiment of collective solidarity that actually works – or surrender to a predatory American-style system where illness means financial ruin. To choose Reform is to choose cruelty over care, profit over people. It is an act of profound self-harm. Alan Hinnrichs Dundee OUR NHS hits the headlines once again this week, and opposition parties once again attempt political point-scoring at the expense of those suffering and waiting. Yet those very opposition parties have been in charge of the NHS in other parts of the UK and unfortunately for those NHS areas and Scotland, a solution to long waiting lists has not been realised, only criticism. No constructive ideas, no examples of better practice, only criticism which demoralises NHS staff who are loyal and dedicated. But where do we go with the future of our NHS and for all who are often in pain and misery awaiting treatment? Unfortunately, a magic wand won't fix it. We all need to take some responsibility for the system. For instance, no missing appointments, using the fully joined-up approach of perhaps a visit to the pharmacy first, taking pressure off other services further down the line. READ MORE: John Swinney: Nigel Farage 'has peddled Russian propaganda for years' NHS nurses and doctors in Scotland are the best paid in the UK and I am sure most would agree we want to continue this practice. The Scottish Government's latest accepted pay offer continues this theme with 'Agenda for Change' staff – including nurses, midwives, paramedics, and porters – receiving a 4.25% pay rise this year, backdated to April 1, and a further 3.75% increase in 2026/27. This is the SNP in government recognising and valuing our dedicated NHS employees, taking action. Going forward, the government has invested massive amounts in our NHS, yet services still demand more. Perhaps a tax increase of 1p in the pound ring-fenced for our NHS is one to put on the table. This option would be more palatable here in Scotland than UK Labour's approach of back-door privatisation. Catriona C Clark Falkirk
Yahoo
10 hours ago
- Business
- Yahoo
Labour accused of unleashing ‘stealth tax' on pensions
Labour is preparing to unleash a 'stealth tax' on pensions, critics have warned. The new Pension Schemes Bill will give the Government the power to force pension funds to invest in British assets to help spark growth. Yet critics of the reform argue the change, laid out in the Treasury's Pensions Investment Review published Thursday, risks lower returns for savers. Pension industry experts also called into question government claims that the package of reforms could leave retirement savers £6,000 better off. Tory MP Neil O'Brien called the plans 'a massive stealth tax' and said pension savers will 'get lower returns' so the Government can reduce its borrowing costs. Mel Stride, the shadow chancellor, said the move was an extraordinary overreach. He said: 'Labour is crossing the Rubicon into directing the public's savings. Pension pots are there to secure retirements, not to bankroll a government.' Last month major pension providers said they would voluntarily commit to investing 5pc of their total funds into UK assets by 2030. However, the new reserve power would go further and mandate how much of savers' money needs to go into UK plc. Experts within the industry have also thrown scorn on the plans. Tom Selby, director of public policy at AJ Bell, said the move 'puts a gun to schemes' heads and will create those mandatory targets in all-but-name'. Laura Myers, partner and head of DC pensions at consultancy LCP, said the threat of the Government telling trustees how they should invest was 'a step too far' that 'risks losing sight of the primacy of member interests'. James Carter, of investment firm Fidelity International, labelled the power to direct pension scheme investments in the future 'a concern'. Publication of the review follows the news this week that HM Revenue and Customs is exploring plans to tax pension contributions made via salary sacrifice work schemes. If implemented the changes would cost the average earner more than £500 a year in extra income tax and National Insurance – and whittle away their pension pot and their retirement potential. The Government has said that the changes within the new review will result in an additional £6,000 on average being added to an individual's pension pot over a lifetime of saving, as revealed by the Telegraph. However, Sir Steve Webb, a former pensions minister and now a partner at LCP, has said he would not 'put any weight' on the figure. He said that while lower cost pensions due to reforms could see savers add to their pots, the increase will only be marginal and there is a risk that costs actually rise, adding: 'Even the assertion that there will be overall cost savings is far from obvious.' Mr Selby added: '£6,000 isn't exactly a big potential 'gain' over the course of a retirement in return for the extra risk that is likely to be taken on. Entirely possible the gains will be higher but they could also be lower.' 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.
Yahoo
11 hours ago
- Business
- Yahoo
Labour accused of unleashing ‘stealth tax' on pensions
Labour is preparing to unleash a 'stealth tax' on pensions, critics have warned. The new Pension Schemes Bill will give the Government the power to force pension funds to invest in British assets to help spark growth. Yet critics of the reform argue the change, laid out in the Treasury's Pensions Investment Review published Thursday, risks lower returns for savers. Pension industry experts also called into question government claims that the package of reforms could leave retirement savers £6,000 better off. Tory MP Neil O'Brien called the plans 'a massive stealth tax' and said pension savers will 'get lower returns' so the Government can reduce its borrowing costs. Shadow chancellor Mel Stride said the move was an extraordinary overreach. He said: 'Labour is crossing the Rubicon into directing the public's savings. Pension pots are there to secure retirements, not to bankroll a government.' Last month major pension providers said they would voluntarily commit to investing 5pc of their total funds into UK assets by 2030. However, the new reserve power would go further and mandate how much of savers' money needs to go into UK plc. Experts within the industry have also thrown scorn on the plans. Tom Selby, director of public policy at AJ Bell, said the move 'puts a gun to schemes' heads and will create those mandatory targets in all-but-name'. Laura Myers, partner and head of DC pensions at consultancy LCP, said the threat of the Government telling trustees how they should invest was 'a step too far' that 'risks losing sight of the primacy of member interests'. James Carter, of investment firm Fidelity International, labelled the power to direct pension scheme investments in the future 'a concern'. Publication of the review follows the news this week that HM Revenue and Customs is exploring plans to tax pension contributions made via salary sacrifice work schemes. If implemented the changes would cost the average earner more than £500 a year in extra income tax and National Insurance – and whittle away their pension pot and their retirement potential. The Government has said that the changes within the new review will result in an additional £6,000 on average being added to an individual's pension pot over a lifetime of saving, as revealed by the Telegraph. However, Sir Steve Webb, a former pensions minister and now a partner at LCP, has said he would not 'put any weight' on the figure. He said that while lower cost pensions due to reforms could see savers add to their pots, the increase will only be marginal and there is a risk that costs actually rise, adding: 'Even the assertion that there will be overall cost savings is far from obvious.' Mr Selby added: '£6,000 isn't exactly a big potential 'gain' over the course of a retirement in return for the extra risk that is likely to be taken on. Entirely possible the gains will be higher but they could also be lower.'
Yahoo
14 hours ago
- Business
- Yahoo
How your pension salary sacrifice works - and what HMRC tax changes would cost you
The publication of government research undertaken by HMRC around changes to workplace pensions has caused a stir, with the suggestion that the salary sacrifice scheme used by many working people in the UK might be set for an overhaul. This research questioned how businesses felt about prospective changes which would see pension contributions subject to income tax and National Insurance payments, resulting in an annual cost of up to £560 for employees and £241 for employers, based on an average £35,000 salary. Presently, most workers are auto-enrolled into saving into their pension automatically, though there are different thresholds, methods and benefits around this. The principle attraction here is that the money is taken from salaries to go into pensions pre-tax, giving relief to the rate of each person's tax band. HMRC's survey of more than 50 companies, commissioned under the previous government but only released by HMRC now, showed that most viewed the proposals for change negatively - though the Treasury has dismissed suggestion of impending alterations as 'totally speculative' and said all areas of tax are 'regularly' subject to research. 'This is a private HM Revenue & Customs consultation initiated in 2023 and it's far from certain that the Treasury has any intentions around salary sacrifice, but it's not the first time that it has come under the spotlight as a potential area for shoring up the tax take,' Gary Smith, financial planning partner at Evelyn Partners, explained to The Independent. Defined benefit (DB) schemes are most frequently seen in the public sector and offer a set, guaranteed amount of income in retirement. They can be on a final salary basis or a career average, with employers funding it. Defined contribution (DC) schemes are much more common and many workplaces use them for auto-enrolled employees. Here, your eventual pension amount depends on how much has been put in across your working life, plus the returns earned on that invested money by pension providers. As such, they can vary wildly in value and even in terms of timing when is best to access them, depending on external factors like the stock market. Employee and employer pay in at least eight per cent combined, though many employers may pay in more than their minimum three per cent to match an employee's contributions. A crucial tool workers have in ensuring they have enough to fund their retirement is to up their own pension contributions across the years. Adding slightly more if you get a raise, for example, can have a material impact later down the line. And if you're able to comfortably reduce your immediate income, checking your workplace options to see if you or your employer contributes more is another way to make sure future you is facing a bigger retirement pot. Salary sacrifice it is not limited to just pension contributions. Childcare vouchers, vehicles or other benefits can come under salary sacrifice schemes. It's important to note that the research published is not something imminently coming into force, or that any changes might occur at all right now. But pensions are subject to change - it's only a little over a decade since auto-enrolment came into force, remember. Changes such as these researched ones might have a massive impact though, not just in what you're left with decades down the line, but whether companies would even operate it any further. 'Salary sacrifice (SS) is a very efficient and effective way for employees to save into pensions, and it seems inevitable that watering it down – or dismantling it altogether - would hit pension saving, not just because the tax incentive would be diluted but also because faith in the pension system would be dented by more Government interference,' added Evelyn's Mr Smith. 'After the Chancellor's Budget statement, when she announced an increase to employers' National Insurance from April 2025, salary sacrifice arrangements for workplace pension schemes became more attractive for many employers, because of potential NI savings. If SS reform were to be seriously considered, employers who have introduced or started to introduce SS will be wondering which way to turn. 'Making pension contributions via salary or bonus sacrifice is a popular option for those whose earnings might fall into the 60% tax trap, a zone between £100k and £125,140 where the combination of high-rate tax and a tapered reduction in their tax-free personal allowance leads to a highly punitive effective income tax rate of 60%, which for many families is worsened by the withdrawal of child-care benefits. 'The fault here lies with an unfairly structured income tax and benefits system that penalises people in this situation disproportionately for increasing their earnings. Removing a perfectly legitimate mitigation strategy - increasing pension contributions via SS - would seem harsh without reforming the disincentivising tax step itself.' 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
