Latest news with #Reeves'
Scottish Sun
3 days ago
- Business
- Scottish Sun
Department store chain shutting last shop TODAY after 140 years as it's wiped off high street due to Budget tax hikes
The historic store launched a scathing attack on the Chancellor before shutting up for the last time today SHUTTERS DOWN Department store chain shutting last shop TODAY after 140 years as it's wiped off high street due to Budget tax hikes AN ICONIC department store has been forced to shut its last branch after 140 years of trading due to Rachel Reeves' Budget hikes. Beales has confirmed its last ever shop, located in the Dolphin Centre shopping mall in Poole, Dorset, will be closing for good today. 2 The Poole branch was the final department store to close Credit: Alamy 2 Beales hit back at the Chancellor's economic policies by announcing a "Rachel Reeves' Closing Down Sale" Credit: FACEBOOK - BEALES POOLE It marks the end of an era for the one of the oldest faces of the British high street, which first opened in Bournemouth in 1881. Struggles began for the retailer when it entered administration in January 2020, forcing the closure of 22 of its 23 shops. The shop in Poole reopened the same year after relocating to the shopping centre and remained the only Beales store standing. Despite weathering the financial storm for the past five years, Reeves' economic policies proved to be the final nail in the coffin for the iconic departmental store. Beales hit back at the Chancellor's economic policies by announcing a "Rachel Reeves' Closing Down Sale". On social media, the popular chain joked that it had fallen victim to the Budget "black hole". The closure will also affect an NHS clinic, which is located on the top floor of the Poole store. It was set up in 2021 to reduce waiting times, but will now move to St Mary's hospital on June 5. The death of the high street is the death of communities Beales chief executive Tony Brown explained that business had become "unviable" following the Chancellor's Budget last October. He said: "This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option. "We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit. "Our team has been informed, as have our suppliers. We will ensure the exit is managed and no one will be left with a financial loss." Below the advert for the "Rachel Reeves Closing Down Sale", which included discounts of up to 80%, the high street favourite launched a scathing attack on the Chancellor. A caption on the store's Facebook page read: "Our closing sale is almost over (cheers for the help, Chancellor) - and we've just dropped hundreds of lines to 80% OFF or more! "Grab a bargain before we vanish into the budget black hole. #FinalSale #80Off #LastChance #WhenItsGoneItsGone." UK Retail Shake-Up: Superdry and More It has struggled to cope with rises in national insurance contributions and higher minimum wage which came into effect last month. Like many other businesses, Beales faced higher employer NI contributions, which have risen from 13.8% to 15%. Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000. It came as the national minimum wage was notably increased, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased to £10 per hour from £8.60. These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April. The British Independent Retailers Association (Bira) warned this closure could be the first of many as retailers continue to struggle with mounting costs. Commercial director Jeff Moody said he was "deeply saddened" to hear about Beales shutting up shop. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." He added: 'This is not just the loss of another shop. "It represents the end of a retail institution that has served communities for nearly one-and-a-half centuries. 'This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.' At its peak, Beales operated 41 stores across the country, selling a range of furniture, cosmetics, fashion products and toys. The high street chain shut its store in Southport last September just three years after the site reopened. FAMOUS NAMES GONE FROM THE HIGH STREET Beales is not the only brand that's been wiped from the high street in recent years. Ted Baker, fell into administration last March after years of turmoil. At the time it had 46 shops in the UK employing around 975 people. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January 2024 with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online.
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Uncertainty for savers as Rachel Reeves eyes ISA changes
Recent months have seen intense debate about potential ISA reforms, particularly following Reeves' Spring Statement in March, where she expressed a desire to 'get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission'. The prospect of slashing the cash ISA allowance from £20,000 to as low as £4,000 has sparked alarm, with fears it could penalise cautious savers. On 20 May, the Chancellor confirmed to the BBC that the overall £20,000 ISA allowance would remain intact. Yet, her silence on the specific cash ISA limit within the overall allowance has kept speculation alive, with a potential cut remaining on the table as part of a broader review expected to be launched in July's Mansion House speech. The rationale behind potential reforms is partly rooted in a desire to channel more capital into UK markets. Reeves has been vocal about revitalising the London Stock Exchange, noting that 'hundreds of billions of pounds in cash ISAs' are not being invested productively. This echoes the recent Mansion House Accord, an agreement with the UK's largest workplace pension scheme providers to allocate at least 5% of their default funds to UK private market assets by 2030, which could be followed by further measures aimed at supporting UK public markets too. By potentially nudging cash savers towards stocks and shares ISAs, the government may also hope to address the UK stock market's challenges, including a decline in initial public offerings (IPOs), companies relocating listings overseas where they can command higher valuations and private equity buyouts, factors which have led to a 20% decline in the number of UK listed companies over the last five years. One proposed reform, floated by investment bank Peel Hunt, involves simplifying the ISA system by merging cash and stocks and shares ISAs into a single product and abolishing lifetime ISAs and innovative finance ISAs. Peel Hunt argues that with ISA tax reliefs costing the Treasury an estimated £9.4 billion annually, redirecting these incentives towards UK-focused investments could deliver better value for taxpayers. While such a move would align with Reeves' growth agenda, it would severely limit investor flexibility. From a public policy perspective and for the brokers and fund managers who make a living off the UK markets, the case for refocusing ISAs on UK assets may seem compelling. The UK stock market has struggled as pension funds have dramatically reduced their UK equity holdings since the late 1990s, and retail investors have increasingly favoured US equities. However, from the perspective of ISA investors, such restrictions would be a step backward to the old days of personal equity plans, which had such limitations on overseas investments before they were replaced by ISAs. Limiting stocks and shares ISAs to UK assets – or requiring a minimum level of UK exposure - would reduce the scope for diversification, a cornerstone of sensible investing. Historically, overseas markets —notably US equities — have often outperformed UK equities over long periods. Forcing investors to prioritise UK stocks could undermine the very returns Reeves seeks to enhance. A potential beneficiary of a UK-focused ISA regime could be the investment trust sector, which has faced headwinds recently with trusts trading at wide discounts, limited new share issuance and the arrival of activists on the scene. UK-listed investment trusts that invest globally, many of which are managed in Edinburgh, might attract fresh demand if investors are required to allocate a portion of their ISA to UK-listed assets. Such trusts could offer a workaround, allowing exposure to international markets while supporting the UK financial services sector, a significant tax revenue generator and employer in both London and Edinburgh. An alternative to mandating UK investment in ISAs could be through incentives or the removal of impediments, such as scrapping stamp duty on UK share purchases within ISAs, which undermines the 'tax-free' promise and is a disadvantage over buying US shares where no such transaction tax exists. An even bolder idea would be a modest income tax credit or top-up 'bonus' for stocks and shares ISA subscriptions, subject to a minimum holding period to prevent short-term trading. This could incentivise equity investment while preserving saver choice. As we await the launch of the consultation and its outcome, likely to be detailed in the Autumn Budget, savers and investors would be wise to make use of the current allowances while they can, especially given the high tax burden. The £20,000 ISA allowance is safe for now, but changes to cash ISAs or restrictions on stocks and shares ISAs could reshape how we save and invest in the future. The Chancellor's desire to boost UK investment is laudable, but it must not come at the expense of savers' flexibility or financial security. Jason Hollands is a managing director at wealth management firm Evelyn Partners which has offices in Glasgow, Edinburgh, and Aberdeen
Indianapolis Star
25-05-2025
- Entertainment
- Indianapolis Star
Actor Keanu Reeves attending Indy 500. Just a few months ago, he raced here
Actor, musician and, yes, race car driver Keanu Reeves is taking in the 109th running of the Indy 500 Sunday as a fan. Reeves, 60 and a longtime motorsports fan, was spotted chatting with fans in Gasoline Alley and also in hanging out in the stands early May 25. It's his third public appearance in Indianapolis in a year. Reeves raced at Indianapolis Motor Speedway in a pair of sprint races at the Toyota GR Cup in October. He qualified 31st out of 35 in the first race and finished 25th after spinning out into the grass. Reeves' car featured a red and black design to promote his graphic novel "BRZRK." Also, Reeves' band, Dogstar, performed at the Indiana State Fair in August. Reeves is the bassist for the band, which plays '90s alt rock.
Yahoo
22-05-2025
- Yahoo
Omro Alderman charged for receiving/distributing child pornography, faces up to 20 years in prison
(WFRV) – An Alderman of the City of Omro was charged on Tuesday for receiving and distributing child pornography, authorities said. According to a release from the U.S. Attorney's Office, Eastern District of Wisconsin, on Tuesday, May 20, 2025, the Acting United States Attorney for the Eastern District of Wisconsin announced a three-count federal indictment alleging that 44-year-old Jason A. Reeves distributed child pornography in October of 2024 and received child pornography on two occasions in April 2025. Semi-truck rolls over on Wisconsin highway, multiple agencies called to assist at the scene Court records show a CyberTip from the National Center for Missing and Exploited Children made its way to the Winnebago County Sheriff's Office based on the IP address associated with Reeves. The CyberTip reportedly alleged the distribution of child pornography from Reeves' IP address on October 16, 2024. Officials say they continued their investigation into the CyberTip and executed a search warrant at Reeves' home on April 29, 2025. When asked if Reeves knew of any child pornography at his residence, officials say he responded with 'probably.' Through court documents, Reeves was identified to be employed as an Alderman in the City of Omro. Wrightstown Superintendent suspended, School Board President releases statement Reeves now faces five to 20 years in prison should he be convicted of any of the three charges. He could also be fined up to $250,000 per count and would be required to register as a sexual offender under state and federal law. No other information is available at this time. Local Five will update this story should additional details be released. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
New Statesman
21-05-2025
- Business
- New Statesman
Does Rachel Reeves have an escape route?
Photo by Hannah McKay -. There's a phrase that Gordon Brown often liked to use in his Budgets. 'I have received representations,' he would declare, before imperiously dismissing whatever proposals his opponents had made. Rachel Reeves – as is true of most occupants of No 11 – is receiving plenty of representations. After discovering the full extent of voter outrage over the winter fuel payment cuts, a large number of Labour MPs want a partial or full U-turn (a view increasingly shared in No 10). More than 100 MPs, meanwhile, have signed a letter of protest to the chief whip over the health and disability benefit cuts – 83 rebels would be enough to eradicate the government's working majority of 165. Brown, who is guest-editing this week's New Statesman (look out for his editorial tonight), has made clear that the government should take action 'to prevent a rise in poverty' from the measures. Then there is the cabinet. Angela Rayner has long been one of those privately critical of Reeves' fiscal approach – further spending cuts will hit unprotected departments such as her housing ministry – and, as today's Telegraph reveals, sent the Chancellor a memo back in mid-March proposing eight tax rises including removing inheritance tax relief on AIM shares and reinstating the pensions lifetime allowance. Rayner's voice carries more weight than almost any other in Labour – she enjoys her own mandate as the party's elected deputy and is regarded by MPs as the frontrunner to one day succeed Keir Starmer. Though often cast as a tribune of the unions and the left, her political reach extends beyond this – she is close not just to Brown but to Tony Blair (appearing as the special guest at his Christmas drinks last year) and enjoy links across all the party's major factions, including the Old Right and Blue Labour. Where does this leave Reeves? Until recently, the Chancellor appeared as immovable as Brown often did, refusing to give any ground to critics of the winter fuel cuts. But something has shifted. Insiders speak of 'soul-searching' at the Treasury in recent weeks. Reeves has declared that she is 'listening' – the word often deployed by politicians in advance of a U-turn. Focus groups studied by No 10 show that voters are three times more likely to think better than worse of the government if it changes course (not least as inflation hits 3.5 per cent). For now, the Treasury insists that 'the policy stands'. But, as in the case of the agonised U-turn over the £28bn investment pledge, the line is only the line until it suddenly isn't. Subscribe to The New Statesman today from only £8.99 per month Subscribe Action to mitigate the winter fuel cuts could come as soon as Reeves' Spending Review on 11 June – when Whitehall's winners and losers will become clear. If administrative hurdles can be overcome, the government could increase the £11,500 threshold at which pensioners lose their winter fuel payments (one option, proposed by ministers as long ago as last summer, would be to means-test the benefit in line with council tax bands). Here is the view of one former Brown aide: 'The worst option is full reversal because then every unpopular measure is fair game. Second best is to introduce a higher threshold. Best is to come up with a new supplementary grant that compensates for the cut – such as a means-tested sustainable energy subsidy.' After the ill-fated 75p increase in the state pension in 1999 – derided as miserly when the economy was the booming – Brown and Blair learned never to take on pensioners again ('your average Rottweiler on speed can be a lot more amiable than a pensioner wronged,' recalled the latter in his memoir A Journey). The winter fuel allowance, introduced by Brown in 1997, was protected throughout the New Labour years. Though Reeves revered the former chancellor as a student – with a framed photograph of Brown in her Oxford University bedroom – she has instead found herself likened to George Osborne in recent months. That, unsurprisingly, is a comparison her team bridle at. 'George Osborne left our schools and hospitals crumbling and our infrastructure a mess,' one aide said. 'George Osborne wouldn't have closed the non-dom tax status, he wouldn't have raised VAT on private schools and he opposed our National Insurance increases. George Osborne is history.' That was the conclusion that plenty of economists drew after Reeves' class-conscious first Budget – which raised taxes by £41.5bn, and spending by £70bn. Yet the Chancellor has found herself defined by a cut – the political cost of which some would deem incalculable. At this week's Parliamentary Labour Party meeting, Starmer emphasised that he would fight Reform 'as Labour' – a rhetorical nod to MPs who accuse him of seeking to out-Farage Farage. The challenge facing Reeves is a comparable one – can she prove again that a Labour Chancellor runs the Treasury rather than the ghost of a Conservative one? This piece first appeared in the Morning Call newsletter; receive it every morning by subscribing on Substack here [See also: Inside the Conservative Party's existential spiral] Related
