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The National
a day ago
- Business
- The National
Scottish Government 'will need to find extra £2bn for welfare bill'
Spending on social security in Scotland totalled just over £6.1bn in 2024-25 but is forecast to grow to more than £9.4bn by 2030-31. With the rise coming at a time when the UK Government is trying to cut its own welfare bill, economist Professor Graeme Roy, chairman of the Scottish Fiscal Commission (SFC), said that would leave Holyrood ministers increasingly having to fund more of the spending for this from its own budget. The SFC revealed the amount the Scottish Government spends on social security, above what it receives from Westminster towards the cost of benefits, is 'expected to increase from £0.9bn in 2023-24 to £2.2bn by 2030-31'. Roy said: 'In other words the government have to find £2bn either from taxation or other areas of spending to make the budget balance.' Professor Graeme RoyHe highlighted this 'widening gap on social security' as one of the financial pressures the Scottish Government will have to face. Roy also said ministers will likely 'have to find additional resources' to pay for public sector pay, with awards being made to workers already higher than the level set in the Government's public sector pay policy. He stated: 'That means essentially money is going to have to be found from elsewhere in the budget in order to pay for pay awards coming in above the pay policy.' Meanwhile, an 'economic performance gap' means the Government is raising less from income tax than it would if Scotland's economic performance matched that of the UK. The SFC found that Scotland's different policies on income tax should raise just over £1.67bn this year, but its report said the 'actual projected income tax net position in 2025-26 is £616 million'. As a result, Roy noted there was a 'performance gap of about £1bn'. He added: 'That is an additional £1bn that is being foregone within the overall funding of the Scottish budget because of that relatively weaker economic performance.' READ MORE: Labour's immigration stance poses 'critical economic threat' to Scotland, says FM Roy noted that overall the funding to the Scottish Government 'continues to increase'. But he said: 'Once you take into consideration things like social security commitments, when you take into consideration pay awards running ahead of the pay policy, when you take into consideration things like the national insurance increase, and the general pressure we are seeing on public service delivery, while funding is going up the spending pressures are continuing to go up at the same time. 'So the Government is continuing to work in a situation where they have really quite limited fiscal headroom to manage the pressures that they face.' He added: 'Funding is going up, but once you start to look at some of the commitments the Government have made it is going to be a really challenging period for the short and medium term.' READ MORE: The 44 Scottish firms named and shamed for failing to pay minimum wage Finance Secretary Shona Robison said the report 'recognises the challenging financial environment that Scotland continues to face as a result of global uncertainty and higher inflation'. She added that the Scottish Government's position was made worse by the 'failure' of UK ministers to fully fund the increase in employers' national insurance contributions in the public sector, as well as by the welfare reforms being pursued by Labour at Westminster. Robison said the UK Government 'must change course on these welfare cuts, as well as removing the two-child limit and reinstating the winter fuel payment'. Speaking for the Scottish Government, she added: 'By contrast, our social security policies are providing vital assistance to enable older people to heat their homes, help disabled people to live independent lives and keep thousands of children out of poverty.' The Finance Secretary added: 'Our investment in this area over and above the money we get from the UK Government is projected to be less than 3.5% of the total Scottish Government Resource Budget by 2029-30.'
Hindustan Times
a day ago
- Business
- Hindustan Times
How border trade restrictions are impacting lives, livelihoods in the northeast
The Union government's decision to restrict trade with Bangladesh over bilateral tension has impacted local economies in several border towns in northeastern states, locals said. India has 13 land ports and four water ports with Bangladesh across northeastern states among which, Meghalaya's Dawki, Tripura's Akhaura, Assam's Sutarkandi are busiest, according to traders. According to Amaresh Roy, general secretary of the Indo-Bangla Chamber of Commerce and Industries (Guwahati Chapter), the primary export products from the northeast are coal, stone, limestone, ginger, onion, rice, dry chilli and fruits. While the major imports include wooden furniture, plastic products, cement, GI Sheets, waste cotton, iron rods, fish, pickles, soft drinks, biscuits and some other food products. 'Most of the food and beverage items, plastic products and some others have been restricted and this will hamper Bangladesh more than India,' he said. 'The major companies in Bangladesh are dependent on our buyers, so in a period of time, they are going to understand the importance of India' Roy said, nearly 3,500 traders in Northeastern states have Importer-Exporter Code (IEC) issued by Directorate General of Foreign Trade (DGFT) and they are directly involved in import-export. But more than 10,000 other businessmen are indirectly dependent on India-Bangladesh trade. 'Apart from the traders, truck owners and drivers, repair shops, food stalls, daily wage labourers to petrol pumps and many are dependent on these export-import businesses. And it is true that the lives of many would be becoming difficult if the ban continues for long,' he added. Sribhumi's Sutarkandi land port is a major trade point between the two countries and the economy of this area is dependent on the trades, according to the local shopkeepers. Chandan Das, 35, is a goods loader who works at the Sutarkandi land-port in Sribhumi district and earns ₹100 to 150 for loading goods on one truck. 'Around 7 days back, I was earning ₹500 to 750 per day, during the working days but the situation suddenly changed and now I cannot even buy food for my kids,' he said, adding he is not opposing the ban as he is patriotic. Salman Ali, owner of a tea-stall near Sutarkandi land-port, said that the fall of Sheikh Hasina's government in Bangladesh last year created difficulties for local businesses on both sides of the border and the uncertainty has intensified. 'This area is far from the (nearest) city (Sribhumi) but you'll see good restaurants here, life is better because of the flow of money. But this is fading, especially after August last year. And now, with this complete ban, life is going to become difficult,' he said. The imposed restrictions, however, are important as it is connected to security, traders said. Local trader, Santanu Sutradhar said that none of the land ports in northeast have facilities to check the quality of food and quarantine them if required. So, the possibility of contaminating food reaching Indian consumers cannot be ruled out. 'After Operation Sindoor, Pakistan is trying to attack India in many ways and Bangladesh has extended support to them. Since a large amount of food products are entering India through Bangladesh, this gives the anti-India forces an opportunity to damage us internally,' he said. MEGHALAYA In neighbouring Meghalaya, the trade ban has disrupted traditional border commerce and impacted the livelihoods of thousands dependent on cross-border exchanges in the state. According to officials from the state's commerce and industries department, Meghalaya recorded a revenue drop of approximately ₹2.54 crore within just five days of the halt in border trade. The export of coal, boulder stones, and limestone from Dawki, one of the busiest land customs stations, has also been suspended due to alleged procedural and weighing issues, coupled with reported political instability across the border. 'The situation is worrisome. Exporters, daily wage workers, truckers, and small traders are all affected. Dawki and Borsora are among the worst hit,' a senior trade official in Shillong said on condition of anonymity. Border haats (temporary market spaces) —weekly cross-border markets that once thrived in places like Ryngku and Lalpani in East Khasi Hills—have also ground to a halt. Local traders report that these markets, which serve as lifelines for people on both sides of the border, have remained closed due to increased security measures and waning demand. 'We used to earn a decent living selling and buying essentials across the border. But with the restrictions and the unrest in Bangladesh, everything has come to a standstill,' said Mebanlin Nongrum, a small trader from Mawsynram, adding, 'We are struggling to make ends meet.' TRIPURA Traders in Tripura have not been severely impacted as yet because a few important trade items including edible oil, fish, LPG and crushed stones were exempted from the restriction. In a recent high-level meeting, director of Tripura's industries and commerce department Shailesh Kumar Yadav discussed the implementation of the restriction on important of goods including fruit drinks, processed food items, plastic and PVC furnished goods, wooden furniture through any land custom stations or integrated check-posts in Assam, Tripura, Meghalaya and Mizoram and LCS at Changrabandha and Fulbari in West Bengal. In the meeting, the traders were told to follow restrictions imposed by the Union government on important of selective products from Bangladesh through land ports. Bidhan Saha, a local departmental store owner, said there is no shortage of Bangladeshi products, especially those produced by Pran Group, like packeted puffed rice, toast biscuits and other FMCG items, which are still in stock with local distributors. Bangladesh's Pran Group runs a factory at the state-owned Bodhjungnahar industrial estate, where several other industrial units were provided land and other facilities as part of the state government's efforts to invite investments in Tripura. Saha, however, said several of his customers have expressed discontent at the show of anti-Indian sentiments by a section of Bangladeshi citizens, questioning why they will buy Bangladeshi products when their incumbent administration has been making anti-Indian statements since last year. Local fishermen at Battala and Lake Chowmuhani market of Agartala city have said there is no fish crisis yet since fish is exempted from the import restrictions along with a few other products like LPG, edible oil, stone chips. A local construction material supplier, who asked not to be named, said there was no shortage of Bangladeshi construction materials like cement and stone chips in the local market but distributors have indicated that cement prices could soar because getting fresh supplies might become tough. 'We have said that any abrupt rise in prices will make it difficult for us to replenish our stocks with Bangladeshi products. There is no shortage of products yet,' the trader said. Tripura imported goods worth Rs. 453 crores through Akhaura ICP last year. The northeastern state, mainly exports stone chips, lentils, dry chilly, ginger, cumin seeds etc., while imports different varieties of fish, LPG, cement, PVC door, PVC pipe, different types of drinks, wood, plastic materials, cotton waste etc. The bilateral trade volume between Tripura and neighbouring Bangladesh declined from Rs. 1008.40 crores in 2021-22 to Rs. 715.98 crores in 2023-24, as per an industries and commerce department report released in the state assembly in March. Of the total Rs. 1008.40 crores bilateral trade in 2021-22 financial year, Tripura imported goods valued at Rs. 767.00 crores while the state exported goods amounting at Rs. 241.40 crores, as per the report. Overall trade was reduced to Rs. 758.09 crores in 2022-23 with Tripura imported goods amounting at Rs. 636.72 crores and exported Rs. 121.37 crores goods to Bangladesh. Later in 2023-24, the overall trade was again declined to Rs. 715.98 crores as the state imported goods of Rs. 703.67 crores and exported goods valued at Rs. 12.31 crores. MIZORAM Traditional cross-border trade in western Mizoram has been severely disrupted due to the restrictions, which have had a cascading impact on the region's economy, particularly affecting ginger exports. Malsawmi, CEO of Aizawl-based Starfin, said that the suspension of exports to Bangladesh has delivered a significant blow to ginger traders in Mizoram. 'Bangladesh is our largest market for ginger, and their buyers are integral to the long-standing trade relationship we've shared. The current ban has not only made exports impossible but also caused ginger prices to collapse within the state,' she said. Following the closure of the international boundary, the price of ginger in Mizoram has dropped to ₹17 per kilogram, far below the ₹28 per kilogram rate seen in Delhi, Silchar, and Siliguri markets, Malsawmi added. She also noted that ginger from Mizoram is in high demand in Bangladesh, where it is widely used in food, traditional medicine, and processing industries. Hriatpuia, a local trader from the border town of Tlabung, echoed similar concerns. He told HT that the Border Security Force (BSF) and Border Guard Bangladesh (BGB) have both tightened control over cross-border movement, effectively halting traditional exchanges between villages. 'Ever since the tension between India and Pakistan escalated, the movement of villagers across the border has been heavily restricted. What was once a vibrant trade hub is now a zone of caution and silence,' Hriatpuia said. He also mentioned that BSF posts, previously manned by junior personnel, are now under the command of senior officers who are enforcing stricter protocols. Mizoram shares a 318-kilometre-long border with Bangladesh, stretching across the Mamit, Lunglei, and Lawngtlai districts. For generations, local communities have engaged in informal trade across this boundary—ties that are now fraying under the weight of geopolitics. Get 360° coverage—from daily headlines to 100 year archives.
Scotsman
2 days ago
- Business
- Scotsman
Spending cuts and tax rises loom in ‘challenging period' for ministers, with welfare bill set to top £9bn
Scottish Government warned by economic experts it faces 'widening gap on social security' and will 'have to find additional resources' Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Ministers will have to ramp up taxes or make spending cuts to fund Scotland's burgeoning welfare bill and generous public sector pay deals, economic experts have warned. The Scottish Fiscal Commission (SFC) said the Scottish Government faces a 'really challenging period', with spending on social security forecast to grow from just over £6.1bn in 2024-25 to more than £9.4bn by 2030-31. Advertisement Hide Ad Advertisement Hide Ad With the rise coming at a time when the UK Government is trying to cut its own welfare bill, SFC chairman Professor Graeme Roy said Holyrood ministers will increasingly have to fund more of the spending for this from its own budget. Prof Roy said: 'The government have to find £2 billion either from taxation or other areas of spending to make the budget balance.' He highlighted this 'widening gap on social security' as one of the financial pressures the Scottish Government will have to face. The Scottish Parliament building in Edinburgh | PA Prof Roy also said ministers will likely 'have to find additional resources' to pay for public sector pay, with awards being made to workers already higher than the level set in the Government's public sector pay policy. Advertisement Hide Ad Advertisement Hide Ad He said: 'That means essentially money is going to have to be found from elsewhere in the budget in order to pay for pay awards coming in above the pay policy.' 'Economic performance gap' Meanwhile, an 'economic performance gap' means the government is raising less from income tax than it would if Scotland's economic performance matched that of the UK. The SFC found that Scotland's different policies on income tax should raise just over £1.67 billion this year, but its report said the 'actual projected income tax net position in 2025-26 is £616 million'. As a result, Prof Roy noted there was a 'performance gap of about £1 billion'. Advertisement Hide Ad Advertisement Hide Ad He added: 'That is an additional £1 billion that is being foregone within the overall funding of the Scottish budget because of that relatively weaker economic performance.' Prof Roy noted that overall the funding to the Scottish Government 'continues to increase'. Professor Graeme Roy | Contributed But he said: 'Once you take into consideration things like social security commitments, when you take into consideration pay awards running ahead of the pay policy, when you take into consideration things like the national insurance increase, and the general pressure we are seeing on public service delivery, while funding is going up the spending pressures are continuing to go up at the same time. 'So the government is continuing to work in a situation where they have really quite limited fiscal headroom to manage the pressures that they face.'He added: 'Funding is going up, but once you start to look at some of the commitments the Government have made it is going to be a really challenging period for the short and medium term.' Advertisement Hide Ad Advertisement Hide Ad Scottish Conservative finance spokesman Craig Hoy said: 'This damning report shows an eye-watering £1 billion gap between what Scotland's higher income tax rates might have added to the Scottish budget, and what they are actually projected to deliver. 'The 'economic performance gap' identified is entirely the result of SNP decisions on tax, business support and welfare spending.' He added: 'Scottish workers are being hammered by the highest taxes in the UK, but the SNP's financial incompetence and anti-business policies mean we're lagging behind. 'The SNP's inability to get a grip on public spending, and their ballooning welfare bill, which experts warned is unsustainable and unaffordable, means that while Scots are paying more, they are getting less, as services are cut to fill the financial hole.' Advertisement Hide Ad Advertisement Hide Ad Public finances 'not a pretty picture' Liberal Democrat finance spokesman Jamie Greene stated: 'The picture this paints of the state of the Scottish public finances is not a pretty one. 'Scots have paid more tax but only a fraction of that is available to spend on public services. 'The welfare bill is rising fast, and of course we need a compassionate system but more needs to be done to create good jobs and get those who are economically inactive back to work through skills, training and fast access to proper NHS care.' Finance Secretary Shona Robison said the report 'recognises the challenging financial environment that Scotland continues to face as a result of global uncertainty and higher inflation'. Advertisement Hide Ad Advertisement Hide Ad Finance Secretary Shona Robison | Robert Perry/PA Wire She added that the Scottish Government's position was made worse by the 'failure' of UK ministers to fully fund the increase in employers' national insurance contributions in the public sector, as well as by the welfare reforms being pursued by Labour at Westminster. Ms Robison demanded the UK Government 'must change course on these welfare cuts, as well as removing the two-child limit and reinstating the winter fuel payment'. Speaking for the Scottish Government, she added: 'By contrast, our social security policies are providing vital assistance to enable older people to heat their homes, help disabled people to live independent lives and keep thousands of children out of poverty.' The Finance Secretary added: 'Our investment in this area over and above the money we get from the UK Government is projected to be less than 3.5% of the total Scottish Government Resource Budget by 2029-30.' Advertisement Hide Ad Advertisement Hide Ad Swinney calls for immigration powers First Minister John Swinney said the UK government's stance on immigration stance poses a 'critical economic threat' to Scotland. The Prime Minister released a new White Paper on immigration earlier this month, laying out plans to extend the time people will have to stay in the UK before applying for settled status, along with the end of visas for overseas care workers and reducing the time graduates are allowed to stay after leaving university. Speaking at a conference on Thursday, the First Minister again voiced his opposition to the plans, warning of the impact on Scotland's ageing population of a reduction in immigration. 'I am profoundly concerned by the direction of travel that is being taken on migration,' he said. Advertisement Hide Ad Advertisement Hide Ad
Yahoo
2 days ago
- Business
- Yahoo
How The Islanders Affect The Rangers' Future
The Rangers and Islanders have one thing in common. They both missed the playoffs. They both also are in the process of renovation on all counts. What's going to be interesting is how rapidly each franchise can lift itself back to respectability. Both have made moves in significant areas. MANAGEMENT: The Rangers renewed Chris Drury's managerial pact while firing coach Peter Laviolette. Drury's power automatically is enhanced because of his tight relationship with owner Jim Dolan. A Sweet 17 Thoughts About What Rangers Fans Should Know About The Playoffs 1. The most unheralded hero so far in the playoffs almost was a Rangers coach. Edmonton bench boss Kris Knoblauch has his Oilers hellbent for a leap into the Cup Final with Dallas now on the ropes. The Islanders rejection of Lou Lamoriello and subsequent hiring of Darche was a well-thought out move. All hockey people we know consider it a wise move to put the franchise back on track. But it remains to be seen whether Darche is as competent as his clippings and colleagues believe that he is. COACHES: Drury not only fired Laviolette but also dumped assistant coach Phil Housley. Michael Peca left the Rangers to work for the Black is in the process of finding replacements before the Draft takes place. The Islanders remain uncertain about head coach Patrick Roy. Right now, the betting is that Darche will retain his fellow francophone but likely will drop two assistant coaches, John MacLean and Tommy Albelin, both Lamoriello hires. Assuming that Roy is retained – still not a sure thing – Patrick likely will add aides with whom he's familiar, most likely from the Quebec Major Junior League. At the moment, Darche's decision on Roy or not to Roy will be pivotal in terms of the club's direction. Based on his performance last season in the most unfortunate circumstances of injury after injury, Roy deserves another chance. The Maven will be stunned if it goes any other way. MARKETING: The Rangers upcoming 100th anniversary will be accompanied by the traditional MSG pomp and circumstance. If the ice product is not up to par it won't matter as much because of various sideshows being planned. Not surprisingly, Drury will attempt to sign at least one marquee player. Expect some sort of MSG letter to fans that will celebrate the anniversary while simultaneously emphasizing the hockey club's rejuvenation under Sullivan. Sam Rosen's play-by-play replacement Kenny Albert already is a huge plus, thanks to his renown as the club's radio voice not to mention his network celebrity. On the Islanders side, Lou Lamoriello did a noble job in many ways and may still be retained as an aide to assist Drache's acclimatization. But expect a loosening of the Lamoriello laws such as players forbidden to have facial hair. The personal management-to-fan marketing has begun with Drache on the phone with season ticket-holders – a smart move if there ever was one. On the media side, the club has scrapped its long-standing – and very popular radio play-by-play for tv simulcasts. Another major plus has been co-owner Jon Ledecky's genuine – endless – outreach to fans like no other owner in major league sports. That will continue as long as Ledecky is around. As always the best that could happen in the case of each franchise is having a winning team. Rangers Stanley Cup (1994)-winning GM Neil Smith put it well: "Winning cures everything!"
Yahoo
2 days ago
- Business
- Yahoo
The top commercial contractors of 2025
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. New York City-based Turner Construction has once again retained its top spot as the No. 1 contractor in the country by revenue, according to Engineering News-Record's 2025 Top 400 Commercial Contractors list released last week. Reston, Virginia-based Bechtel reclaimed second place after Omaha, Nebraska-based Kiewit, which placed No. 3 this year, pushed it out of the runner-up slot last year. All three of the top contractors experienced some measure of revenue growth. Turner's 2024 revenue grew to $20.2 billion from $17.1 billion last year, while Bechtel grew to $15.9 billion from $12.9 billion. Kiewit generated $14 billion in 2024 compared to the prior year's $13.8 billion. In a large swing, Falls Church, Virginia-based HITT Contracting leapt up the rankings, jumping from the No. 26 slot last year into the No. 10 position on the back of a revenue increase of approximately $3 billion, according to the report. HITT credited the company's revenue jump with listening to, and evolving alongside, its clients, according to Kim Roy, the company's CEO. 'Over the past five years, we've expanded in key sectors with strong demand and long-term opportunities, such as mission critical, hospitality, healthcare, manufacturing and industrial,' Roy told Construction Dive via email. 'We also continue to grow alongside our long-time corporate and multifamily clients, who have been pivotal to HITT's success.' In addition to HITT, Atlanta-based Holder Construction also made a big leap, to the No. 15 slot from last year's position at No. 30. The company reported $7.7 billion in 2024 revenue, compared to $5 billion in 2023. The list comes as public builders have, for the most part, downplayed the effects that President Donald Trump's tariffs have had on their first quarter earnings performance. Since the rankings depend on 2024 revenue, it can be seen as a lagging indicator of performance, unaffected by tariffs, or even the Trump presidency. Other firms that jumped five spots or more in the top 50 include: Minneapolis-based Mortenson, up to No. 22 from No. 27. Concord, California-based Swinerton, up to No. 30 from No. 35. Tempe, Arizona-based Sundt Construction, up to No. 46 from No. 51. Baton Rouge, Louisiana-based Performance Contractors Inc., which landed at No. 47 despite being unranked last year. Columbus, Kansas-based Crossland Construction Co., up to No. 50 from No. 55. Builders that fell five or more spots in the top 50 include: Providence, Rhode Island-based Gilbane Building Co., which dropped from 11 to 17. St. Louis-based Arco Construction Cos., down to No. 29 from No. 17. Southfield, Michigan-based Barton Malow, down to No. 35 from No. 19. While the leapfrogging activity shows that there's always room at the top, there are red flags building in the construction industry as well. In April, project stress rose, and the private sector neared a multi-year high in abandonments, according to Cincinnati-based ConstructConnect. In addition, the Dodge Momentum Index grew 0.9% in April, a lower rate of growth compared to past months, mostly powered by work in data center projects. Without data centers, the DMI would've dropped 3%. At the same time, optimism remains. Construction backlog rose in April to its highest level since September 2023, particularly for builders with over $100 million in revenue. However, it's down year over year for contractors that made $30 million to $100 million in annual revenue. See the chart below for the top 10 commercial contractors on the list: Ranking Contractor 2024 Revenue 1 Turner Construction $20.2 billion 2 Bechtel $15.9 billion 3 Kiewit Corp. $14 billion 4 The Whiting-Turner Contracting Corp. $13.3 billion 5 MasTec $12.3 billion 6 STO Building Group $12 billion 7 Fluor $11.1 billion 8 DPR Construction $10.8 billion 9 McDermott International $8.9 billion 10 HITT Contracting $8.7 billion 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
