Latest news with #Scotch
The Star
43 minutes ago
- Business
- The Star
Britain and India to sign landmark free trade pact during Modi visit
FILE PHOTO: Britain's Prime Minister Sir Keir Starmer attends a bilateral meeting with India's Prime Minister Narendra Modi on the sidelines of the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil. Picture date: Monday November 18, 2024. Stefan Rousseau/Pool via REUTERS/File Photo LONDON/NEW DELHI (Reuters) -Britain and India will sign a landmark free trade agreement on Thursday during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. The two countries concluded talks on the long-coveted free trade pact in May after three years of stop-start negotiations, with both sides hastening efforts to clinch a deal in the shadow of tariff turmoil sparked by U.S. President Donald Trump. The agreement between the world's fifth and sixth largest economies aims to increase bilateral trade by a further 25.5 billion pounds ($34 billion) by 2040. It will take effect after the British parliament and India's federal cabinet approve it, likely within a year. "Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth," British Prime Minister Keir Starmer said. The agreement will be signed during Modi's fourth visit to the UK since he took office in 2014. The leaders will also sign a strategic partnership covering areas such as defence and climate, and strengthen co-operation on tackling crime. Under the trade agreement, tariffs on Scotch whisky will drop to 75% from 150% immediately, and then slide to 40% over the next decade, according to the British government. On cars, India will cut duties to 10% from over 100% under a quota system that will be gradually liberalised. In return, Indian manufacturers are expected to gain access to the UK market for electric and hybrid vehicles, also under a quota system, Indian commerce ministry officials said. The ministry has said 99% of Indian exports to Britain would benefit from zero duties under the deal, including textiles, while Britain will see reductions on 90% of its tariff lines. The agreement represents Britain's most significant trade deal since it left the EU in 2020, though the projected boost to British economic output, of 4.8 billion pounds a year by 2040, is small compared to the country's gross domestic product of 2.6 trillion pounds in 2024. The deal will also facilitate easier access for temporary business visitors, though visas are not covered. Britain and India also agreed to ensure workers no longer have to make social security contributions in both India and Britain during temporary postings in the other country. Under the trade deal, British firms will be able to access India's procurement market for projects in sectors such as clean energy, and it also covers services sectors such as insurance. India didn't succeed in its efforts to get an exemption from Britain's Carbon Border Adjustment Mechanism (CBAM) - which could levy higher taxes on polluters from 2027 - as part of the deal. The two sides also haven't concluded talks over a separate bilateral investment treaty, which were held in parallel to trade negotiations but still continue. (Reporting by Alistair Smout in London and Manoj Kumar in New Delhi; editing by Philippa Fletcher)
Straits Times
43 minutes ago
- Business
- Straits Times
Britain and India to sign landmark free trade pact during Modi visit
FILE PHOTO: Britain's Prime Minister Sir Keir Starmer attends a bilateral meeting with India's Prime Minister Narendra Modi on the sidelines of the G20 summit at the Museum of Modern Art in Rio de Janeiro, Brazil. Picture date: Monday November 18, 2024. Stefan Rousseau/Pool via REUTERS/File Photo LONDON/NEW DELHI - Britain and India will sign a landmark free trade agreement on Thursday during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. The two countries concluded talks on the long-coveted free trade pact in May after three years of stop-start negotiations, with both sides hastening efforts to clinch a deal in the shadow of tariff turmoil sparked by U.S. President Donald Trump. The agreement between the world's fifth and sixth largest economies aims to increase bilateral trade by a further 25.5 billion pounds ($34 billion) by 2040. It will take effect after the British parliament and India's federal cabinet approve it, likely within a year. "Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth," British Prime Minister Keir Starmer said. The agreement will be signed during Modi's fourth visit to the UK since he took office in 2014. The leaders will also sign a strategic partnership covering areas such as defence and climate, and strengthen co-operation on tackling crime. Under the trade agreement, tariffs on Scotch whisky will drop to 75% from 150% immediately, and then slide to 40% over the next decade, according to the British government. On cars, India will cut duties to 10% from over 100% under a quota system that will be gradually liberalised. In return, Indian manufacturers are expected to gain access to the UK market for electric and hybrid vehicles, also under a quota system, Indian commerce ministry officials said. The ministry has said 99% of Indian exports to Britain would benefit from zero duties under the deal, including textiles, while Britain will see reductions on 90% of its tariff lines. The agreement represents Britain's most significant trade deal since it left the EU in 2020, though the projected boost to British economic output, of 4.8 billion pounds a year by 2040, is small compared to the country's gross domestic product of 2.6 trillion pounds in 2024. The deal will also facilitate easier access for temporary business visitors, though visas are not covered. Britain and India also agreed to ensure workers no longer have to make social security contributions in both India and Britain during temporary postings in the other country. Under the trade deal, British firms will be able to access India's procurement market for projects in sectors such as clean energy, and it also covers services sectors such as insurance. India didn't succeed in its efforts to get an exemption from Britain's Carbon Border Adjustment Mechanism (CBAM) - which could levy higher taxes on polluters from 2027 - as part of the deal. The two sides also haven't concluded talks over a separate bilateral investment treaty, which were held in parallel to trade negotiations but still continue. REUTERS
Daily Mirror
an hour ago
- Business
- Daily Mirror
Keir Starmer to sign off major new trade deal in boost to UK firms and shoppers
Prime Minister Keir Starmer will meet Indian PM Narendra Modi on Thursday to rubberstamp a trade deal, which is expected to add around £4.8billion to the UK economy each year Keir Starmer will sign off a major trade deal to make it easier for British firms to sell goods like whisky, cosmetics and cars to India. The Prime Minister will meet Indian PM Narendra Modi on Thursday to rubberstamp the pact, which will add around £4.8billion to the UK economy each year. The agreement will slash tariffs on trade between the UK and India, making it easier for UK firms to export and potentially offering cheaper prices to shoppers. India's average tariff on UK products will drop from 15% to 3%, so it is cheaper for British companies to sell goods to the Indian market. Whisky producers will see tariffs slashed in half from 150% to 75%, and duties are expected to fall further to 40% over the next ten years. Tariffs on British cars will fall from 110% to 10% under a quota system, and other industries including soft drinks and cosmetics are also expected to see cheaper duties. In return, the UK is expected to reduce tariffs on imports from India, which is likely to mean lower prices for British shoppers on clothing, footwear, and food. The deal is being billed as a major win for Britain amidst the chaos triggered by Donald Trump's trade tariffs. As one of the world's largest economies, India has long been a target for Brexiteers keen to show the benefits of leaving the European Union. Boris Johnson began negotiations in 2022 but failed to deliver on his boast that he would get a deal "done by Diwali'. His Tory successors Liz Truss and Rishi Sunak also struggled to make progress, with stumbling blocks including Indian tariffs on Scotch whisky and visa rules. The agreement is the most significant bilateral trade deal since the UK left the EU, as India is the UK's 11th largest trading partner, with trade of goods and services worth around £42.6bn last year. It is expected to boost that trade by an additional £25.5bn a year by 2040, and drive up British exports by another £15.7bn. The Prime Minister said: 'Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change. "We're putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we're determined to go further and faster to grow the economy and raise living standards across the UK." The deal is expected to create another 2,200 jobs across the country and attract £6 billion investment by British and Indian businesses, according to the Government. Some Indian and British workers will also gain from a three-year exemption from social security payments, to stop them from being forced to pay twice if they are temporarily transferred abroad. The UK has similar deals with countries like the USA, Canada and the EU. The deal does not include any change to UK immigration policy, including for Indian students, which had previously been a sticking point. William Bain, Head of Trade Policy at the British Chambers of Commerce, said: "The signing of this agreement is a clear signal of the UK's continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world's largest economies. 'Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services." The PM and his Indian counterpart are also expected to discuss bolstering joint efforts to tackle illegal migration and organised crime. Mr Modi is expected to meet King Charles on his two-day visit.
Scotsman
8 hours ago
- Business
- Scotsman
First look at multi million pound Distillers One of One 2025 charity auction - including 'pill-like' oldest Laphroaig
The Distillers One of One has revealed the first old, rare and unique lots for its highly anticipated third auction, set to take place on Friday 10 October 2025 at the historic Hopetoun House near Edinburgh, in collaboration with Sotheby's. The landmark charity auction will bring together the Scotch Whisky industry in a shared spirit of generosity and support, featuring 40 lots from 36 donor companies. Since the initial auction in 2021, the Distillers One of One has established itself as the largest global charity auction of rare Scotch whisky ever staged. The commitment from donors has helped raise £4.3 million to date, principally awarded to the Youth Action Fund, which aims to transform young people's lives in Scotland, particularly those from disadvantaged backgrounds, to reach their potential and make a positive contribution to their communities. Thanks to this vital support, over 3,300 young people have been engaged since 2022, with approximately 1,000 young people supported each year and funding delivered at an average of £1 million annually. The journey to lasting employability is often long and complex, and the sustained support provided through the Youth Action Fund has already led to 2,271 employability outcomes to date (June 2025), including employment, apprenticeships, further education, and structured volunteering. Equally important are the 16,462 soft outcomes - such as increased wellbeing, motivation, and resilience - and 12,617 progression milestones achieved, including literacy and numeracy qualifications, work placements, mentoring, and financial management training. These foundational achievements are critical stepping stones on the pathway to employment, and a testament to the life-changing impact this initiative continues to have on Scotland's young people. At an action impact review in April 2025, we heard from some of the young people who have been supported by the fund through charities - Street League Aberdeen Foyer, Action for Children, Enable Works, Family Action in Rogerfield & Easterhouse (Fare), and the Talk About Trust. Louise Stevenson, Youth Action Fund manager, explained some of the challenges faced by young people these days, saying: 'Challenges include mental health anxiety which naturally peaks at transition points in your life. But referrals to mental health services for young people increased by 50% between 2020 and 2023. Men are so overwhelmed that they cannot leave the house or engage socially. "Community disconnection and a sense of belonging is critical to someone's well being, and yet, for many young people, the feeling of isolation is normal.' Ms Stevenson added: 'The Scotch whisky industry's willingness to use its most-valuable assets in this collective philanthropic endeavour is truly humbling and unparalleled in our experience. The industry is having a transformational impact on the lives of Scottish young people who are struggling and at risk of not achieving their potential.' Three of the young people who have been helped by the Fund and charities it supports included Lewis, who, through attending Street League (which uses sport to give support and skills) is now a personal trainer having undertaken higher education. "Before attending Street League, Lewis suffered from bad anxiety and struggled to leave his home. Now he's in his 'dream job' , one he 'couldn't have imagined doing five years ago.' Aberfeldy 49YO Single Cask Laphroaig capsule Royal Brackla 50 year old Ladyburn Marilyn Monroe by Sam Shaw Beanie Espey-Geraedts, MD of Distillers One of One, said of the charity work so far: 'The work being done by the Youth Action Fund is truly impressive, and the results speak for themselves - the scale of impact is really incredible. '2025 has already brought its share of surprises and uncertainties on the global stage, and the whisky industry is feeling those effects too. That's why we are hugely grateful to all the donor brands and sponsors who have come together once again in support of this unique philanthropic endeavour, to keep raising funds for such a vital cause. 'Each donor is dedicating significant time, care, and resources to craft truly unique lots - and we can assure you, this year's line-up is raising the bar once more!' Jonny Fowle, global head of spirits at Sotheby's, added: 'Distillers One of One is the apex at which whisky meets art and luxury. It is remarkable that so many whisky brands have generously donated pieces of such high age, high quality and highly creative concepts, merging the most historic Scotch whiskies with breathtaking and innovative designs. 'These lots incorporate everything imaginable, from glass art and tailoring to watercolours and photography. Being entrusted, once again, to present these whiskies to the world's most dedicated collectors, all to raise money for a worthy cause, is a privilege.' Lots this year include: 'The Glen Grant Eternal 77-Year-Old", a rare single malt Scotch whisky presented in a handblown glass magnum decanter; 'The Glenlivet SPIRA', this single malt is presented in the timeless Spira decanter ('spiral' in Latin), an artistic vessel inspired by the dance of the vapours within The Glenlivet's stills and the flowing River Livet; the 'Laphroaig Capsule' - a 40-year-old Laphroaig created from spirit distilled in 1980 and 1981 and presented in a flawless, green 1.5l crystal decanter, hand-blown by Glencairn crystal; the 'Aberfeldy 49 Year Old Single Cask' bottling, which has been exclusively selected for the Distillers One of One Auction 2025 and 'Ladyburn One of One 2025 - Marilyn Monroe by Sam Shaw' was selected the entry for the Distillers One of One 2025 auction: a single bottle that has been drawn from Cask 102092.
Scotsman
8 hours ago
- Business
- Scotsman
First look at multi million pound Distillers One of One 2025 charity auction - including 'pill-like' oldest Laphroaig
The Distillers One of One has revealed the first old, rare and unique lots for its highly anticipated third auction, set to take place on Friday 10 October 2025 at the historic Hopetoun House near Edinburgh, in collaboration with Sotheby's. The landmark charity auction will bring together the Scotch Whisky industry in a shared spirit of generosity and support, featuring 40 lots from 36 donor companies. Since the initial auction in 2021, the Distillers One of One has established itself as the largest global charity auction of rare Scotch whisky ever staged. The commitment from donors has helped raise £4.3 million to date, principally awarded to the Youth Action Fund, which aims to transform young people's lives in Scotland, particularly those from disadvantaged backgrounds, to reach their potential and make a positive contribution to their communities. Thanks to this vital support, over 3,300 young people have been engaged since 2022, with approximately 1,000 young people supported each year and funding delivered at an average of £1 million annually. The journey to lasting employability is often long and complex, and the sustained support provided through the Youth Action Fund has already led to 2,271 employability outcomes to date (June 2025), including employment, apprenticeships, further education, and structured volunteering. Equally important are the 16,462 soft outcomes - such as increased wellbeing, motivation, and resilience - and 12,617 progression milestones achieved, including literacy and numeracy qualifications, work placements, mentoring, and financial management training. These foundational achievements are critical stepping stones on the pathway to employment, and a testament to the life-changing impact this initiative continues to have on Scotland's young people. At an action impact review in April 2025, we heard from some of the young people who have been supported by the fund through charities - Street League Aberdeen Foyer, Action for Children, Enable Works, Family Action in Rogerfield & Easterhouse (Fare), and the Talk About Trust. Louise Stevenson, Youth Action Fund manager, explained some of the challenges faced by young people these days, saying: 'Challenges include mental health anxiety which naturally peaks at transition points in your life. But referrals to mental health services for young people increased by 50% between 2020 and 2023. Men are so overwhelmed that they cannot leave the house or engage socially. "Community disconnection and a sense of belonging is critical to someone's well being, and yet, for many young people, the feeling of isolation is normal.' Ms Stevenson added: 'The Scotch whisky industry's willingness to use its most-valuable assets in this collective philanthropic endeavour is truly humbling and unparalleled in our experience. The industry is having a transformational impact on the lives of Scottish young people who are struggling and at risk of not achieving their potential.' Three of the young people who have been helped by the Fund and charities it supports included Lewis, who, through attending Street League (which uses sport to give support and skills) is now a personal trainer having undertaken higher education. "Before attending Street League, Lewis suffered from bad anxiety and struggled to leave his home. Now he's in his 'dream job' , one he 'couldn't have imagined doing five years ago.' Aberfeldy 49YO Single Cask Laphroaig capsule Royal Brackla 50 year old Ladyburn Marilyn Monroe by Sam Shaw Beanie Espey-Geraedts, MD of Distillers One of One, said of the charity work so far: 'The work being done by the Youth Action Fund is truly impressive, and the results speak for themselves - the scale of impact is really incredible. '2025 has already brought its share of surprises and uncertainties on the global stage, and the whisky industry is feeling those effects too. That's why we are hugely grateful to all the donor brands and sponsors who have come together once again in support of this unique philanthropic endeavour, to keep raising funds for such a vital cause. 'Each donor is dedicating significant time, care, and resources to craft truly unique lots - and we can assure you, this year's line-up is raising the bar once more!' Jonny Fowle, global head of spirits at Sotheby's, added: 'Distillers One of One is the apex at which whisky meets art and luxury. It is remarkable that so many whisky brands have generously donated pieces of such high age, high quality and highly creative concepts, merging the most historic Scotch whiskies with breathtaking and innovative designs. 'These lots incorporate everything imaginable, from glass art and tailoring to watercolours and photography. Being entrusted, once again, to present these whiskies to the world's most dedicated collectors, all to raise money for a worthy cause, is a privilege.' Lots this year include: 'The Glen Grant Eternal 77-Year-Old", a rare single malt Scotch whisky presented in a handblown glass magnum decanter; 'The Glenlivet SPIRA', this single malt is presented in the timeless Spira decanter ('spiral' in Latin), an artistic vessel inspired by the dance of the vapours within The Glenlivet's stills and the flowing River Livet; the 'Laphroaig Capsule' - a 40-year-old Laphroaig created from spirit distilled in 1980 and 1981 and presented in a flawless, green 1.5l crystal decanter, hand-blown by Glencairn crystal; the 'Aberfeldy 49 Year Old Single Cask' bottling, which has been exclusively selected for the Distillers One of One Auction 2025 and 'Ladyburn One of One 2025 - Marilyn Monroe by Sam Shaw' was selected the entry for the Distillers One of One 2025 auction: a single bottle that has been drawn from Cask 102092.
