Latest news with #governmentSpending
Jordan Times
12-05-2025
- Business
- Jordan Times
Fitch rating: A certificate of the stability of the Jordanian economy
The Jordanian economy enjoys international financial support, a positive global reputation and ability to meet debt obligations, which prompted international credit rating agencies, including Fitch, to affirm Jordan's long-term foreign currency rating at -BB with a stable outlook. This stabilization confirms the creditworthiness of the Jordanian economy and indicates the confidence of international credit institutions in Jordan despite regional shocks and increasing geopolitical risks due to the continuation of the war in Gaza in addition to the financial pressures arising from the slowdown in the global economy in general. This rating is a positive sign of the improvement in the financial performance of the Jordanian economy and the improvement of growth opportunities despite the high levels of public debt and pressures resulting from unemployment, indicating that the confirmation of Jordan's credit rating came as a result of economic and financial stability, prudent government spending, reducing the budget deficit, high levels of foreign reserves and improving the level of financial and administrative reforms arising from the vision of economic modernization and strengthening governance. The rating is reinforced by the availability of financing for the local economy, the strength of the banking sector and the continued international support to the Kingdom, as Jordan has maintained its economic stability despite high public debt, limited growth, and high current account deficit. The growth rates in the Jordanian economy are still below the level of desire, as the Jordanian economy achieved a growth of 2.5 per cent in 2024 due to the decline in tourism revenues and the decline in intra-regional trade as a result of regional conditions, while credit rating agencies, including Fitch, expect economic growth in Jordan to improve from 2.8 per cent to 3 per cent by the years 25 and 26, supported by the recovery of European tourism, high trade rates with Iraq and Syria and the implementation of strategic projects such as the National Carrier. As such, the government is required to continue adopting innovative economic initiatives that contribute to the recovery of the local economy and supporting economic openness.
Daily Mail
10-05-2025
- Business
- Daily Mail
Fat cats housing asylum seekers rake in millions
Bosses of companies paid billions of pounds to arrange asylum seekers' hotels are in line for bumper pay rises. Their jackpots come as a report by Government spending watchdogs found asylum accommodation will cost taxpayers £15 billion over ten years, triple the first estimate. Lucas Critchley, boss of Mears, one of three firms given the lucrative contracts, could receive a maximum 100 per cent pay rise this year. The new head of Serco, Anthony Kirby, could take home double what his predecessor received in 2024. The third company, Clearsprings Ready Homes, is run by its majority owner, Essex businessman Graham King. It made a £91 million profit in 2023 and paid a £90 million dividend, according to its accounts. The National Audit Office (NAO) last week revealed Government spending on accommodation for asylum seekers arriving on small boats had ballooned out of control. The three firms were handed contracts to run asylum accommodation from 2019 to 2029. Clearsprings, covering Southern England and Wales, is set to receive £7.3 billion over the period, seven times the anticipated £1 billion when the contract was drawn up. Serco, covering the Midlands, East Anglia and the North-West, is in line for £5.5 billion, two and a half times a forecast £2.1 billion. Mears is set to be paid £2.5 billion for arranging accommodation in Yorkshire, the North-East, Scotland and Northern Ireland. The predicted cost was £1.4 billion. This could be a lucrative year for its boss, whose maximum pay is set at £1,336,000, including shares, long-term incentives and a bonus. Critchley, 43, answered the door at his large, Georgian home on a winding country lane in Essex, but did not comment. Serco, which handles a swathe of public sector contracts, appointed Kirby, 44, in March. He is to receive a base salary of £845,000, but his total package for this year could reach £4.08 million including bonus, long-term incentives and pension. He has been contacted for comment. The NAO said asylum accommodation in 2024-25 alone was £1.67 billion, with hotels accounting for 76 per cent of this. The auditors said asylum hotels 'may be more profitable' for the companies than other types of housing. Clearsprings is by far the biggest earner of the three, receiving nearly half of the entire £15.3 billion projected cost from its contract for southern England. Its boss, King, 57, started out running a caravan park on Canvey Island. He has a personal fortune of £750 million and is set to become the first 'immigration industry' billionaire. The tycoon, who split from his wife and was later with a glamorous Latvian businesswoman, Lolita Lace, 39, could not be reached for comment. A neighbour of Clearsprings' finance chief, Randle Slatter, told The Mail on Sunday about how he was invited to a party at the director's house in Hornchurch, Essex, where 'we were all saying what we did'. 'Randle said 'you're not going to like what I do', and then he explained, and I didn't,' the neighbour said. 'I don't think we should be spending all that money on hotels. We should put them all on an island and process them there.' Clearsprings' accounts show its turnover rose to £1.74 billion in 2024 from £1.29 billion in 2023. The Commons' Home Affairs Select Committee is due to question directors from Clearsprings and Serco this week. Downing Street has concluded the policy of housing asylum seekers in hotels has fuelled the recent surge in support for Reform. Mears said board pay reflected performance across the company's activities, and that profit on the asylum seeker contract was at a 'low margin' of 6 per cent. Serco said its chief executives have earned on average 53 per cent of the maximum available – and that asylum contracts make up 'a small part' of its £5.3 billion annual revenue. Clearsprings has been approached for comment.
