Latest news with #joblosses
Telegraph
3 days ago
- Business
- Telegraph
Starmer's raid on family businesses to cost his constituents 1,000 jobs
Labour's tax raid on family businesses is projected to cost hundreds of jobs in Sir Keir Starmer's constituency alone, new analysis shows. The revenue-raising scheme is also projected to hit the local economies of Labour constituencies harder than their Conservative, Reform and Liberal Democrat-voting counterparts. Analysis by the Confederation of British Industry (CBI), which represents nearly 200,000 UK businesses, revealed that the changes to business property relief (BPR) announced in Rachel Reeves's October Budget will stifle growth in Labour seats across the country. The CBI claims that the average gross value added (GVA) losses in seats that elected Labour MPs at the last general election will be over £24 million, compared to £20 million in Conservative seats and £18.5 million in Reform constituencies. The projections span from the October 2024 budget to April 2030, after the next general election. Only seats held by the Green Party fared worse with an average GVA loss of around £40 million, suggesting that cities and urban centres will be worst hit by the raid. The CBI expects the economic hit to result in thousands of job losses in the most-exposed constituencies. Sir Keir's seat of Holborn and St Pancras will be the fourth-worst hit constituency in the country with 1,037 jobs expected to be lost, according to the analysis. Cabinet ministers to feel the pinch in their seats Red Wall seats are also set to suffer. The analysis shows that of £14.9 billion in nationwide GVA losses, some £4.6 billion (31 per cent) of that will hit constituencies that the Tories won in 2019 and Labour won back in 2024. These seats include the 31 Red Wall seats in the North and Midlands along with other key marginal constituencies which Labour will hope to win again at the next election if it wants to stay in power. Senior Cabinet ministers will also feel the pinch in their constituencies. The second-worst hit seat in the country, Manchester Central, is currently represented by Lucy Powell, the Leader of the House of Commons. The third-worst hit seat is Birmingham Ladywood, represented by Shabana Mahmood, the Justice Secretary. Hilary Benn, the Northern Ireland Secretary, represents the ninth-worst-hit seat of Leeds South. In the October Budget, the Chancellor slashed BPR in an attempt to raise money from family businesses. BPR was originally introduced by a Labour government in the 1970s. It allows company shareholders to leave business assets to loved ones without paying inheritance tax on them. But in a sweeping change that will take effect in April 2026, full business relief will only apply to the first £1 million of a business's assets upon a shareholder's death, with everything above this subject to 20 per cent tax.
Irish Times
4 days ago
- Business
- Irish Times
Unions to meet with Wellman examiner to discuss possible sale
Unions representing about 200 of the 217 staff at the Wellman recycling plant in Mullagh, Co Cavan will meet with examiner Kieran Wallace of Interpath Advisory on Monday as part of an effort to find a buyer for the facility and prevent job losses. The unions say the plant has considerable untapped potential and safeguarding it and its workforce should be a particular priority for government given its environment significance. Its parent company, Indorama Ventures, says it has lost 'double-digit millions across 2023 and 2024' and needs to be financially restructured. Mr Wallace, of Interpath Advisory was appointed interim examiner on Tuesday. Having opened in 1973 under American ownership, the facility in Mullagh was taken over by Thai based Indorama Ventures in 2011. At one point it employed more than 500 people and the unions claim it has been run down by its current owners. READ MORE The factory recycles plastic bottles and other waste and is capable of producing polyester fibres and other products including car components. Union representatives briefed local TDs on what they believe is the potential of the plant on Thursday evening and hope to persuade the examiner to allow them speak with prospective buyers. A meeting with management is also scheduled for next Wednesday. 'I think the hope would be that Government would take a particular interest is saving the plant given the context of Ireland's recycling policies,' said Michael O'Brien of Unite. 'The examinership did not come as a huge surprise to the people working at Wellman but they are not fatalistic about the situation at all and they want to be involved in the process to find a buyer because they believe they can help highlight its potential.' Indorama, which operates a large network of facilities internationally has cited high energy costs and competition from China and other regions. It has said its board believes the plant 'does have a potential future'. It says, however, that some jobs may be lost during the examinership process and there is concern among the three unions with members there, Siptu and Connect as well as Unite, that the terms offered may fall short of previous voluntary packages. Siptu's Alan Clark said he is optimistic a buyer can be found to take the operation over as a going concern. 'It's a very versatile facility and we certainly believe there is the potential for it to continue.' Despite the number of jobs at the site having reduced over time, Wellman remains a major employer in Cavan and important to the local economy.
South China Morning Post
7 days ago
- Business
- South China Morning Post
Sorry, but the ‘China shock' was actually pretty good for America
The idea that China has stolen millions of American jobs in recent decades, causing a collapse in the manufacturing labour market, has long been a staple anti-Chinese narrative on both sides of US politics. Even economists and media pundits who grudgingly acknowledge that cheap Chinese goods have made life easier and more affordable for the average American would complain about these alleged mass job losses. And the blue-collar voters most severely affected by sectoral lay-offs and the decline in regional manufacturing make up a fair segment of Donald Trump 's Maga – 'Make America Great Again' – movement. But is this so-called China shock actually real? 09:42 Trump promises to bring US manufacturing back from China, but will his tariffs work? Trump promises to bring US manufacturing back from China, but will his tariffs work? Among the most influential research defending the 'China shock' claim is a series of papers by David Autor of the Massachusetts Institute of Technology, David Dorn of the University of Zurich, and Gordon Hanson of the Harvard Kennedy School – especially their 2016 paper 'The China Shock: Learning from Labour Market Adjustment to Large Changes in Trade'.
The Independent
03-06-2025
- Business
- The Independent
Oil industry could see job cuts like Grangemouth every fortnight, report warns
The number of jobs in the UK oil and gas sector could plunge to just 57,000 in the next few years, with a report warning there could be the equivalent of 400 cut every fortnight. That level of job losses would be the same as the closure of the Grangemouth oil refinery every two weeks, according to research by Aberdeen's Robert Gordon University. It said in 'low-case scenarios', where the UK makes 'slower progress' as the country transitions towards renewable energy, jobs in the oil and gas workforce would drop from 115,000 at present to 'as low as 57,000 by the early 2030s'. The report added this would be a 'reduction of around 400 jobs – equivalent to the closure of the Grangemouth refinery – every two weeks'. With almost one in 30 Scottish workers currently employed in either the offshore energy sector, or an industry which supports it – compared to one in 220 across the UK – it highlighted how the 'potential risks for Scotland's supply chain and workforce are substantial'. Figures for 2024 show there were 154,000 people employed in the offshore energy sector – with 75% in the oil and gas sector and the remaining 25% in renewables. The Striking The Balance report noted the production of oil is now down by 'almost 75% from its peak' in 1999-2000, when it produced the equivalent of 4.5 million barrels of oil per day. This has now dropped to 1.09 million barrels of oil equivalent a day, with the report noting that without new licences being granted 'the oil and gas industry is forecast to decline by around 95% by 2050 from 2024 levels'. The report said: 'Depending on which scenario will play out, the direct and indirect UK oil and gas workforce is expected to fall from 115,000 to between 57,000 and 71,000 by the early 2030s, with further declines to between 33,000 and 48,000 by 2035.' SNP Westminster leader Stephen Flynn challenged Westminster to act in the wake of the report. He said: 'The independent expert advice is clear, we will see a Grangemouth scale of job losses each and every fortnight if the UK Government does not shift from its misguided position and protect the energy industry of today, so that the workforce can use their skills and expertise to develop the net zero industries of tomorrow. 'The opportunities of net zero are enormous but they will not be realised if the Labour Government continues with its current fiscal regime that deters stability, confidence and investment in existing industries and we therefore lose our best people, and world-class supply chain, to nations elsewhere.' Scottish Conservative energy spokesman and North East Scotland MSP Douglas Lumsden insisted however that both the Scottish and UK governments need to change their approach. He said the 'alarming' report 'lays bare the economic vandalism caused by both Labour and the SNP's opposition to oil and gas'. He added: 'John Swinney and Keir Starmer have disgracefully sat back while jobs continue to be lost throughout the sector as both remain totally oblivious to the fact that renewables alone can't yet satisfy our energy needs.' Pressed on the issue in Holyrood, Scottish climate action minister Alasdair Allan vowed ministers will 'learn' from the report, saying: 'We hope the UK Government will too.' While some areas regarding energy are devolved to Holyrood, he added that others are reserved to Westminster and 'we must get helpful decisions from the UK Government'. He said the UK Government could provide a 'full funding package' for the Acorn carbon capture and storage project in Aberdeenshire in next week's comprehensive spending review. A spokesperson for the UK Department for Energy Security and Net Zero said: 'We have taken rapid steps to deliver the next generation of good jobs for North Sea workers in a fair and orderly transition as part of our Plan for Change, including by making the biggest investment in offshore wind and two first-of-a-kind carbon capture storage clusters. 'This comes alongside Great British Energy, headquartered in Aberdeen, which has already announced a £300 million investment into British supply chains, unlocking significant investment and helping to create thousands of skilled jobs
Yahoo
25-05-2025
- Business
- Yahoo
University facing staff strikes over hundreds of threatened job cuts
University staff are striking over hundreds of threatened job losses and compulsory redundancies. University and College Union (UCU) members at the University of Dundee (UoD) will begin another five days of strikes starting on Monday 26 May, ending on Friday 30 May. The strikes come in response to the university's decision to cut 700 jobs and are the latest in a string of industrial action at the university, with another 15 days of strikes having taken place in February and March. Initially, following advice from the Scottish Government, the employer announced a reduced figure of 300 job loses via a voluntary redundancy scheme, but the union said on Monday morning the UoD is refusing to rule out compulsory redundancies. The union also says the university is carrying out redundancy consultations in its Leverhulme Research Centre for Forensic Science (LRCFS) and the Educational Assistive Technology Team (EduAT) departments. The union said that members were shocked that staff were still facing compulsory redundancy in both the LRCFS and EduAT. UCU added the EduAT team has proved integral in the education of disabled students in the UK and overseas. The union said that Assistive Technology plays a vital role in enabling learners with additional educational needs to achieve their academic goals. A spokesperson for the Dundee UCU branch said: 'The announcement at the end of April that, instead of up to 700 jobs being cut, the University is looking to lose 300 staff via a voluntary severance scheme was welcome. 'However, the threat of compulsory redundancies is still looming over staff once a voluntary severance scheme closes, and there are staff at the university that are currently facing redundancy in the Leverhulme centre and EduAT. 'We call on the employer to abide by the Scottish Government's call to rule out the use of compulsory redundancies, and to commit to making any savings through voluntary methods. 'The employer is pushing ahead with redundancies, and given that jobs are on the line our members felt they had no choice but to embark upon further industrial action. 'That's why members will be taking strike action for five days. UCU wants to work for a sustainable future for the university, for students, staff and the city of Dundee, but our members must take a stand against compulsory redundancies.' Jo Grady, UCU general secretary, called upon the Scottish Government and Scottish Funding Council (SFC) to step in. She said: 'Some seven months after first announcing that management failures had led to an unforeseen deficit, the fact that staff are still facing an uncertain future with management still unwilling to rule out the use of compulsory redundancies shows the ongoing crisis in the university's leadership and governance. 'The intervention of Scottish Government and the SFC is welcome and essential, but as well as dealing with the immediate crisis at Dundee, we also need to see wholescale revision of governance arrangements at universities to ensure this never happens again.' The Scottish Government said it is working alongside the SFC to develop an alternative route. A spokesperson said: 'Ministers appreciate this remains a deeply anxious time for staff at Dundee University. 'Whilst universities are autonomous institutions, we continue to encourage Dundee's management to protect jobs and engage fully with staff, students and trade unions. 'The Scottish Government has provided £25 million to the SFC to support universities like Dundee facing immediate financial challenges. Work is also continuing with the Scottish Funding Council on the further development of an alternative Financial Recovery Plan. 'It is vital that students are supported at this time and that any potential impact of industrial action is managed carefully to avoid disruption to their studies.' A UoD spokesperson said: 'This action from UCU is extremely disappointing, particularly in the context of recent progress towards a revised recovery plan and the timing of a strike when we are in a critical period of the academic year for our students. 'We believe we have robust contingency plans in place to mitigate the impact of strike action as far as we possibly can, particularly for confirming marks and degree classifications for our students. 'Most marking of exams is complete and we expect Exam Boards to meet and confirm results over the coming weeks.' The Scottish Funding Council were approached for comment.
