Inflation spike ‘raises questions’ over health of UK economy Economics The spike in inflation to 2.6 per cent today has raised questions about the health of the UK economy, according to analysts. The news comes ahead of the Bank of England’s meeting to decide the path of interest rates tomorrow, with markets agreeing that combined with higher-than-expected wage growth yesterday, a cut is off the [...]
Vue: National Minimum Wage and rising costs cuts cinema chain’s earnings Business The releases of Wonka, Kung Fu Panda 4 and Dune: Part 2 failed to boost sales at cinema chain Vue during the first half of its financial year while its earnings were slashed. The company said the falling admonitions and total revenue for the period were the result of coming up against the tough comparison [...]
Retailers warn of ‘inevitable’ job losses and price rises after budget tax hikes Retail Retail bosses warned that they will be forced to hike prices and cut jobs due to the government’s tax hikes, as the sector braces for a substantial increase in employment costs. In a draft letter to the Chancellor, coordinated by the British Retail Consortium (BRC), retail bosses warned that job losses were “inevitable” and higher [...]
Rise in National Insurance and Minimum Wage delivers ‘ big blow’ to struggling firms October 30, 2024 Rachel Reeves’ increase to employers’ National Insurance Contributions (NIC) will be a “big blow” to sectors already suffering from higher costs, a number of businesses have warned. While delivering the Autumn Budget this afternoon, the Chancellor announced a number of “very difficult decisions” in order to fill the £22bn “black hole” inherited by the Conservatives. [...]
Budget Day dawns: Bosses are ‘concerned and apprehensive’ October 30, 2024 Business leaders are concerned and apprehensive as Budget day dawns and firms from start-ups to Square Mile stalwarts wait with bated breath for Rachel Reeves to reveal the extent of the tax rises contained in the government’s first fiscal event after 14 years out of power. Pollsters asked bosses and senior executives to select from [...]
Autumn Budget 2024: Minimum wage set for above inflation hike October 29, 2024 Firms could be set to face higher payroll costs as the minimum wage is reportedly set to increase by more than six per cent at Wednesday’s Budget. Chancellor Rachel Reeves is expected to announce an above inflation raise that is higher than was predicted last month, according to the Times newspaper. It will result in [...]
Firms fear looming minimum wage rise and workers’ rights package September 9, 2024 The survey makes apparent the extent of business concern over the new deal for workers, which is one of the most controversial aspects of Labour's legislative agenda.
Macdonald Hotels & Resorts back in the red as cost increases bite September 9, 2024 Macdonald Hotels & Resorts slumped back into the red during its latest financial year as it battled a rise in its costs. The group, which is headquartered in East Kilbride, Scotland, has reported a pre-tax loss of £3.5m for the year to 28, September, 2023, after having posted a pre-tax profit of £44.5m in the [...]
SMEs warned to be ‘proactive’ with wage compliance amid HMRC crackdown August 6, 2024 Small and medium-sized enterprises (SMEs) have been warned to take "proactive" steps to ensure compliance with the National Minimum Wage (NMW) as the HMRC dials in its focus to 11 UK regions.