Business

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Companies in England are still waiting for around £750 million in potential tax rebates, new research suggests. Experts on Monday called on the Chancellor to hurry the potential payments to firms that have challenged their business rates. Rates are paid based on the value of the property that a company uses. Under a system introduced in 2017, the firms are able to challenge the valuation of their properties that is used to calculate how much they owe the local council in tax. But in the three months to the end of June, just 2,830 such challenges were resolved – down 28% from the previous quarter. More than 4,200 cases were received by HM Revenue and Customs in the same period, according to Altus Group, which advises commercial real estate companies. “There is a cost-of-doing-business crisis, … [Read more...] about Chancellor urged to act over £750m in business rates disputes

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Boris Johnson has appealed to electricity bosses to help ease the pressure as on hard-pressed families amid a dire new warning energy bills could top £5,000 by the spring. Representatives of major electricity companies arrived in Downing Street for crisis talks as analyst, Auxilione, said regulator Ofgem could be forced to raise the price cap for the average household to £5,038 from next April. However the meeting failed to produce any immediate concrete help for struggling consumers, with Mr Johnson acknowledging any “significant fiscal decisions” would be be a matter for his successor. Instead the Prime Minister was reduced to urging the companies to act “in the national interest” in the wake of Russia’s invasion of Ukraine which has caused the price of oil and gas to soar. “Countries around the … [Read more...] about Johnson urges power companies to act ‘in the national interest’

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Pubs, restaurants and music venue leaders have warned the Government there will be mass closures without urgent support on soaring energy prices. Industry bodies UK Hospitality, Night-Time Industries Association, Music Venue Trust , The British Institute of Innkeeping and The British Beer and Pub Association, have written to the prime minister, Boris Johnson , the Chancellor , Nadhim Zahawi and the Business Secretary, Kwasi Kwarteng cautioning that thousands of jobs are at “grave risk”. Businesses have seen energy prices skyrocket over the past year and, unlike consumer energy bills, there is no price cap on commercial energy costs. Hospitality operators have claimed they are facing annual bill increases “in the region of at least 300%”. It comes as soaring household bills mean that many customers … [Read more...] about Pubs, restaurants and music venues ‘face closures without energy support’

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The UK’s economy shrank over the last three months as spending on test and trace and the Covid-19 vaccine programme subsided, figures show. Gross domestic product (GDP) fell by 0.1% between April and June, the Office for National Statistics said. It is a big step down from the first quarter of the year, when GDP rose 0.8%. The data may not be the start of a recession – which is defined as two quarters of GDP decline – but experts are predicting the UK will slip into a recession later this year. “While we see increasing signs of underlying weakness in the economy, we expect a more severe downturn to take place only from towards the end of this year,” said Yael Selfin, chief economist at KPMG UK. The downturn is likely to start next quarter after Ofgem hikes the price cap on energy bills in October … [Read more...] about GDP falls 0.1% as Covid-19 vaccination programmes wind up

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The Government is considering whether to give further help to businesses struggling under the weight of their energy bills even as it refuses to commit to helping households more. Business Secretary Kwasi Kwarteng said that it is “essential” to help heavy industry to cut production costs. He is proposing that the Government increases the exemption from some environmental and policy costs that certain companies were given in March. The new proposal would increase the exemption from 85% to cover 100% of the costs. “ British manufacturers are the lifeblood of our economy and central to our plans to overcome this period of economic uncertainty,” Mr Kwarteng said. “With global energy prices at record highs, it is essential we explore what more we can do to deliver a competitive future for those strategic … [Read more...] about Companies could get more energy bill help from ministers

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Ted Baker has agreed a £211 million takeover by Authentic Brands Group, the US owner of Reebok and Juicy Couture. Shares in the British fashion brand jumped on Tuesday morning after it confirmed the agreement following months of takeover speculation. Ted Baker’s board told shareholders they have recommended a 110p per share deal. If confirmed, the deal will be worth almost a third less than the 160p per share approach ABG was contemplating in May as potential suitors circled the retail business. Nevertheless, it represents a significant premium to Ted Baker’s current share price, which had slumped since the start of the year. The retailer, which has nearly 400 locations, launched a formal sale process in April after US private equity firm Sycamore made a series of approaches for the brand and … [Read more...] about Ted Baker agrees £211m takeover by Reebok owner Authentic Brands

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails An investigation into alleged mis-selling by housebuilder Barratt Homes has been dropped by the competition watchdog after it found “insufficient” evidence to take legal action. Four of the UK’s biggest housebuilders came under scrutiny from the Competition and Markets Authority (CMA) more than two years ago as it probed the leasehold housing market. It followed allegations that large developers had broken consumer protection laws by mis-selling leasehold homes and using unfair contract terms which tied some leaseholders to homes they could not sell. In December, housing giant Taylor Wimpey agreed to scrap terms from leasehold contracts which caused ground rents to double in price every decade. And 15 more businesses committing to removing the unfair terms in March, effectively freeing thousands more … [Read more...] about Watchdog drops case against Barratt Homes in leasehold mis-selling scandal

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails UK workers saw their pay lag behind inflation at record levels over the past quarter, according to official figures. The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7% over the three months to June. Analysts had predicted that wages would increase by 4.5%. It comes after CPI inflation hit a new 40-year record of 9.4% in June and is expected to peak at around 11% later this year, after the invasion of Ukraine accelerated rises in energy and fuel bills. The ONS said this resulted in a 4.1% drop in regular pay for employees once CPI inflation is taken into account, representing the biggest slump since records began in 2001. The gap between the size of pay increases and wider inflation has contributed to a flurry of union action in recent months, with further train … [Read more...] about Workers face record pay slump against surging inflation

By Michael Race Published 1 hour ago Share close Share page Copy link About sharing Pay has fallen further behind the rising cost of living, according the latest official data. While average wages rose 4.7% between April and June, that was outpaced by inflation - or price rises - which is growing at a much faster pace. As a result, the "real value" of pay fell by 3%, according to the Office for National Statistics. Household budgets are being hit by soaring energy bills as well as higher food and fuel costs. The rise in prices has fuelled the UK inflation rate to a 40-year high. The latest inflation figure, due out on Wednesday, is forecast to be higher. The gap between pay growth and inflation is the biggest since records began more than 20 years ago. What is the UK inflation rate and why is it rising? What is a recession and how could it affect me? … [Read more...] about Inflation drives fastest fall in real pay on record

When Kate Blake decided to move to the Isle of Harris and set up an arts studio with her husband six years ago, she expected to cater for a steady flood of tourists seeking a peaceful getaway. Instead, the Covid crisis kept visitors away from the couple's Hebridean Design Company business for two years. And just as they were hoping for respite this summer, widespread ferry disruption described as an “island catastrophe” left the shop empty again. “We’re holding our breath waiting for the next disaster to happen,” says Blake. “Our takings for July were considerably down on last year when we were still under some Covid restrictions. "Everybody has noticed that the roads are quieter, there’s a lot of cancellations for self-catering holidays. [Ferry disruption] is going to have a long-term impact. It’s been a very disappointing year. "There have been instances where people have had to sleep in cars as they couldn’t get off the island.” The couple are far from alone. Repeated … [Read more...] about Scottish islanders suffer disastrous summer after Nicola Sturgeon’s ferry failures