Jacob rees mogg

Jacob Rees-Mogg argued it is wrong to raid the “honey pot of business” to fund measures to ease the cost-of-living crisis by imposing a windfall tax on oil and gas giants. The Brexit opportunities minister argued that the one-off measure on the companies’ soaring profits potentially to reduce consumer bills would ultimately see the public pay more tax. Boris Johnson has not ruled out the move, instead urging firms to invest their soaring profits, and Downing Street hinted that a decision would be coming “soon”. Labour leader Sir Keir Starmer argues a U-turn on opposition is “inevitable” as the tax on North Sea firms would “raise billions of pounds, cutting energy bills across the country”. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns But Mr Rees-Mogg told reporters: “Retrospective taxation is difficult because you are changing the … [Read more...] about Jacob Rees-Mogg warns against raiding ‘honey pot’ with oil and gas windfall tax

Building society Nationwide has warned that house prices might begin to slide later this year as budgets are put under pressure by the rising cost of living. The firm said that while house prices have been increasing at double-digit rates so far this year, they could start falling again. “Higher property prices and interest rates, together with steep increases in the cost of living, mean housing has become less affordable and we expect housing market activity to slow and the rate of house price growth to moderate in the coming quarters,” it said in an update on Friday. “There is a risk of a downward movement in house prices, given the pressure on household budgets.” Inflation reached a 40-year high in the year to April, hitting 9% as measured by the Consumer Prices Index. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns Although unemployment … [Read more...] about House prices could fall as cost of living bites, Nationwide says

Boris Johnson has said he wants to help struggling families “save on their food bills” by delaying a promised ban on buy-one-get-one-free promotions on junk foods until 2023. Despite the government’s U-turn, both Tesco and Sainsbury’s have now committed to the original October deadline for the ban, and vowed to offer more discounts on healthier products. Jamie Oliver has led protests outside Downing Street after a promise to axe multi-buy promotions on food high in fat, sugar or salt was pushed back to next October. The prime minister, speaking to broadcasters during a visit to in Wales, said: “There are some things at the moment where we think they make very little difference to obesity.” Mr Johnson added: “They can affect people’s weekly outgoings, people’s budgets, and at this particular time – if people can save on their food bills with some offers – then I think we’ve just got to be flexible while continuing to tackle obesity.” Recommended … [Read more...] about Sainsbury’s and Tesco to ban junk food offers after Boris Johnson refuses to act

Boris Johnson said he cannot “magic away” all the soaring food and energy expenses as he comes under increasing pressure to alleviate the cost-of-living crisis. Instead the Prime Minister vowed on Friday to use the “firepower” of Government to “put our arms around people” as it did during the coronavirus pandemic. One measure he is facing calls to implement is a windfall tax on the soaring profits of oil and gas giants to fund a fresh support package or reduce consumer bills. But Jacob Rees-Mogg set out fresh opposition from within the Cabinet as he argued it is wrong to raid the “honey pot of business”. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns The Brexit opportunities minister said the one-off measure on North Sea firms would ultimately see the public pay more tax. Mr Johnson has not ruled out the move, instead urging firms to invest … [Read more...] about Boris Johnson: I cannot ‘magic away’ cost-of-living crisis

Sales of alcohol, tobacco and summer clothes drove an increase for retailers last month, despite many being forced to hike their prices. Customers flocked to supermarkets to buy more cigarettes and alcoholic drinks, but spent less in non-food shops. The UK’s retail sector saw a 1.4% rise in sales over the month, after contracting in March, data from the Office for National Statistics (ONS) show. “Retail sales picked up in April after last month’s fall. “However, these figures still show a continued longer term downward trend,” said Heather Bovill, deputy director for surveys and economic indicators. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns “April’s rise was driven by an increase in supermarket sales, led by alcohol and tobacco and sweet treats, with off-licences also reporting a boost, possibly due to people staying in more to save money. … [Read more...] about Alcohol and tobacco sales boost retailers in April despite price hikes

Hobby retailer The Works has enjoyed a jump in sales since 2020 but warned it has begun to feel the effects of a slowdown in consumer spending in recent months. The business has bounced back from the lockdown slump with total sales rising 12.7% in the 12 months to May compared to the 2020 financial year. The retailer has 525 stores across the UK. It has profited from the “BookTok” phenomenon which brought together book lovers on social media platform TikTok. Branded toys and games have also boosted sales with ranges of Peppa Pig, Paw Patrol and Cocomelon flying off the shelves. But the typical post-Christmas slowdown has been made worse by the recent surge in the cost of living and the budget seller believes people are already cutting back on non-essential spending. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns Official data released on Friday … [Read more...] about Hobby shop The Works warns of slowdown amid cost-of-living crisis

By Mary O'Connor Published 4 hours ago Share close Share page Copy link About sharing Related Topics Platinum Jubilee of Elizabeth II Eight new cities have been named for the Queen's Platinum Jubilee, with at least one in every UK nation - and on the Falkland Islands and Isle of Man. Milton Keynes in England, Dunfermline in Scotland, Bangor in Northern Ireland and Wrexham in Wales all get the title. It is a first for places in an Overseas Territory - Stanley, in the Falklands - and a crown dependency - Douglas, in the Isle of Man - to win city status. Colchester and Doncaster complete the list getting the royal honour. The Platinum Jubilee civic honours competition required applicants to show their cultural heritage and royal links as well as how their local identity and communities meant they deserved to be granted city status. When's the four-day Jubilee … [Read more...] about Platinum Jubilee: Eight towns to be made cities for Platinum Jubilee