Businesses paying living wage ‘do better’, Sadiq Khan says October 23, 2024 Businesses paying their staff the living wage “do better”, Sadiq Khan has argued, as he welcomed a rise in the London living wage. The Mayor of London spoke to City AM at an event marking the five per cent increase for 140,000 workers, who will see their pay increase to £13.85 an hour. Speaking in [...]
Building societies demand a say on government’s industrial strategy October 23, 2024 A group of Britain’s biggest building societies and mutuals have demanded a seat on the council shaping the government’s industrial strategy as ministers prepare to unveil a team of executives to oversee the plans. In a letter to business secretary Jonathan Reynolds, seen by City AM, a group of four trade groups including the Association [...]
Autumn Budget: Which taxes will Rachel Reeves hike? October 22, 2024 With the Autumn Budget set to be delivered in just a few days, speculation about which taxes Chancellor Rachel Reeves will opt to raise has reached fever pitch. On entering No 11 Downing Street, Reeves commissioned the Treasury to conduct a thorough spending audit, which she claimed unearthed a “fiscal black hole” of £22bn, paving [...]
Government should consider Post Office mutualisation, ex-minister says October 20, 2024 The government should consider plans to turn the Post Office into a John Lewis-style mutual, a former business minister has said, amid reports Whitehall is looking at the viability. Conservative shadow business secretary Kevin Hollinrake has said he would support a proposal to transform the Post Office’s business structure into a mutual in which customers [...]
Entrepreneurs ‘can’t be in doubt’ about our growth pledge, Reynolds argues October 15, 2024 Entrepreneurs who signed an open letter warning about the impact of hiking capital gains tax “can’t be in any doubt” about Labour’s commitment to economic growth, Jonathan Reynolds told City AM. The business and trade secretary was responding to a letter signed by a group of 500 British entrepreneurs, including the founders of Signal AI, [...]
Labour must iron out the kinks in its industrial strategy October 15, 2024 Labour's draft industrial strategy is a good start, but there are a few tensions that need to be resolved, Chris Dorrell writes
Ministers refuse to rule out hike to employer national insurance rate October 14, 2024 The Chancellor and business secretary have again refused to rule out a hike employers’ National Insurance (NI) contributions in the upcoming Budget when speaking on the sidelines of the government’s investment summit today. Speaking exclusively to City AM on the question of whether Labour would increase employers’ NI, Jonathan Reynolds stressed: “I think the manifesto [...]
Reeves hails £63bn boost for Britain at flagship investment summit October 14, 2024 Reeves welcomed the investment news, insisting her “ambition for Britain burns brighter than ever”, while the government said the deals will see some 38,000 new jobs created in the UK.
Khan says London is open for business as tech firms confirm expansion plans October 14, 2024 Three tech firms Mphasis, Constant Contact and Moonpay, are set to expand, invest and launch in London in the coming months, mayor Sadiq Khan has announced. The Indian IT giant, US-based marketing firm and Miami-headquartered fintech have all unveiled upcoming plans to boost their presence in the UK capital. Mphasis opened a new London office [...]
DP World: Ministers had ‘conversation’ to salvage investment after row October 13, 2024 Ministers were forced to “have a conversation” with executives from DP World to secure its investment after a senior minister referred to one of its subsidiary P&O Ferries a “rogue operator”, the business secretary has said. Business secretary Jonathan Reynolds said the investment – which was reportedly put in jeopardy following the scathing criticism of [...]