Nestle ramps up cost-cutting by another £2.2bn in overhaul November 19, 2024 KitKat maker Nestle has revealed plans to slash costs by at least another 2.5bn Swiss francs (£2.2bn) and spin off its premium water and drink business as part of a turnaround being led by its new boss. Recently-appointed chief executive Laurent Freixe said the Swiss group will make the mammoth savings by the end of [...]
Reynolds and economists warn of trade impact of US tariffs November 19, 2024 The business secretary has warned of a “significant moment for global trade” and predicted a “difficult conversation” with the US lies ahead, as economists predict a £20bn blow to Britain’s economy from Donald Trump’s tariff plans. Jonathan Reynolds warned the UK should avoid “speculating on how we should respond before there is something to respond [...]
Retail bosses warn of £7bn cost burden after Budget November 19, 2024 UK retail bosses have written to the Chancellor to warn of the wide-ranging damage from the Autumn Budget on their sector, including “inevitable” job losses and price rises. In a letter coordinated by the British Retail Consortium (BRC), 79 signatories, including bluechip retailers Tesco, Next, and Greggs, said they had “significant concerns” about the impact [...]
Reeves has been ‘straight with the public’, No10 insists amid CV row November 18, 2024 Rachel Reeves has been “straight with the public” about Britain’s accounts and “restored financial stability”, No10 has insisted, amid claims the Chancellor exaggerated her CV. Reports emerged this weekend that Reeves had inflated the length of her service at the Bank of England in a Stylist interview in 2021. She told the magazine in 2021 [...]
Budget will hurt UK wage growth, Goldman Sachs warns November 18, 2024 UK consumer spending is set to slump next year and dent UK growth, analysts at Goldman Sachs have warned, as the impact of the Budget ripples through the economy. The rise to employers’ national insurance (NI) contributions will lead to slower wage growth for staff and higher costs for consumers, the investment bank wrote in [...]
Insolvencies set to rise as Budget hikes business costs, Begbies Traynor warns November 18, 2024 A combination of elevated interest rates and higher business costs resulting from the Budget is set to lead to a spike in insolvencies, Begbies Traynor has warned. In last month’s Budget, Chancellor Rachel Reeves increased the amount employers have to pay in NICs by 1.2 per cent, and lowered the wage threshold at which employers [...]
UK inflation set to jump above target in headache for Rachel Reeves November 18, 2024 UK inflation is expected to have surged above the Bank of England's two per cent target in October, bolstering a cautious approach to cutting interest rates in the months ahead.
Playtime’s over? Reeves’s tax raid threatens children’s play centres November 17, 2024 The UK’s indoor play industry has warned it faces a “severe financial crisis” following the Chancellor’s multi-billion pound Budget tax raid. The Association of Indoor Play, which represents 1,100 firms including laser parks, leisure centres and “baby sensory” companies, said Rachel Reeves’s fiscal plans threatened “the very core of our industry” and placed many indoor [...]
Reeves ‘not satisfied’ as economic growth slows in third quarter November 16, 2024 Rachel Reeves has said she is “not satisfied” after official figures showed economic growth slowed in the months after Labour won the election, and even contracted in September. The UK economy grew by 0.1 per cent between July and September, versus 0.5 per cent growth in the previous quarter, the Office for National Statistics (ONS) [...]
Landsec returns to profit as London property market stabilises November 15, 2024 British property investment trust Land Securities, known as Landsec, swung back into profit and hiked its forecast for the year today after a rebound in occupancy and rental income in London. Landsec told markets this morning that it had returned to the black in the first half of the year, reporting profit after tax of £243m [...]