Government news and archive

350 Business leaders join call on government to reintroduce tax-free shopping

An open letter to chancellor Jeremy Hunt has been signed by 350 business people across the retail, hospitality, arts and tourism sectors, and calls for the reintroduction of tax-free shopping ahead of the government’s debate on the topic, scheduled for September 7. Among the signatories are the CEOs, general managers, designers and directors of...

RetailFeatured

Labour to launch five-point plan to ‘revitalise’ local high streets

The UK’s Labour party has outlined a new five-point plan to “revitalise local high streets”, after the sector took a hit due to rising inflation, costly energy bills and offsets of the pandemic. Among its efforts, the party said it would launch a Police Efficiency and Collaboration Programme that aims to combat anti-social behaviour and “deliver...

Retail

Retail jobs fall by 14,000 as retailers attempt to keep costs down

New figures from the Office for National Statistics have shown a significant decline in retail jobs over Q4 2022, as retailers continue their efforts to keep costs low. According to the government department’s Labour Market results, there were 3.12 million jobs in UK retail as of December 2022, down 14,000 year-on-year. Meanwhile, retail...

Business

Marks & Spencer CEO calls on government to take more decisive action in Spring Budget

In an open letter, CEO of Marks & Spencer, Stuart Machin, has called on the government to make more “decisive, practical action” in a bid to support the growth of the economy. His words come ahead of the chancellor Jeremy Hunt’s Spring Budget, which is set to be unveiled Wednesday. Machin has requested that three key areas – skills, net-zero and...

Business

UK government sets out BNPL regulation plans

The UK government has outlined a draft legislation that looks to regulate ‘buy now, pay later’ (BNPL) credit after it determined the sector could be harmful to consumers. Currently, BNPL remains largely unregulated in the region, offering interest-free short-term loans on a range of products without thorough affordability checks. The new...

BusinessFeatured

UK court rules against allegations that government failed to halt Xinjiang imports

The UK’s High Court has ruled against human rights campaigners that brought forward a case claiming British crime and customs authorities had failed to stop the importation of cotton from China’s Xinjiang region, which has been at the centre of allegations of forced labour. In the filing, the Global Legal Action Network (GLAN) and World Uyghur...

BusinessFeatured

UK ‘now in recession’: chancellor outlines tax rises and spending cuts in new autumn budget

As part of his newly announced autumn budget, Conservative chancellor Jeremy Hunt has unveiled a slew of tax rises and spending cuts in a bid to tackle the cost of living crisis and rebuild the UK’s economy. Speaking to MPs in the House of Commons, Hunt said the government’s priorities were “stability, growth and public services”, however he...

BusinessFeatured

Liz Truss resigns as prime minister just 44 days after appointment

Liz Truss has announced she will be stepping down as prime minister just 44 days after defeating Rishi Sunak in the Conservative Party leadership election. Truss succeeded Boris Johnson on September 6 and was immediately tasked with tackling rising inflation, increasing energy costs and general market chaos. In a press conference outside Downing...

Business

UK government sued over failure to block Xinjiang cotton

Authorities in the UK are set to appear in court at the end of October after they were sued for their failure to block products made with forced labour from China’s Xinjiang region. Human rights watchdogs Global Legal Action Network (GLAN) and Germany’s World Uyghur Congress (WUC) said in a joint statement that the suit brought against the...

Business

Truss makes U-turn on cancelling 25 percent rise in corporation tax

Liz Truss has reversed her initial plan to cut corporation tax by 25 percent, a move she said would save 18 billion pounds a year on the ill-received mini-budget. Revealed during a Downing Street press conference, the decision comes after weeks of pressure following a fiscal statement by chancellor Kwasi Kwarteng, who Truss revealed had been...

Business

UK chancellor brings forward medium-term fiscal plan

The Treasury has announced that chancellor Kwasi Kwarteng has brought forward the date of his medium-term fiscal plan to October 31. The statement, which was originally planned for publication November 23, will outline how Kwarteng intends to pay for the tax cuts detailed in the mini-Budget, as announced in September. In his letter to the...

Business

UK government outlines new framework to boost industrial emissions standards

The UK government has announced the establishment of a new regulatory framework aimed at boosting industrial emissions standards and reducing air pollution. The ‘Best Available Techniques’ programme will require manufacturing facilities in the UK’s largest sectors, including textiles and chemicals, to work together with regulators on identifying...