Warning retail job cuts ‘inevitable’ after Budget
Business / Tue 19th Nov 2024 at 01:24pm
HIGH Street job losses are “inevitable”, prices will rise, and shops will close because of tax rises in the Budget and other rising costs, a group of the biggest retailers in the UK is warning reports the BBC.
Tesco, Amazon, Greggs, Next, and dozens of other chains are urging the Treasury to reconsider some of the measures.
Click below for more details.
https://www.bbc.co.uk/news/articles/cp816jrnynyo
Adam
2024-11-19 15:24:30
It was obvious, it was an anti growth budget, what does our illustrious MP have to say about this or the fact the chancellor has lied about her qualifications. Not being a chess champion, or economist, but she has crashed the economy properly unlike Lizz Truss. If you voted labour well done, they are going to make you poorer, colder, and destroy your children's futures.
DavidT
2024-11-19 15:33:26
So much for being the Party for workers.
David Forman
2024-11-19 15:40:33
Labour are not even the party for benefits claimants, but I'm sure they don't know what they are for any more apart from advancing their own careers.
gary roberts
2024-11-19 15:51:43
I hear it now: All those billionaires and millionaires shouting "we are leaving". All those big companies that issue dividends and bonuses to shareholders and senior managers crying into their champagne, "we can't afford to lose that million because our kids need to eat". While their employees' have to claim benefit and go to food banks to get through the week because of poor salaries. As for the farmers' where were they when mining communities were being shafted? Nowhere!
Mike
2024-11-19 16:09:45
Well said gary roberts. I agree with you 100%.
Guy Flegman
2024-11-19 16:55:12
@ Gary robert. Sorry to burst your bubble, but the rich have already left and it’s been a slow drain over the last 10 years or so. How else do you explain that a salary of just under £90k puts you in the top 5% of earners in the UK. If you want to blame your woes on anything it’s our gdp per capita that is the core problem in the UK. In 2000 our gdp per capita was the same as the USA, now its £25k less than the USA. that is quite a few trillion pounds which our economy sorely needs. You can only grow your gdp per capita by selling goods and services to other countries, not by raising taxes and spending it on the public sector. This is equivalent to parents thinking they can increase their family income by giving their children more pocket money. Where as the only way to increase your true family income is to go out to work for more money.
Adam
2024-11-19 17:21:31
@Guy absolutely spot on. People do not realise how poor Europe is compared to the US, in the US people who work at buckees service stations in basic roles earn over 100K. As for this government it is going to get much much worse as socialism is failure and always leads to collapse
Peter
2024-11-19 17:30:11
Guy, Are your comment accurate re raising gdp per capita? Surely the multiplier effect ie for every £1 invested in the economy grows by £3 (or whatever it is) applies. Wasn't cutting govt investment the cause of the 1930's recession, and perhaps the lack of growth under Cameron?
gary roberts
2024-11-20 06:39:06
Mr Flegman, "all the rich have already left" really? If they have why are they still complaining about paying tax? Shouldn't be a problem if they have all left: should it?
Guy Flegman
2024-11-20 08:04:03
If a salary of £90k puts you in the top 5% then the rich you refer too are what we’re middle class. Soon just having a full time job will mark you out as rich. The bar is lowering as the real rich leave. Also worth noting that inflation has jumped from1.7% to 2.3% under this government so far. This is also making us all poorer. Our gdp per capita is falling which means we as a nation cannot afford the public services we have without tax rises. The tax rises eventually cause people to leave and businesses to close which reduces our gdp per capita even more and so the downward spiral continues. This is basic economics. Everything has to be paid for by someone somewhere and as a democracy we are all here voluntarily
Adam
2024-11-20 09:42:04
£90K used to be a lot, now I wonder how people who do not earn that a year actually live, not exist but live and enjoy life. This country has been destroyed by politicians of all parties who favour growing the state above all else. The only way forward is a massive bonfire of the state and regulations, while slashing taxes. It is what Mielie has done in Argentina and it is what Trump and Elon are going to do in the US. If you have a government or local government non-job (most of them are) be very worried you might have to actually learn to be productive. Not just attend meetings and networking events like most seem to be doing
David Forman
2024-11-20 11:45:20
If you look at official Office for National Statistics stats, the Resolution Foundation and UK 2040 Options reports you will find from Q4 of 2007 to Q2 2024 that Real GDP per capita grew by only 5% over those 16.5 years. In recent years since the pandemic it has stalled and since 2019 it has fallen 0.6%. See ONS figures at https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/trendsinukrealgdpperhead/2022to2024#gdp-per-head
Guy Flegman
2024-11-20 13:09:17
Us gdp per capita growth over the same period was 3-5% per year on average. Compare this to David Formans Stats above and our problem is crystal clear.
Guy Flegman
2024-11-20 17:49:05
Interesting fact. Southern Ireland has the 2nd largest gdp per capita in the world and as they have been matching up the table we have been going down to our current position of 21. I suspect that this is related to many rich foreign owned businesses relocating their head offices from the UK to Ireland for the lower tax rates.
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