Tesco’s UK chief, Ashwin Prasad, has warned that the nation is in danger of “sleepwalking into an epidemic” of joblessness, while taking aim at government policies that increase hiring costs for employers.

Mr Prasad said there had been a “clear, gradual change” over the past decade in people falling out of the workforce, saying there are “far fewer people in work than there could be” and calling for significant change from the government in how it tackles the issue.

“We have been sleepwalking into a quiet epidemic that is keeping millions of people out of work,” said Mr Prasad.

“My perspective from leading a major employer in this country is that far fewer people are in work than there could be.

“This means that instead of investing in parts of national life that might stimulate investment and growth into the wider economy, we are spending an ever-increasing proportion of our national income on out-of-work benefits. We cannot afford to be a country that lets the next generation languish on the sideline.”

Tesco employs around 300,000 people and is likely the largest private employer in the country.

His comments come as the UK unemployment rate currently sits at 5.1 per cent – the highest level since the tail end of the pandemic in January 2021.

The Bank of England has forecast that it could rise even higher to hit the same peak as during mid-2020, reaching 5.3 per cent, while a recent survey of economists suggested two-thirds believed unemployment could rise up to 5.5 per cent.

Speaking at a Resolution Foundation event, the Tesco chief said there were multiple reasons why joblessness had increased but pointed to official forecasts which show that Britain will spend over £330bn on welfare this year, which the Office for Budget Responsibility predicts will grow to more than £400bn by 2030-31.

Labour have made a sustained push to get more people back into jobs, including plans for large scale welfare reform and altered rates within Universal Credit.

The UK CEO also suggested Tesco faced an outsized hit when the cost of employment rose – which includes increases in employer national insurance contributions and rising in minimum and living wages requirements – as it has such a large number of staff on its books, noting the firm’s “biggest expenditure is the salaries and the wages” of employees.

He criticised regulation and increasing the costs to firms of bringing jobs to the economy, while hinting that they hampered the ability to hire even more people facing a diverse range of circumstances.

“Each time you add a new cost, money has to come from somewhere. In the past five years, we’ve already seen all sorts of new costs for labour, costs for energy and costs for regulation.

“We [the retail sector] provide some of the most flexible work opportunities in the labour market, supporting people to enter the workforce for the first time or re-enter after they’ve taken time out for either childcare or caring,” Mr Prasad added.

This week, Tesco announced 70 new convenience stores were set to open, including some which have taken over prominent sites formerly used by Amazon Fresh.

Hyundai Venue Pros And Cons: The Hyundai Venue has always been seen as “baby Creta”. Now, in its second generation, it feels more grown-up than ever. It looks sharper, it is slightly bigger, and it comes loaded with more features than before. I (Lakshya Rana) spent time driving the new Venue across city roads and highways to see what has changed. On paper, it promises a lot. Multiple engine options, new tech, and even a sportier N Line version for enthusiasts. But no car is perfect. While the Venue does many things right, there are a few areas where it could have done better. Here are its top pros and cons:

Hyundai Venue Pros

1. The new Venue looks completely fresh. The design is bold and futuristic. It definitely grabs attention. 

2. Build quality feels solid. The doors shut with a reassuring thud. Fit and finish are impressive, just like you would expect from Hyundai.

3. One of the biggest strengths of the Venue is the wide choice of powertrains. You get petrol, turbo-petrol, and diesel options. 

4. Hyundai has also added the missing diesel automatic combination, which many buyers wanted. This gives the Venue an edge, especially for people who drive long distances and prefer the convenience of an automatic.

5. The suspension setup is well-tuned. It handles bad roads comfortably and feels stable around corners. It strikes a nice balance between ride and handling. It does not feel too soft or too stiff. 

6. For enthusiasts, there is the N Line version. It adds a sportier character and sharper driving feel.

7. Feature list? It’s long. You get a 360-degree camera, a dual-curved panoramic display, and an 8-speaker Bose sound system. Wireless smartphone connectivity is there. Ventilated front seats are a big plus in our climate. Rear passengers get sunshades, which is a thoughtful touch. Overall, the Venue feels modern and well-equipped.

8. Safety has also been taken seriously. You get six airbags as standard. There is Level 2 ADAS, electronic stability control, hill start assist, tyre pressure monitoring system, and even all-wheel disc brakes on automatic variants.

Hyundai Venue Cons

1. The design, while bold, may not appeal to everyone. It is sharp and edgy. Some people will love it. Others may find it too much.

2. Pricing is another concern. The top variant is expensive. In many cities, the on-road price is close to Rs 19 lakh, which is too much for this segment SUV.

3. Cabin space has improved slightly. But let’s be honest. This is still a four-seater at best. The rear seat is not comfortable for three adults on long journeys.

4. The light-coloured interiors look premium. But they get dirty very easily, which can be frustrating over time.

5. There are also a few missing features. You do not get automatic wipers. Steering reach adjustment and a full-size spare wheel are also absent.

Should you buy Hyundai Venue?

Overall, the Hyundai Venue is feature-rich, well-built and offers a wide range of powertrains. It feels premium and modern. But high pricing and a few practical compromises may make some buyers think twice. It, however, is one of the best options to consider in the segment.

The salaried class has once again emerged as the single largest income tax contributor, paying more than exporters, retailers and property buyers and sellers combined during the first seven months of the current fiscal year, citing Federal Board of Revenue (FBR) data.

Three major sectors, including retailers who own three million outlets, exporters who earn in foreign exchange, and sellers and purchasers of properties, have cumulatively coughed up Rs293 billion into the national kitty in the July-Jan period of FY26, while the salaried class paid Rs315 billion alone in this period.

Just ahead of the upcoming IMF review mission, this data shows that the powerful and politically entrenched segments are paying less than the salaried class.

It is yet to be seen whether the newly established Tax Policy Office under the umbrella of the Finance Ministry at Q Block will be able to convince the IMF for slashing tax burden on the salaried class in the next budget for 2026-27.

It shows that the salaried class paid Rs22 billion more as a standalone than the three major sectors of the economy.

Official data of the FBR shows that the exporters paid out tax of Rs50 billion in the first seven months (July-Jan) period of the current fiscal year against Rs54 billion in the same period of the last fiscal year.

As an advance tax of 1%, exporters paid Rs51 billion in the first seven months so their total contribution stood at Rs101 billion in the first seven months of FY26 compared to Rs101 billion in the same period of the last financial year.

The retailers who own 3 million establishments across the country have paid out Rs15 billion as advance tax under section 236G on sales to distributors, dealers, and wholesalers in the first seven months of the current fiscal year against Rs13.5 billion in the same period of the last financial year.

Under 236H, the retailers have paid out Rs25 billion in the first seven months of FY26 against Rs19 billion in the same period of the last financial year.

The FBR has collected Rs105 billion on the sale and transfer of immovable property under 236C of Income Tax in the first seven months of the current fiscal year, compared to Rs65 billion in the same period of the last financial year.

In the budget 2025-26, the gross amount of transactions does not exceed Rs50 million, and there will be a rate of 4.5% for person exist in the Active Taxpayer List.

Where the gross amount of the transaction exceeds Rs50 million but does not exceed Rs100 million, the tax rate for an ATL person will be 5%.

Where the gross amount of a property transaction exceeds Rs100 million, the tax rate for an ATL person is fixed at 5.5%.

The person not in ATL will have to pay a tax of 11.5% under 236C. A person who filed late returns will have to pay 7.5%, 8.5%, and 9.5% for transaction amounts of Rs50 million, Rs 100 million and exceeding Rs100 million.

The FBR has collected Rs47 billion on the purchase and transfer of immovable property in the first seven months of CFY26 compared to Rs66 billion collected in the same period of the last financial year.

On the purchase of property, the tax rates were reduced to 1.5% for person exist in ATL up to a transaction of Rs50 million, 2% for ATL persons where the transaction amount exceeds Rs50 million but does not exceed Rs100 million, and 2.5% where the transaction amount exceeds Rs100 million.

On the other hand, the salaried class belonging to both the public and private sectors have contributed Rs315 billion in the first seven months of the current fiscal year compared to Rs284 billion in the same period of the last financial year.