Business
Calls to investigate claims Treasury misled the public
The City watchdog is facing calls to investigate whether the Treasury misled the public regarding the scale of the fiscal challenge ahead of this week’s Budget.
The Scottish National Party (SNP) has urged the Financial Conduct Authority (FCA) to examine claims of “deliberately false and misleading” briefings concerning a purported £20 billion “black hole” in the public finances.
This demand comes amid a growing controversy surrounding pre-Budget speculation that the Chancellor, Rachel Reeves, was grappling with a significant shortfall in her spending plans, partly attributed to downgraded productivity forecasts.
Ms Reeves herself fuelled this speculation in a speech on November 4, suggesting that poor productivity growth would necessitate tax rises due to its “consequences for the public finances.”
Warnings had indicated a potential £20 billion gap. However, the Office for Budget Responsibility (OBR) revealed on Friday that it had informed the Chancellor as early as September 17 that the fiscal gap was likely smaller than initially anticipated.
This disclosure has prompted opposition figures, including Conservative leader Kemi Badenoch, to accuse Ms Reeves of misleading the public. Downing Street has denied these claims, stating that Ms Reeves “talked about the challenges the country was facing.”
In his letter to the FCA, SNP Westminster leader Stephen Flynn accused the Treasury of briefing about a “fake” £20 billion black hole and questioned whether Ms Reeves’s November 4 speech amounted to “market manipulation.”
He stated: “That intervention from the Chancellor, alongside the briefings on the need to fill the non-existent £20 billion Treasury black hole, had a significant impact on the financial markets, on business investment decisions, on foreign exchange rates and will likely have fed into the Bank of England decision-making around interest rates which took place two days after her speech.”
Describing the Budget as “built on a lie”, Mr Flynn called for an “immediate investigation into the accusations of false and deeply misleading Budget briefings emanating from a UK Treasury led by the Chancellor Rachel Reeves.”
The FCA declined to comment on Mr Flynn’s letter, and the Treasury has been contacted for comment.
Heineken has announced a substantial investment exceeding £44 million into hundreds of its pubs across the UK, a move expected to create approximately 850 jobs.
The Dutch brewing giant’s Star Pubs operation, which manages 2,350 sites nationwide, is undertaking this significant financial commitment despite a challenging period for the pub sector.
The industry has faced considerable pressure over the past year, grappling with escalating labour costs and increases in national insurance contributions.
Concurrently, consumer spending has been constrained by concerns over inflation and rising unemployment, further impacting pub revenues. However, pubs did receive additional business rates support from the government last month, aimed at alleviating some of these financial burdens.
Lawson Mountstevens, managing director of Star Pubs, indicated that the investment strategy is partly designed to bolster revenues and help the group navigate the recent “sustained increases in running costs”.
This year, £44.5 million will be allocated to upgrades for 647 pubs. A notable 108 of these venues are earmarked for particularly significant cash injections, with each transformation costing at least £145,000.
Heineken clarified that while the majority of its pubs are group-owned, they are independently operated by local licensees. A key focus for this investment, particularly in the lead-up to the 2026 football World Cup, will be on sports-focused venues.
The pub firm and brewer has a history of significant investment in British pubs, having pumped £328 million into the sector since 2018. Work has already commenced at 52 locations, including eight projects dedicated to reopening boarded-up pubs that have endured lengthy closures.
Mr Mountstevens also urged the government to reduce the tax burden on pubs, arguing it would ease cost pressures and foster further job creation within the industry.
He stated: “We can only do so much; the root-and-branch reform of business rates that the industry has been calling for over many years is urgently required, as well as a lowering of the burden of taxation on pubs, including VAT and beer duty.”
He concluded with a direct appeal: “We are calling on the Government to support us in bringing out the best in the Great British pub.”
GameStop’s boss Ryan Cohen says he sees potential to make eBay a much bigger rival to Amazon.
Source link
It comes as the US said on Monday it will begin to help “guide” vessels out of the Strait of Hormuz.
Source link
Met Gala 2026 “Costume Art” red carpet pictures from New York City
Jack Brooksbank opts for intimate celebration as new baby brings fresh focus
Tarik Skubal to undergo elbow surgery, sidelining Tigers ace for months ahead of free agency
-
Tech1 week agoA Brain Implant for Depression Is About to Be Tested in Humans
-
Tech1 week agoAlmost 90% of women leave tech industry within 10 years | Computer Weekly
-
Business1 week agoPakistan’s oil market is fuelling the crisis | The Express Tribune
-
Business7 days ago‘I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back’
-
Sports6 days agoPro wrestling star Steph De Lander reveals how colleague’s advice helped lead her to title triumph at ACW
-
Entertainment1 week agoNorway joins Type 26 Frigate Programme to boost NATO naval power
-
Entertainment1 week agoMelania Trump says ABC should ‘take a stand’ on late-night host Kimmel
-
Tech7 days agoThis Ambitious Laptop Doesn’t Leave Much Room for Your Hands