Business
Christmas attractions face sharp rise in property taxes after Budget
London’s Winter Wonderland and Hamleys are set to be hit by sharp jumps in their property taxes from next year as UK Christmas attractions come under pressure from next year’s business rates overhaul.
Analysis of official figures has shown that a raft of Christmas attractions, markets and destination-led retail will face increases in business rates payments from April.
However, other major retail destinations and Christmas shopping locations, such as Harrods, will see their payments fall due to new property valuations.
In last month’s Budget, the Chancellor announced a current 40% discount for retail, hospitality and leisure businesses – which is capped at £110,000 per business – will end on March 31 next year.
This will be replaced by a new system from the next financial year, which will see rates multipliers for retail, hospitality and leisure firms set 5p lower than the standard rate with no cap in support.
The Government also launched a £3.2 billion scheme of transitional relief to cap annual rises.
However, new property valuations will be used to decide rate payments from April, with many of these updates leading to significant increases.
Calculations of Valuation Office Agency (VOA) data by global tax firm Ryan found that the land used for Winter Wonderland in Hyde Park sees its rateable value (RV) jump from £1.0m to £3.75m, up 275%, pushing its bill from £555,000 to £721,500 next year, despite a cap.
Meanwhile, Lapland UK in Ascot see its rateable value surge from £150,000 to £1.87 million.
Other major visitor destinations are also set to be affected, Camden Stables Market’s annual bill is set to rise from £699,300 to £909,090 next April after its valuation jumped by 178%.
Hamleys’ flagship toy store on Regent Street, London, will face one of the largest bill increases, rising by £449,550 next April.
However, other retailers will see their payments fall, with Waterstones’ flagship store in Piccadilly, London, set to see its bill fall by 45%, around £828,000, from next year.
Alex Probyn, practice leader for Europe and Asia-Pacific property tax at Ryan, told the Press Association: “Seasonal attractions have grown significantly in popularity between valuation dates, so upward pressure on their valuations was not unexpected but the level of increases were.
“The key question is whether the figures reflect their short seasonal rental model or whether broader income indicators have influenced the outcome. For temporary attractions, getting that balance right is critical.
“Across the wider retail sector, we’re seeing extremes both geographically and by format.”
Business
100% FDI In Insurance Gets Cabinet Approval; Bill Likely In Parliament Next Week: Reports
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved a proposal to allow 100 per cent foreign direct investment (FDI) in insurance companies in a major economic reform that does away with the 74 per cent limit that was in place for such investments.
The Cabinet approval will pave the way for attracting more foreign investment in the insurance sector, increase competition which in turn will benefit customers.
The Insurance Laws (Amendment) Bill 2025 is likely to be introduced during the ongoing winter session of Parliament which draws to an end on December 19.
The Lok Sabha bulletin lists the Insurance Laws (Amendment) Bill 2025, aimed at boosting insurance penetration, accelerating sectoral growth and development, and improving the ease of doing business, among the 13 legislative items for discussion in the parliamentary session.
Finance Minister Nirmala Sitharaman had, during the presentation of the Union Budget for 2025-26, announced a proposal to increase the foreign investment limit in the insurance industry from 74 per cent to 100 per cent as part of broader financial sector reforms.
The finance ministry has recommended revising several sections of the Insurance Act, 1938. These proposed changes include increasing the FDI limit to 100 per cent, lowering paid-up capital requirements, and creating a composite licence framework.
As part of a wider legislative overhaul, amendments will also be made to the Life Insurance Corporation Act 1956 and the Insurance Regulatory and Development Authority Act 1999, in addition to the Insurance Act 1938.
Changes to the LIC Act are intended to give its board greater authority over operational matters, such as opening new branches and hiring staff.
The overarching purpose of the amendment is to strengthen policyholder protections, bolster financial security, and encourage more participants to enter the insurance market, thereby supporting economic expansion and job creation.
These reforms are expected to improve industry efficiency, simplify business operations, and push insurance penetration forward to achieve the vision of Insurance for All by 2047, according to an official statement.
Business
Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On December 15
Last Updated:
Petrol, Diesel Price On December 15: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On May Dec 15
Petrol and Diesel Prices on December 15, 2025: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on December 15:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
December 15, 2025, 07:28 IST
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Business
Spain’s commitment to renewable energy may be in doubt
Guy HedgecoeAragón, north-eastern Spain
Juan Antonio DomínguezOn the edge of the sleepy town of Figueruelas, a single, vast wind turbine spins around, casting its shadow over the buildings nearby.
It’s a reminder of the importance of renewable electricity in this windswept area of Aragón, in north-eastern Spain, whose plains are host to many of the country’s wind and solar energy farms.
Figueruela’s status as a symbol of Spain’s green transition has been further boosted recently, as work starts nearby on the construction of a vast factory that will produce batteries for electric vehicles.
Chinese firm CATL and the Netherlands-based Stellantis are investing a combined €4bn ($4.7bn; £3.5bn) in the facility. Yao Jing, China’s ambassador in Spain, described it as “one of the biggest Chinese investments Europe has ever seen”.
Luis Bertol Moreno, mayor of the town, says the area was a logical choice for the project.
“We’re in Aragón, where there’s wind all year round, there are lots of hours of sunshine, and we are surrounded by wind turbines and solar panels,” he says.
“Those [energy sources] will be crucial in generating electricity for the new factory, and I understand that was the key reason for building it here in Figueruelas.”

The factory can be seen as vindication of Spain’s energy model, which prioritises renewable sources. In 2017, renewables contributed just a third of Spain’s electricity production, but last year they represented 57%.
By 2030, the government wants them to contribute 81% of electricity output.
Earlier this year, Prime Minister Pedro Sánchez summarised his government’s approach as he delivered a riposte to US President Donald Trump’s pro-fossil fuel “Dig, baby, dig” slogan. “Green, baby, green,” said the Socialist, as he pointed to the benefits of renewable energy.
However, in recent months, Spain’s all-in commitment to renewables has come under scrutiny. This was in great part due to an 28 April blackout that left homes, businesses, government buildings, public transport, schools and universities in the dark across Spain and neighbouring Portugal for several hours.
With the government unable to offer a full explanation for the outage, the country’s energy mix became a fiercely-debated political issue. Alberto Núñez Feijóo, leader of the conservative opposition, accused the government of “fanaticism” in pursuing its green agenda, suggesting that an over-reliance on renewables might have caused the incident.
Feijóo and others on the right advocated a rethink of the national energy model.
The fact that, a week before the blackout, solar generation in mainland Spain registered a record 61.5% of the electricity mix has fuelled such claims.
Yet the government and national grid operator Red Eléctrica have both denied that the outage was linked to the preponderance of renewable energy sources in Spain.
“We have operated the system with higher renewable rates [previously] with no effect on the security of the system,” says Concha Sánchez, head of operations for Red Eléctrica. “Definitely it’s not a question of the rate of renewables at that moment.”
Ms Sánchez said the blackout was caused by a combination of issues, including an “unknown event” in the system moments before, which saw anomalous voltage oscillations.
However, Red Eléctrica and the government are still awaiting reports on the incident that they hope will determine the exact cause. A cyber-attack has repeatedly been ruled out.
Meanwhile, since April, Spain’s electricity mix has been modified somewhat, with greater reliance on natural gas, reinforcing the notion that the country is at an energy crossroads.
AFP via Getty ImagesSpain’s nuclear industry, which currently contributes around 20% of national electricity, has been particularly vocal since the blackout, pushing back against government plans to close the country’s five nuclear plants between 2027 and 2035.
With many European countries undergoing a nuclear renaissance, the planned closures make Spain something of an outlier. The companies that own the Almaraz plant in south-western Spain, due to be the first to shut down, have requested a three-year extension to its life until 2030. That request is currently under consideration.
Ignacio Araluce, president of Foro Nuclear, an association that represents the industry, says Spain is the only country in the world that is scheduling the closure of nuclear plants that are in operation. He believes nuclear energy provides stability while being compatible with the green energy transition.
“It’s prudent to have a mix of renewables and nuclear energy,” he says.
Mr Araluce praises renewable sources because they only require natural elements to generate electricity, but points out that they are not able to operate around the clock or when weather is unfavourable.
“How can you produce energy in those hours when the renewables are not producing?” he asks. The answer, he added, is “with a source like nuclear, that is not producing CO2, that is producing all hours of the year”.
The political opposition is staunchly opposed to the nuclear shut-down. The far-right Vox, criticising what it saw as a lack of explanation by the government for the April blackout, recently described nuclear power as “a crucial source of stability”.
AFP via Getty ImagesMs Sánchez acknowledges that there is room for improvement for Spain’s electricity model, pointing to the Iberian peninsula’s relative isolation from the European grid compared to most of its EU neighbours. She also sees storage as an issue.
“While we have taken a good path when it comes to renewable installation, we cannot say the same regarding storage,” she says. “We need to foster storage installation.”
Spain’s political panorama adds an element of uncertainty to its energy future. The Socialist-led coalition has been mired in corruption scandals and its parliamentary majority appears to have collapsed in recent weeks, raising the possibility of a snap election in the coming months.
A right-wing government, which polls suggest would be the likely outcome, would almost certainly place less emphasis on renewables and advocate a partial return to more traditional energy sources.
But in the meantime, Spain’s renewable transition continues.
And for Figueruelas, in Aragón, that means not just cheap, clean energy, but investment. The town’s population, of just 1,000, is due to increase dramatically, with 2,000 Chinese workers scheduled to arrive to help build the new battery plant, which is expected to create up to 35,000 indirect jobs once it starts operating.
“These kinds of investments revitalise the area, they revitalise the construction sector, hostelry,” says local man Manuel Martín. “And the energy is free – it just depends on the sun and the wind.”
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