Business
Holidays will cost more if taxes are hiked in Budget, say travel bosses
Holidays will become more expensive if Rachel Reeves hikes taxes in next month’s Budget, the UK’s two biggest tour operators have said.
Tui’s UK managing director Neil Swanson said holidays will become too costly for some people if the Chancellor does this, while Jet2 chief executive Steve Heapy expressed fears about the Budget raising taxes by £50 billion a year and “screwing Middle England”.
Ms Reeves has acknowledged she is looking at potential tax rises and spending cuts in her Budget on November 26 to fill a black hole estimated at around £50 billion by some economists.
She used her first Budget in October last year to announce £40 billion a year in extra taxes.
Mr Swanson warned that travel companies would be forced to raise holiday prices if taxes on businesses were increased further.
He said: “We won’t be able to absorb the extra costs that come along there, and we’ll need to pass some or all of that on, depending on what actually happens.
“That’s going to price some people out of the market.
“You want travel to be for everyone, not for just the people who’ve got the deeper pockets.
“We need the Government to help us drive some of that growth that the economy needs.”
He said: “If you put too much in our way, then that’s going to be really difficult to achieve.”
Mr Heapy said that taxes were “even higher than when the Conservatives were in power”, with his company suffering a £25 million hit from increased employer national insurance contributions and a higher national minimum wage announced at the last Budget.
“The mood music seems to be that tax will go up again,” he said.
“I don’t think it’s sustainable.”
Asked if tax rises would lead to an increase in holiday prices, Mr Heapy replied: “Probably, yes, because if the Budget is perceived as not being great, the (value of the UK’s) currency could reduce, and if the currency reduces, import costs will rise.”
Mr Heapy said his message to Ms Reeves would be “don’t continue to use Middle England as a cash cow” as he did not believe it was possible to “tax your way out of an economically tight spot”.
He added: “They keep talking about a growth agenda. Well, let’s see it.
“I haven’t seen much so far that I think will result in significant growth in the economy, but I remain hopeful.
“I hope the Budget is a true growth agenda Budget.”
The Treasury was approached for a comment.
Workers at the John Lewis Partnership are set to find out whether they will receive their first annual bonus payment in four years next week.
The retail group, which runs the John Lewis department store chain and Waitrose supermarket business, will also reveal how it has been progressing with its transformation strategy in an update on Thursday March 12.
It will report its results for the year to January, which will include informing staff over its plans for any potential bonus.
It is still not clear whether the employee-owned business will pay an annual bonus to its staff, who the retail group call partners.
The payment of a bonus is decided by the company’s board.
JLP has not paid an annual bonus to workers since January 2022 amid a major turnaround strategy at the company.
Following the coronavirus pandemic, the group shut a number of John Lewis department stores and cut head office jobs in a bid to shore up its finances.
Last year, the company opted not to hand out a bonus again despite seeing annual profits triple.
JLP saw underlying profits rebound higher to £126 million for the year to January last year, from £42 million a year earlier.
Last summer, the company indicated in an internal update that staff could be in line for a bonus if it beats a £200 million profit target.
At its peak during the 1980s, the retailer paid an annual bonus worth as much as 24% of employee salaries.
After it was not paid out for a third consecutive year, a number of frustrated workers signed an open letter calling on bosses to bring the bonus back.
Last month, JLP said John Lewis and Waitrose partners would receive an inflation-busting 6.9% pay increase as part of a £108 million investment in its workforce.
On Thursday, the company will also shed more light on the progress of its major transformation under chair Jason Tarry.
The company’s strategy under the former Tesco UK boss has seen it pump more investment into its stores as JLP renewed its focus in its core retail business.
The firm is currently investing £800 million across its stores as part of a long-term investment.
It has refurbished 23 Waitrose stores over the past year, as well as five John Lewis shops.
It also launched the Topshop brand across all its 32 department stores last month as part of investment into its fashion offer.
Last month, Mr Tarry also pulled the plug on the partnership’s plans to build around 10,000 rental properties in order to focus further on retail.
It abandoned the build-to-rent ambitions launched under previous chairwoman Dame Sharon White in 2020, blaming higher costs and caution in the property market.
Last Updated:
On International Women’s Day 2026, Equirus Wealth reports Indian women investors’ shift from fixed deposits and gold to equity mutual funds.
Women investors are steadily reshaping India’s financial landscape, with rising participation in stocks, mutual funds, and digital investing platforms.
On International Women’s Day 2026, a key trend of behavior change among female investors has emerged over the past five years, particularly in their investment choices across various financial products. Women are now more confident while investing in high risk but rewarding equity market, as the portfolio allocation in equity mutual funds surged from 10 per cent to 32 per cent, while down from 40 per cent to 20 per cent in Fixed Deposits (FDs).
The five-year study on women investors and relationship managers was conducted by Equirus Wealth Limited, and was published in a report titled “Expanding Horizons: Changing Wealth Management Behaviours of Indian Women – Qualitative Analysis of Investor Evolution Across Age and Affluence.”
The study reveals that women investors are increasingly moving away from episodic product purchases such as fixed deposits, gold and property towards diversified, allocation-driven portfolios anchored around long-term financial goals.
This reflects the major behavioural change from ‘safety-first’ investing to allocation-driven portfolio strategies.
Female Investors Adopting AI Cautiously
According to the report ,Artificial Intelligence may dominate global investment conversations, but Indian women investors are adopting it cautiously. They are using AI primarily as research and learning tool rather than for autonomous investment decisions.
Not Panicking During Corrections
Another interesting thing being revealed by the study is that 70-90% of investors hold or review their investments during market corrections rather than exiting in panic, showing maturity during market cycles.
At the same time, around 55% selectively add capital during market dips, reflecting growing conviction and a longer-term approach to investing.
Rise of “bucket investing”
Investors are increasingly dividing portfolios into buckets like safety, growth, liquidity and legacy instead of buying random financial products.
Risk is no longer seen only as loss of capital.
Investors now also consider inflation, goal failure, and portfolio drawdowns as risks.
75–90% are discussing intergenerational wealth transfer and financial discipline for the next generation.
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March 08, 2026, 14:14 IST
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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