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.
Business
Top stocks to buy today: Stock recommendations for April 24, 2026 – check list – The Times of India
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The share price of Colgate-Palmolive has generated a breakout above bullish Flag pattern signaling continuation of the up move and offers fresh entry opportunity.We expect the stock to head higher towards 2330 levels in the coming months being the measuring implication of the bullish flag breakout.The daily 14 periods RSI is in buy mode thus supports the positive bias in the stock.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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Consumer confidence has fallen for the third consecutive month amid household “jitters” over rapid price rises, figures show.
GfK’s long-running consumer confidence index fell four points to minus 25 in April, following falls of two points and three points in March and February respectively.
The deepening concern was driven by perceptions of the UK economy, with a six-point slide in confidence for the next 12 months to minus 43, its lowest level since February 2023.
Confidence in personal finances over the coming year fell five points to minus four – one point lower than this time last year.
The major purchase index – an indicator of confidence in buying big ticket items – held steady, albeit at minus 18 but one point better than last April.
The only measure to improve was the savings index – often an indication that households are concerned about their finances and looking to build contingency funds – which is up five points to 32.
Neil Bellamy, consumer insights director at GfK, said: “Consumers really do have the jitters now.
“It is a year since we last saw a monthly drop of this size, and we have to go back to October 2023 to find the last time consumer confidence was lower.
“Everyone is grappling with rapid price rises, especially at the fuel pumps, which are taking a dent out of household budgets, and people know further price hikes are coming.
“Consumer confidence is deteriorating sharply, with fuel prices and threats of more energy price increases acting as constant reminders of inflation.
“While the Gulf crisis is intensifying pressures, much of the current strain reflects earlier domestic cost increases.
“How long can all this disruption and pain continue?”
UK’s clothing exports down 7.6% to $293 mn in Jan-Feb
Top stocks to buy today: Stock recommendations for April 24, 2026 – check list – The Times of India
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