Business
Primark owner warns Rachel Reeves over ‘mistaken’ rate changes
The head of Primark’s parent company has issued a stark warning to the government, branding proposed changes to business rates as “mistaken” and a significant burden on UK high street retailers.
George Weston, the billionaire chief of Associated British Foods (ABF), told the PA news agency that the Labour Government “should not increase taxes on businesses any more” in the forthcoming November Budget.
This financial pressure has intensified concerns that businesses could be targeted with further tax hikes, particularly given prior government pledges to avoid increasing taxes for working individuals.
Businesses have already contended with a series of rising costs, including increases to national insurance contributions, the national minimum wage, and the Extended Producer Responsibility (EPR) packaging tax.
“Increases to labour and packaging have already had an impact and it is important not to make it harder for businesses looking to invest and create jobs,” Mr Weston said.
“My message to Government is that that should not increase taxes on businesses any more.”
Many hospitality, retail and leisure businesses across the UK have also seen the cost of business rates – the tax on commercial properties – increase this year after a previous 75 per cent discount on rates was reduced to 40 per cent in April.
The Government is also introducing a further shake-up to business rates in April next year designed to reduce the rates bills of small high street businesses.
However, Mr Weston said that Primark will face a significantly higher bill as a result, with larger shops and supermarkets having to pay more in order to help cover the cost.
“We are pleased that Government had recognised that there have been problems with the business rates system,” he said.
“But the changes mean there is going to be particular pressure on big stores which are needed to anchor high streets, and I think that was a very mistaken policy.
“We would love to see that reconsidered.”
Primark runs 460 stores globally, with more than 190 of these in the UK.
It came after the British Retail Consortium (BRC) warned on Friday that 400 large-format stores are at risk if they were included in the Government’s new business rates surtax, which affect premises with a rateable value over £500,000.
Experts have said around 363 large shops, excluding supermarkets, are expected to see their rates bills increase in April next year as a result.
Global tax firm Ryan has forecast that an expected surtax would cost these types of shops an extra £45.8 million a year in business rates.
Alex Probyn, practice leader of property tax, at Ryan, said: “This is a stealth tax penalising the very businesses that anchor our high streets and provide mass employment.
“The largest stores are already major contributors to the tax base, and an additional levy will undermine their ability to invest, grow and support local economies.
“It also runs directly contrary to the Government’s policy objective of supporting our high streets and the retail sector.”
Business
US markets today: Wall Street drifts near record highs as Big Tech results; Trump-Xi trade talks pull investors in both directions – The Times of India
US markets ended mixed on Thursday, with investors juggling upbeat and cautious signals from Big Tech earnings and renewed optimism around US-China trade ties.The S&P 500 slipped 0.2% from its all-time high earlier this week, while the Nasdaq composite lost 0.6%. The Dow Jones Industrial Average, however, gained 199 points, or 0.5%, by mid-morning trade, AP reported.Markets were reacting to comments from US President Donald Trump, who called his meeting with Chinese President Xi Jinping a “12 out of 10” and announced plans to reduce tariffs on Chinese goods. Analysts, however, warned that despite the warm rhetoric, structural trade tensions remain unresolved.“The result was fine, but fine isn’t good enough given the expectations going in,” said Brian Jacobsen, chief economist at Annex Wealth Management. “The results were more like small gestures instead of a grand bargain.”Big Tech weighs on sentimentTech stocks saw sharp divergences after earnings. Meta Platforms tumbled 11.3%, wiping off part of its 28% gain this year, as investors reacted to higher spending plans for 2026. Microsoft fell 2.5% despite reporting stronger quarterly earnings and revenue, with concerns about slower Azure growth and rising investment costs.Alphabet bucked the trend, rising 5.3% after reporting better-than-expected profit and revenue. Together, Alphabet, Meta, and Microsoft make up nearly 14.5% of the S&P 500’s total market value — meaning their moves can swing the broader market.Broader movers and macro watchChipotle Mexican Grill slumped 18% after trimming its sales growth forecast, citing “persistent macroeconomic pressures.” In contrast, Eli Lilly rose 1.7% as strong sales of its diabetes and obesity drugs Mounjaro and Zepbound boosted profits, prompting an upward revision to its annual guidance.Sherwin-Williams gained 2% after beating profit estimates despite a “softer for longer” demand outlook, while Visa advanced 1.5% on stronger-than-expected results.Fed caution lifts bond yieldsThe 10-year US Treasury yield rose to 4.09% from 4.08% the day before, after Federal Reserve Chair Jerome Powell said a December rate cut “is not a foregone conclusion.” Traders still expect a rate reduction later this year, but with less certainty, according to CME Group data.In Europe, France’s CAC 40 dropped 0.9% and Germany’s DAX shed 0.2% after the European Central Bank held rates steady. Japan’s Nikkei 225 closed nearly flat after the Bank of Japan also kept its policy unchanged
Former Asda boss Roger Burnley is to join the board of Marks & Spencer.
He will become a non-executive director of the high street giant from December 1, the company told shareholders on Thursday.
The retail veteran was the boss of rival Asda from 2017 until 2021, when he left the business following its £6.8 billion takeover by the Issa brothers and TDR Capital.
He was retail operations director at Sainsbury’s before moving to Asda and is currently a non-executive director at Pets at Home.
Mr Burnley will become the latest supermarket heavyweight to join the business, after former Sainsbury’s boss Justin King stepped down earlier this year.
Mr King left the board in September after around six years.
The appointment comes after a turbulent year for Marks & Spencer after it was hit by a major cyber attack which forced it to shut down online sales for around six weeks.
It said the attack has cost the company around £300 million.
Mr Burnley said: “M&S is a much-loved brand which I have always admired as setting the standard in UK retail, and it is a privilege to be joining such an engaged board.
“Much progress has been made through the reshaping for growth strategy, but there remains so much opportunity, and I am looking forward to supporting the leadership team to capitalise on that in the years ahead.”
M&S chairman Archie Norman said: “Roger brings extensive experience in the food retail industry and supply chain transformation which will be invaluable as we enter the next phase of our plan to reshape M&S for growth.
Business
Ashwini Vaishnaw Approves Plan For 76 Passenger Areas At Railway Stations To Enhance Travel Comfort
New Delhi: Union Minister for Railways Ashwini Vaishnaw has approved a plan for developing 76 new passenger holding areas at various railway stations across the country ahead of the 2026 festival season. The decision was taken following the success of the passenger holding area at New Delhi Railway Station, which enhanced the pre-boarding comfort for travellers, according to an official statement issued on Thursday.
The new holding areas planned across the country will follow a modular design and will be constructed keeping in view local conditions. The Union Minister has directed that all holding areas should be completed well before the 2026 festival season, the statement said.
The New Delhi station managed the extremely heavy rush of passengers during Diwali and Chhath with the help of its newly developed holding area, which was completed within four months.
The Yatri Suvidha Kendra (permanent holding area) at New Delhi Railway Station is designed to accommodate approximately 7,000 passengers at any given time, significantly enhancing pre-boarding comfort and passenger flow.
The facility is strategically divided into three zones – Ticketing, Post-Ticketing, and Pre-Ticketing – to streamline passenger movement. The New Delhi station holding area can accommodate over 7,000 passengers and is equipped with 150 toilets, each for men and women, ticket counters, automatic ticket vending machines, and free RO water facilities.
Indian Railways had also run as many as 7,800 extra trains to clear the surge in passenger traffic for Diwali and Chhath, and set up War Rooms to monitor the festive rush.
Vaishnaw paid a surprise visit to the New Delhi Railway Station and conducted an on-ground assessment of the arrangements made for passengers during the festive season.
Indian Railways established a dedicated “War Room” at Rail Bhawan to monitor and manage the massive influx of festive travellers. This command centre enabled real-time monitoring and allowed officials to quickly address congestion, passenger complaints, and potential incidents, the minister said.
The war room has evolved into an effective system overseeing the entire Indian Railways network, as over 80 war rooms were active at the Railway Board, zonal, and divisional levels, according to an official statement.
Universal Music and AI song tool Udio settle lawsuit and partner on new platform, sparking backlash
Liverpool’s Slot: Last risk I took, Isak got hurt
Gucci launches technical mountainwear line “Altitude” with Jannik Sinner
-
Tech1 week agoThis Smart Warming Mug Is Marked Down by $60
-
Politics5 days agoTrump slams ‘dirty’ Canada despite withdrawal of Reagan ad
-
Tech1 week agoTurning pollution into clean fuel with stable methane production from carbon dioxide
-
Business1 week agoMattel misses Wall Street estimates as North American sales sink
-
Tech6 days agoDefect passivation strategy sets new performance benchmark for Sb₂S₃ solar cells
-
Tech1 week agoAn Amazon outage has rattled the internet. A computer scientist explains why the ‘cloud’ needs to change
-
Business7 days agoJLR shutdown after cyber hack drives slump in UK car production
-
Sports1 week agoNBA legend Chauncey Billups, Heat’s Terry Rozier arrested as part of FBI gambling probe