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VAT changes blamed for school closure
Malvern St James, an independent school in Worcestershire, plans to close due to significant funding shortfalls. The school, which has around 170 pupils, has seen a decline in enrolment over recent years. Nicholas Grenfell-Martin, chairman of the management board, expressed “great sadness” over the decision. Rising employment costs and the introduction of VAT on school…
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UK inflation hits 3.3% amid fuel cost surge
Inflation in the UK rose to 3.3% in March, driven primarily by soaring fuel prices due to the conflict in the Middle East. The Office for National Statistics reported that petrol prices increased by 8.6p per litre, reaching 140.2p per litre. Thomas Pugh, chief economist at RSM UK, commented: “The jump in inflation was almost…
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Government urged to act on food inflation
The Food and Drink Federation (FDF) warns that food inflation could rise to between 9% and 10% this year, urging the Government to act swiftly. Chief executive Karen Betts stated that the ongoing blockade of the Strait of Hormuz is exacerbating supply chain issues, leading to increased costs. Betts emphasised the need for urgent government…
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FTSE 100 bosses see pay jump almost 18%
Top executives in the UK saw their pay and perks increase by nearly 18% last year, significantly outpacing the average worker’s earnings. According to Deloitte analysis of 55 FTSE 100 companies, the typical chief executive earned £5.9m, with their salaries increasing around 4.5 times faster than the average UK worker. The analysis shows that 26…
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Tax raid threatens shared office sector
Rachel Reeves plans a £600m tax increase on shared office providers in England. The Chancellor’s changes to business rates will likely burden landlords with an additional £594m annually amid the Valuation Office Agency’s new classification of shared offices. Experts warn that property owners may pass this on to tenants. This could raise average rental costs…
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Swinney pledges no tax hikes
First Minister John Swinney has pledged not to raise taxes in the next parliament as part of the SNP’s pledges ahead of the Scottish election. The party’s manifesto pledges not to increase the rates of income tax, or the amount of bands, with a promise to simplify the tax regime. Saying that the SNP has…
