
Buses' £1.5m subsidies reviewed as BCP Council seeks savings
The authority said, in 2025, it received £2.66m of revenue bus grant from the Department for Transport (DfT) to support service improvements, and it expects to receive at least the same amount in 2026.It said it had been told by the DfT, if it undertook a review to ensure it was providing "value for money", it could keep the money from its own budget next year, using only government funding for the services.The review aims to pinpoint where passenger numbers have increased and whether the subsidy, or a reduced subsidy, is still needed to run them - or if there are lower cost alternatives.Sustainable travel councillor Andy Hadley said: "We want to be able to update the picture on how people use our bus services so that we help fund routes that are needed the most, whilst not covering costs, and can ensure best value for public money."The consultation runs until midnight on 18 August, and any changes will be implemented from May 2026.Any changes to school services will not take place until the following academic year.Survey forms are available online, on buses and at libraries.
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Reuters
5 hours ago
- Reuters
Bessent says US has 'makings of a deal' with China
WASHINGTON, Aug 1 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Friday that he believed that Washington has the makings of a deal with China and that he was "optimistic" about the path forward. "This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations," Bessent said in a post on X that was subsequently deleted. "I am optimistic about the path forward," he added. A Treasury Department spokesperson said the post was being reposted because the images attached to it had not uploaded correctly. The spokesperson also noted that the language in the post was in line with what Bessent had said in various media interviews this week. In an interview with CNBC on Thursday, Bessent said the United States believes it has the makings of a trade deal with China, but it is "not 100% done." U.S. negotiators "pushed back quite a bit" over two days of trade talks with the Chinese in Stockholm this week, Bessent told CNBC. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.


Reuters
11 hours ago
- Reuters
Fed officials Bowman, Waller link their policy dissents to job market concerns
Aug 1 (Reuters) - The two Federal Reserve governors who favored an interest rate cut at the U.S. central bank's policy meeting this week said on Friday they did so largely due to rising concerns about the job market, in statements made public just ahead of the release of hiring data that bolstered their position. "With economic growth slowing this year and signs of a less dynamic labor market, I saw it as appropriate to begin gradually moving our moderately restrictive policy stance toward a neutral setting," Fed Vice Chair for Supervision Michelle Bowman said in a statement. "In my view, this action would have proactively hedged against a further weakening in the economy and the risk of damage to the labor market," she said. Fed Governor Christopher Waller said in a separate statement that "with underlying inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate." Waller said the job market is nearing stall speed and the central bank's policy rate should be closer to the neutral level where economic activity is neither stimulated nor restrained. Waller said of the Fed's broader approach to monetary policy right now that "I believe that the wait-and-see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve." Hiring data appeared to justify some of that anxiety. The Labor Department reported that nonfarm payrolls rose by a smaller-than-expected 73,000 jobs last month, with big downward revisions to the job growth numbers in May and June. The unemployment rate edged up one-tenth of a percentage point to 4.2% in July. Meanwhile, the Trump administration ramped up its trade war by imposing a new range of steep import tax increases on many U.S. trading partners. The latest tariff-related announcement helped send global stock markets lower. Traders and investors also were pricing in Fed rate cuts, with the first projected to come next month. "We maintain our view that the Fed will ease monetary policy starting in September and see a total of 75 basis points of rates cuts by year-end due to a weakening in employment and the overall economy," said Kathy Bostjancic, chief economist at Nationwide. "The inflation impact from tariffs in our view will be a one-time adjustment that over time will fade." Bowman and Waller weighed in on Friday after casting dissenting votes against the Federal Open Market Committee's decision on Wednesday to hold its benchmark interest rate in the 4.25%-4.50% range. The dissents marked the first time since late 1993 that two Fed governors had opposed the central bank's consensus view. Comments made by Bowman and Waller going into the meeting had led many observers to expect their dissents. Waller has been most explicit in arguing for lower rates, saying the risks are rising for the job market while tariff-related inflation increases are likely to be a one-time shift the Fed could ignore. Bowman also expressed skepticism that tariffs would cause sustained inflation problems. Cleveland Fed President Beth Hammack, however, was not ready to say that the job market was coming off the rails. While acknowledging the headline July payrolls number was "disappointing," she told Bloomberg Television, "I feel confident with the decision that we made earlier this week," noting that "when I step back and look at where we are, I see a labor market that is largely in balance." She said she'll be keeping a close eye on jobs data going forward while flagging the fact that inflation is still above the Fed's 2% target. She added that the central bank will have a tricky time balancing the two sides of job and inflation mandates going forward. Hammack declined to say what she thinks the Fed should do at its September 16-17 policy meeting. The Bowman and Waller dissents also garnered interest because of the broader political currents buffeting the Fed. President Donald Trump has been pushing aggressively for rate cuts, excoriating Fed Chair Jerome Powell for failing to heed the White House's demands for lower borrowing costs. Trump weighed in again on Friday, saying in post on his Truth Social media platform that Powell is "a stubborn MORON" and that the central bank "must substantially lower interest rates," and if Powell doesn't do it, other central bank officials should take control and force the matter. Waller, who noted last month that his view was not "political," is widely considered to be in the running to succeed Powell when his term expires next May. Bowman, who was recently elevated to the Fed's bank overseer role by Trump, had previously been on the more hawkish end of the monetary policy spectrum, having dissented last fall in favor of a smaller rate cut than what the Fed delivered. Nodding toward the potential ambitions of the dissenters, Michael Feroli, chief U.S. economist at JP Morgan, described their votes on Wednesday as "two job applications attached" to the FOMC statement, even as he noted, "we don't read too much into these dissents for the future direction of policy." As for the rest of the Fed's policymakers, they voted on Wednesday in favor of holding rates steady because even as some risks to the outlook are emerging, they are still wary of what Trump's tariffs will do to price pressures. "The economy is in a solid position" and "for the time being, we're well positioned to learn more about the likely course of the economy and the evolving balance of risks before adjusting our policy stance," Powell said at a press conference after the end of the Fed's two-day policy meeting this week. Powell appeared to see no downsides to the dissents. He described the FOMC gathering as a "good meeting" and added, "what you want from everybody, and also from a dissenter, is a clear explanation of what your thinking is and what are the arguments you're making ... We had that today." Powell did not indicate whether the dissenters had moved the consensus. "We haven't made any decisions about September. We'll be monitoring all the incoming data and asking ourselves whether the federal funds rate is in the right place."


The Sun
12 hours ago
- The Sun
‘Timeless' furniture, carpet & sofa brand to shut down in UK after 120 years as it launches ‘everything must go' sale
IT'S the final curtain call for a family-run furniture store that has been in business for 120 years. To mark the end of an era, Sturtons & Tappers has launched a huge 'everything must go' sale. 1 The renowned retailer is famous in Bournemouth for its timeless sofas, bespoke furniture, luxurious carpets, dining sets, lighting, and home accessories. For generations, Sturtons & Tappers has proudly furnished thousands of homes across the region – and now, it's all got to go! Director David, who has helped steer the shop's legacy, said it's a 'bittersweet moment'. "We've had the privilege of furnishing thousands of homes across generations, and while we're excited for the next chapter, we're incredibly grateful to all our loyal customers. "This sale is our way of saying thank you." He and Pauline Scott, as well as other colleagues, are looking forward to step into a "well-earned" retirement. With 'unprecedented discounts' now slashed across every inch of the store, a spokesperson warned: 'This is the public's last chance to snap up premium home furnishings at never-to-be-repeated prices.' In April 2025, independent retailers were delivered a fierce blow after employer National Insurance surged to 15 percent. The National Living Wage also rose to £12.21 an hour and business-rates relief dropped from 75 percent to 40 percent. Huge high street retailer makes Irish return with first shop opening five years after devastating eight store closure For millions of small businesses across the country, the changes were crippling. A massive drop in footfall on high streets has also taken a toll on shops across the UK. Around 26 percent of all shopping now takes place online, up sharply from pre-pandemic levels. To make things worse, bans on free parking and more expensive town centre fees are doing no favours to local shops. Rents, energy bills and card processing fees are another hurdle, with some paying 3 to 5 percent on card fees alone. In 2024, around 13,470 stores closed - a sharp 28 percent jump from 2023. A staggering 84 percent of those were independently run shops. It's not just smaller shops that are struggling. From well-known budget favourites like Poundland to popular fashion brands such as New Look and Monki, a raft of familiar names are set to disappear. The cost of running shops, from soaring energy bills to higher National Insurance, is pushing retailers to cut back. At the same time, more shoppers are going online, and with the cost-of-living crisis biting, people have less cash to spend. The result? Shops are closing, and high streets are starting to suffer. If you want to know which stores are shutting soon, we've got the full list right here. Apple Apple will close its two-floor Bristol city centre store in Cabot Circus on August 9, 2025 after 15 years. The closure comes as part of a redevelopment plan for Cabot Circus, which will replace the store with new flexible workspaces and public areas. GAME GAME is closing several UK stores this summer as part of a wider restructuring by parent company Frasers Group. Upcoming closures include Festival Place in Basingstoke on August 10, Southend High Street later in August, and Chatham in September. The Nottingham Victoria Centre store closed in July. Stores are running 20% off clearance sales ahead of closure. Hobbycraft As part of a major restructuring, arts and crafts retailer Hobbycraft will close three stores in early August 2025. The affected locations are Bromborough, Southport, and Stratford Upon Avon. The closures follow a strategic review aimed at reshaping the business. Monki Monki, owned by H&M, is closing its Glasgow store in Buchanan Galleries in August. The retailer has already shuttered branches in Manchester, Birmingham, Newcastle, Sheffield, and London earlier this year. The online store has also closed, with the brand being integrated into H&M's Weekday line. One remaining Monki store in Bristol remains open but will either close later this year or be transformed into a new concept. New Look New Look is continuing its wave of store closures, with a branch in Neath, Wales, set to close imminently on August 6, 2025. This follows a string of 11 closures already this year, including sites in Hamilton, Birmingham, Corby, Devizes, and others across England, Scotland, and Wales. The high street stalwart has warned that nearly 100 of its 364 UK stores could be at risk when leases expire, amid ongoing cost pressures such as the National Insurance hikes earlier this year. The retailer recently secured £30million in fresh equity investment to bolster its online operations and completed a £100million refinancing deal in 2023. Last year, New Look reported sales of £769million. Poundland Poundland is closing 26 stores in August 2025 as part of a wider restructuring plan following its £1 sale to Gordon Brothers earlier this year. Closing August 1: Newquay Closing 10 August: Ammanford Birmingham Fort Cardiff Valegate Cramlington Leicester Long Eaton Port Glasgow Seaham Shrewsbury Tunbridge Wells Closing August 17: Bedford Bidston Moss Broxburn Craigavon Dartmouth East Dulwich Falmouth Hull St Andrews Newtonabbey Perth Poole Sunderland Stafford Thornaby Worcester In addition, the Whiteley store in Fareham closed unexpectedly on July 21 2025, outside the announced closures. Whitby will close on September 3. Poundland is trimming its estate from nearly 800 stores to between 650 and 700 locations. The company is removing frozen foods, ending online sales, and expanding womenswear and seasonal lines. Managing director Barry Williams called the closures regrettable but necessary to secure thousands of jobs and hundreds of stores. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."