Russia extends mandatory sale of forex revenue by exporting companies
Major exporters must repatriate at least 40% of their foreign currency earnings and sell at least 90% of the repatriated earnings on the domestic market from May 25, the government said.
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The Independent
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The pub and bar chain thriving thanks to warm weather
Mitchells & Butlers, the pub and bar group, reported a significant boost in customer numbers and strong performance. The owner of Toby Carvery and All Bar One saw like-for-like sales increase by 5 per cent in the quarter ending 19 July. This growth was partly attributed to recent sunny weather and Easter, with both food and drink sales climbing by nearly 5 per cent. Despite facing cost inflation challenges, the company anticipates its annual results will reach the "top end" of industry forecasts. M&B has converted or remodelled 150 venues and opened two new sites this year, though its shares experienced a slight dip in early trading.
BBC News
12 minutes ago
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National League to 'discuss Morecambe sanctions'
The National League have "serious concerns" surrounding Morecambe's compliance with its rules and intends to "discuss possible further sanctions", the body has said in a beleaguered club has had a chaotic summer since being relegated from League Two, with a deal yet to take place despite two parties having takeover bids accepted, while the board of directors league said they had met with Shrimps owner Jason Whittingham on Thursday in order to "outline terms that must be met" by 12:00 BST on were held regarding the club's ability to meet its financial obligations for the coming 2025-26 season, it added,, external with a further meeting of its Club Compliance and Licensing committee due to meet again on Monday. Whittingham put the club up for sale in September 2022 but a deal has still not been done, with the club tumbling from League One to the National League having been relegated in two of the past three Warriors have been part of a takeover attempt of the club for more than a year and the EFL approved their takeover earlier this summer after their relegation from League Two was confirmed, but that deal has still not got over the another takeover bid from a consortium led by Jonny Cato was also accepted earlier in July, but it is unclear where that bid - or that of Panjab Warriors' efforts - stands with just over two weeks remaining until the start of the has been a fraught summer for the Lancashire club, as the Shrimps' board previously threatened to put the club into administration if a deal was not board were then sacked by Whittingham but then swiftly brought back to help the deal with Panjab Warriors take after, the board resigned as that deal stalled, with Cato's "last minute" bid later accepted, however he has not been seen or heard from in public since the deal was announced.
Times
27 minutes ago
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Jonathan Reynolds rules out ‘daft' wealth tax and says ‘get serious'
The business secretary has ruled out a 'daft' wealth tax as the International Monetary Fund (IMF) warned that other taxes will have to rise. Jonathan Reynolds told Labour backbenchers to 'get serious', dismissing the idea as a populist gesture that would not work. Lord Kinnock, Labour's former leader, has led calls for a 2 per cent annual levy on assets more than £10 million, which has been backed publicly by more than a dozen Labour MPs and privately many more. Rachel Reeves has been reluctant to rule out a wealth tax despite senior minsters privately concluding it would not work. • How could a UK wealth tax work? The impact examined Now Reynolds has made the government's most explicit public criticism by ridiculing the suggestion that a 'magic wealth tax' would dig the country out of a hole. He said an effective wealth tax 'doesn't exist anywhere in the world' and 'we're not going to do anything daft like that'. Reynolds told GB News: 'I say to people: 'Be serious about this.' The idea you can just levy everyone … What if your wealth was not in your bank account, what if it was in fine wine or art? How would we tax that? This is why this doesn't exist. 'There's a lot of populism out about this, and I'm frustrated. I see colleagues sometimes say this in parliament and I say: 'Come on, get serious.'' Reynolds said: 'This Labour government has increased taxes on wealth as opposed to income — the taxes on private jets, private schools, changes through inheritance tax, capital gains tax. But the idea there's a magic wealth tax, some sort of levy … that doesn't exist anywhere in the world. Switzerland has a levy, but they don't have capital gains or inheritance tax.' Experts, including the Institute for Fiscal Studies, have warned the government that no country has raised significant sums from a wealth tax, citing concerns over valuing assets and discouraging investment. Most countries that have introduced them have since abandoned them. However, Richard Burgon, the Labour MP for Leeds East, who delivered a petition on the tax to No 10 this week, said that 'the government has seriously damaged its own support by refusing to tax wealth — all while cutting support for disabled people, targeting the winter fuel allowance, and maintaining the cruel two-child benefit cap.' It came as the IMF said in its annual report on Britain that the chancellor would need to make 'tough fiscal choices' such as raising taxes on middle earners, scrapping the triple lock on pensions or introducing charges for the NHS. While it praised Reeves for 'growth-friendly' policies such as liberalisation of planning and said an 'economic recovery is underway', it warned that she would have to do more to raise cash or cut spending. The chancellor is already expected to raise taxes in the autumn after U-turns on winter fuel and welfare cuts combined with deteriorating forecasts left her facing a gap of £20 billion or more in public finances. With the government now facing months of speculation about how she will plug it, the IMF recommended raising even more cash in the budget to give herself more headroom against her fiscal rules and prevent a repeat next year. The IMF said the 'first best' option to reduce the need for constant tax and spending tweaks would be 'to maintain more headroom under the rules, so that small changes in the outlook do not compromise assessments of rule compliance'. It also suggested moving to one official assessment a year of whether Reeves is on target to hit her rules, instead of the two carried out by the Office for Budget Responsibility. However, in a warning to those hoping this would reduce the need for tax rises or spending cuts, the IMF warned that Britain's ageing population and high debt interest bill mean Reeves cannot avoid such painful choices in the long term. 'Unless the authorities revisit their commitment not to increase taxes on 'working people', further spending prioritisation will be required,' its report said. The IMF urged Reeves to press ahead with welfare reforms that have proved toxic with Labour MPs and replace the triple lock with a cheaper policy that would increase state pensions in line with the cost of living. 'Access to public services could also depend more on an individual's capacity to pay, with charges levied on higher-income users, such as co-payments for health services,' the IMF added. Mel Stride, the shadow chancellor, said the report showed that Reeves 'has already maxed out the credit card, her only options are to cut spending or raise taxes. The welfare debacle showed Labour are completely incapable of reining in spending. Businesses and families must brace for an even higher tax burden'. Reeves said the report 'confirms that the choices we've taken have ensured Britain's economic recovery is underway, and that our plans will tackle the deep-rooted economic challenges that we inherited'.
