Inflation rises in June as tariffs likely hit consumer prices
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The Independent
21 minutes ago
- The Independent
What has led to customers abandoning Target?
Target has experienced stagnated sales and a significant drop in stock value since 2022, struggling to retain customers after various controversies. The retailer faced boycotts and customer backlash after ending its diversity, equity, and inclusion initiatives to comply with an executive order by Donald Trump. Further customer alienation occurred when Target scaled back its Pride merchandise in 2023 following conservative protests and threats. These controversies have contributed to a 2.8 per cent drop in Q1 sales and an expected low single-digit percentage decline in annual sales. Many formerly loyal customers are now opting for alternative retailers, citing high prices and a misalignment with Target's perceived values.
The Independent
21 minutes ago
- The Independent
Rachel Reeves under pressure to ‘urgently rule out' tax hikes
The Conservatives are urging Chancellor Rachel Reeves to "urgently rule out" increasing share taxes in the upcoming autumn budget, following the leak of a memo from Angela Rayner suggesting a series of tax hikes. The Tories argue that leaving investors"in limbo" could harm the economy. The party claims that scrapping the £500 dividend allowance would pull an estimated 5.22 million more individuals into paying investment levies. This pressure on ministers comes after a document, reportedly sent by the Deputy Prime Minister to Ms Reeves, was leaked to the press. In the memo, Ms Rayner proposed removing the dividend allowance to generate approximately £325 million annually, as well as axing inheritance tax relief for AIM shares and increasing dividend tax rates, according to The Telegraph. Shadow chancellor Mel Stride commented: 'The Government need to urgently rule out these tax hikes on savers and investors before speculation causes further economic harm. ' Labour don't understand how business works and how to create growth. More taxes on investment, entrepreneurship and saving are the last thing our economy needs right now.' The Government's U-turns over welfare reform and winter fuel payments have left the Chancellor with a multibillion-pound black hole to fill, fuelling speculation that she will seek to raise revenue through tax hikes. The Tories claimed axing the dividend allowance would drag 'an estimated 5.22 million more people into paying dividend tax'. This figure appears to be based on an assumption that at least 8.82 million people in the UK hold shares that pay dividends. Some 3.6 million are already subject to dividend tax, according to data obtained by investment platform AJ Bell through a Freedom of Information request. The Chancellor last year said she would not be 'coming back with more borrowing or more taxes' after her first budget but has since refused to rule out raising specific levies, saying it would be 'irresponsible' to do so. A Labour Party spokesperson said: 'The Conservatives have some brass neck. They've still not apologised for the damage caused by the Liz Truss mini-Budget, nor the £22 billion black hole they left – which hammered firms and families across the country. 'Labour is doing more to support business than the Tories ever could. 'We've already delivered three historic trade deals and four interest rate cuts – to reduce costs and put money back in people's pockets.'
The Sun
22 minutes ago
- The Sun
Price of British pint will reach staggering figure by 2030 due to soaring inflation, study claims
A PINT of lager could hit £13 in under five years, a study claims. Inflation and soaring outgoings for pubs will see it double by 2030. The report puts the current average pint of a standard brand at £5.17 — and £6.10 in London. It predicts it could reach £8 nationwide by 2030 — and £11 in cities. But it warns: 'Touristy zones and stadiums could even see £12 to £13 pints becoming the norm.' The study by online review site PlayCasino forecasts Peroni rising from an average £6.83 to £11.33 and San Miguel from £6.36 to £10.55. Carlsberg will jump from £4.23 to £7.02, Stella Artois from £5.27 to £8.74 and Heineken from £6.00 to £9.95 The report says the rise in the national living wage has hit landlords. It highlighted increases to spiralling energy bills, alcohol duty hikes, and the rocketing costs of ingredients, packaging and transport. It adds: 'With the end of pandemic support many pubs are still catching up financially.' One landlord who responded to researchers, commented: "Our energy bills have tripled, stock costs are up and we're still recovering from the pandemic. "Prices are rising because they have to - or we don't survive." The priciest and cheapest places in UK to buy a beer 1
