Latest news with #BritishChambersofCommerce
The Sun
2 days ago
- Business
- The Sun
Women nearing retirement to get £5,000 a year less in private pension income than men, experts warn
WOMEN nearing retirement can expect to get £5,000 a year less in private pension income than men, experts say. Fresh analysis shows they will typically receive around £100 per week compared to a little over £200 a week for blokes. 2 The greater likelihood of a history of part-time jobs and caring responsibilities may contribute to women getting less. Resulting lower National Insurance contributions could also curtail their state pension. The introduction of automatic pension enrolment from 2012 has helped women and men, the experts insist. But retirees in 2050 are predicted to have £800 — eight per cent — less private pension income than those today. Meanwhile, four in ten workers — nearly 15million — are under-saving for their golden years, with low earners and the self-employed hit the hardest, research shows. The Government will today revive the Pension Commission to address the findings. Work and Pensions Secretary Liz Kendall said: 'People deserve to know they'll have a decent income in retirement — but the truth is that is not the reality facing many. 'The Pensions Commission laid the groundwork, and now, two decades later, we are reviving it to tackle the barriers that stop too many saving in the first place.' The British Chambers of Commerce said that any costs to businesses on top of National Insurance contributions and the Employment Rights Bill would have to be 'gradual'. And they must be paused if economic conditions worsen, giving businesses time to adjust to increased costs, it added. Rain Newton-Smith, director-general of the Confederation of British Industry, said there must be a consensus in business, Government and society that the system is affordable for employers and workers. Pension expert on how to retire early- Scotish Widows 2
The Herald Scotland
5 days ago
- Business
- The Herald Scotland
Scottish region tops the UK in job loss expectations
The latest North-east Quarterly Economic Survey conducted by the British Chambers of Commerce (BCC) found that 24% of firms surveyed expect to reduce their workforce in the coming three months. Among those who expect to do so, two-thirds do not work directly in the energy industry. Read more: A third of those surveyed in the north-east expect their turnover to decline, compared to 20% across the rest of the UK - again, the worst figures recorded since the pandemic. 'These figures show the economic consequences of poor policy decisions being made in Westminster," said Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce. 'Our members are not calling for special treatment – they are simply asking for fairness and a stable environment in which to plan, invest and grow. The UK economy cannot afford to turn its back on the North Sea – nor on the thousands of businesses in this region that depend on it.' Nearly four in ten firms (38%) reported falling sales in the last quarter, while forward orders dropped to levels not seen since early 2021. Read more: Business confidence also fell with only 30% of respondents expecting turnover to improve in the year ahead, while 49% anticipate a fall in profitability. This contrasts sharply with UK-wide averages of 49% and 28% respectively. Taxation was cited as the most significant barrier to growth by 73% of those surveyed in the north-east, compared to the UK average of 56%. The findings have prompted the chamber to renew its call for the Energy Profits Levy to be removed "as soon as possible to prevent further damage". Findlay Anderson of legal firm Gilson Gray, partner in the chamber's quarterly survey, described the situation as one of "deepening economic malaise" exacerbated by "short-term policymaking". 'Businesses are delaying investment decisions not because of a lack of ambition, but because the conditions for growth simply don't exist right now," Mr Anderson said. 'What we're seeing is a loss of confidence – not just in the energy sector, but across the supply chain and wider economy. 'The Energy Profits Levy, coupled with increased employment costs and policy volatility, is creating an environment where firms feel unable to plan ahead. Unless we see a shift in direction soon, the risk is long-term damage to the competitiveness of this region.'
Fibre2Fashion
14-07-2025
- Business
- Fibre2Fashion
BCC urges UK investment reforms ahead of Mansion House speech
Ahead of the UK Chancellor Rachel Reeves' Mansion House speech on July 15, the British Chambers of Commerce (BCC) has called for urgent reforms to unlock business investment and stimulate growth across the UK. Ahead of the July 15 Mansion House speech, the BCC has urged the Chancellor to implement reforms to boost UK business investment. Citing low investment and weak confidence, BCC's Shevaun Haviland called for action on the Mansion House Accord, pension fund consolidation, and a British Growth ISA, stressing the need for smarter regulation to drive regional growth. Drawing from recent research involving over 4,500 firms, the BCC noted persistent low investment levels and fragile business confidence, despite more than half of companies believing the UK economy holds untapped growth potential, the BCC said in a release. Shevaun Haviland, director general of the BCC, said businesses nationwide are eager to hear a clear commitment to investment reform. 'For too long investment has been the Achilles heel of our economy. As we set out in our Blueprint for Growth report, we want to see full implementation of the Mansion House Accord, consolidation of pension default funds, and greater investment in illiquid assets to support regional growth. Tomorrow night is an opportunity for the Chancellor to signal support for these ideas,' she said in a release. Haviland also advocated for the creation of a British Growth ISA to mobilise public investment in UK businesses and called for streamlined regulations that support responsible risk-taking and foster innovation. Fibre2Fashion News Desk (HU)
Scotsman
07-07-2025
- Business
- Scotsman
Time to deliver on milestone industrial strategy
Prime Minister Sir Keir Starmer The UK Government's newly published Industrial Strategy marks a long-overdue and welcome breakthrough. For years, the Chamber network has pushed for a long-term economic vision. Now, finally, we have one – and that alone is a step forward that should not be underestimated. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Crucially, the strategy shows signs of a renewed partnership between government and business. From tackling sky-high electricity costs for power-intensive industries to unlocking access to finance, fast-tracking skills development and reducing regulatory burdens – this is a plan that speaks to many of the core concerns of businesses across the UK. The focus on high-growth sectors – including clean energy, advanced manufacturing, life sciences, digital technology, finance and professional services – aligns strongly with our own regional strengths. Our Economic Call to Action, launched last year, spotlighted five key growth areas: technology, fintech and financial services, health and life sciences, the green economy, and creative industries. These sectors are now clearly reflected in the national plan. Advertisement Hide Ad Advertisement Hide Ad We're also encouraged by the commitment to boost R&D investment – particularly relevant to Edinburgh, with our globally recognised university base and the recent announcement that the UK's £800 million exascale supercomputer will be located here. That investment will put Edinburgh at the forefront of the UK's scientific and innovation ambitions. This week also saw the launch of the UK Government's new Trade Strategy, unveiled by the Prime Minister at the British Chambers of Commerce Global Annual Conference. It is a strong endorsement of the Chamber network's influence with 24 of the 29 recommendations we submitted during consultation fully or partially adopted. The strategy provides a much-needed spotlight on services, which account for over 80 per cent of UK output. It also includes commitments to expand UK Export Finance, secure digital trade deals, and pursue mutual recognition of qualifications across key sectors such as finance, engineering, law, and technology. These were also central to the Economic Powerhouses policy paper recently published by the Edinburgh and London Chambers. For Edinburgh, where services drive much of the region's international success, this is not just welcome – it's vital. While we applaud the ambition behind both the Industrial and Trade Strategies, we must be clear: success hinges on execution. We need delivery plans that flow through to businesses on the ground, particularly SMEs, and investment that reaches our infrastructure, talent and innovation pipelines. Advertisement Hide Ad Advertisement Hide Ad Also at our conference last week, the Prime Minister made an important point: 'We've stabilised the economy… now we have to back you to the hilt, because your members are the engines of growth in every community across the United Kingdom.' Edinburgh Chamber agrees. Now is the time to turn words into action. But delivery cannot happen if the burden on business continues to rise. We echo the British Chamber network's call for no further increases in taxation or regulation. Our recent survey of 600 firms shows nearly a third have already made, or are planning, redundancies due to the rise in employer National Insurance contributions. That trend must be reversed if we are to drive sustainable growth. The Industrial and Trade Strategies represent an inflection point – a chance to realign the UK economy for long-term competitiveness and inclusive growth. Edinburgh, as one of the country's leading economic centres, stands ready to lead in this next chapter. But strategy alone won't move the dial. Delivery, consistency, and trust between government and business are now essential. The Chamber network is ready to play its part. It's time to build. Joanne Davidson is Director of Policy, Edinburgh Chamber of Commerce
Belfast Telegraph
26-06-2025
- Business
- Belfast Telegraph
Home heating oil up in price in Northern Ireland for second week
But the rate of increase in the cost of the fuel, the predominant means of heating homes here, has slowed down. A ceasefire between Israel and Iran has been holding, with markets now hoping that the worst impact of the conflict on oil markets is now over. The Northern Ireland Consumer Council's weekly price check for the fuel showed the average price of 300 litres this week was £201.07, up nearly £13 on the week before. The price of 500 litres had gone up by around £22 to £315.15, while for 900 litres, the average price was up around £41 to an average of £551.75. However, the level of increase was much lower than the week before, when prices were up by nearly £30 for 500 litres and by £70 for 900 litres. In percentage terms, the price of 300 litres was up 7%, while for 500 litres, the price was up 7.6%. And for 900 litres, the price was up 8%. That's much slower than the previous week, when the cost of both 300 and 500 litres had risen by 18%, and 900 litres was up 16%. Last week's increase had been the first week-on-week rise in average prices since early January. Raymond Gormley, head of energy policy at the Consumer Council, said last week: 'As we import all our home heating oil, Northern Ireland is at the mercy of volatile global oil markets and the price that consumers pay is impacted by a complex range of factors which can result in price fluctuations. 'It is very difficult to predict if this is the start of home heating oil prices going up for as long as this escalation in the Middle East lasts or just if it is an initial spike due to the recent attacks on Iran.' Prime Minister Sir Keir Starmer addressed the impact of the Iran-Israel conflict on UK energy prices at the annual conference of the British Chambers of Commerce on Thursday. He said: 'The impact of international affairs on us domestically has never been so direct as it is at the moment. So you saw an oil price rise, to take the other obvious example. 'In the three-plus years of the Ukraine conflict, energy prices have gone up considerably as a result of that conflict. "So we have to recognise that's why diplomacy matters on the global stage to try and de-escalate and resolve situations, which is what I've spent a lot of time doing. It's also why we need to insulate ourselves here as best we can.'
