Latest news with #HMTreasury
The Sun
3 days ago
- Business
- The Sun
Charming English town is getting new £42million train station that will reopen key link shut for over 60 years
A RURAL English town has been given the green light for a new £42million train station that will reopen a vital link. After more than 60 years without a railway station, Cullompton has been granted funding by the Department of Transport and HM Treasury. 2 2 The announcement is set to turbo-charge the economy of the Devon town and provide desperately needed transport links for locals and visitors. The funding will also help to support plans for a new station in Wellington. Cullompton station first opened in 1844 and closed in 1964. The reopening will be key to enabling the Culm Garden Village development, which will create around 5,000 homes. The new station will also be next to the motorway services at Junction 28 of the M5. Councillor Jacqi Hodgson, Devon County Council Cabinet Member for Climate Change and Biodiversity, said: 'Further investment in rail infrastructure in Devon is always welcome and this railway station for Cullompton is key to the town's economic growth and will help reduce carbon emissions in the county. "People need improved public transport options if they're going to be encouraged to change their travel habits. "Hopefully Cullompton could follow the success of Okehampton Station and the re-opening of the Dartmoor Line, which is a great example of what can be achieved given the necessary funding from government.' In April, a delegation of 30 people from the region travelled to London to hand-deliver powerful letters of support to rail minister Lord Hendy. Backed by a cross-party group of South West MPs and Wellington Town Council, the letters stressed how restoring rail links to both Okehampton and nearby Wellington could unlock major economic, social and environmental benefits. Lord Hendy said: 'The stations would contribute to sustainable development, connecting new residential areas with regional employment, education and healthcare opportunities. "The case for taking a combined approach presents significantly higher value for money compared with a stand-alone project in either area.' He added: 'Reopening Cullompton and Wellington stations would be a strategic investment aligning with the Government's goals to drive economic growth, reduce environmental impact and improve social mobility.' Economic growth Gideon Amos, who also backed the scheme, said: 'For the cost of around £42 million, £180 million of economic growth would go into the region — which I know the Government would want to see. 'Frankly, there is no other rail project in the south-west that is ready to go and could be built and completed in the next two years, as the project is so far advanced. 'In fact, had it not been for the review in July last year, the spades would be in the ground and the platforms under construction, because the contract was about to be let and the detailed design was almost finished.' And Labour MP Simon Lightwood added in the Commons: 'The strategic objectives are clear. "Enhancing public transport connectivity will support growth and productivity in Exeter, Taunton and Bridgwater, while also reducing road congestion, car dependency and carbon emissions. ' He continued: 'The stations would contribute to sustainable development, connecting new residential areas with regional employment, education and healthcare opportunities." This comes as satellite images of a new £15million train station at Okehampton were revealed. The station, which will be the newest addition to the Dartmoor Line, connecting West Devon, Torridge and North Cornwall with Exeter and beyond, will also benefit education and leisure services in the region. GWR Regional Growth Manager David Whiteway said the project would provide "valuable support for the community and local economies". Satellite images show the rapid development of the £15million scheme, which is being funded by the Department for Transport with contributions from Devon County Council and West Devon Borough Council. Since work began in January, major progress has been made to create the new station on the edge of Okehampton, two minutes from the A30. In March, 300 metres of the single-line track was moved 90cm north to allow a new platform to be built alongside it.
Belfast Telegraph
22-07-2025
- Business
- Belfast Telegraph
Shake-up of UK investment strategy should now prompt Stormont to end ongoing regional bias
The bulk of public money is spent in greater Belfast area, leading to serious variations in economical and social outcomes. Surely the purpose of government is to improve the wellbeing of the population as a whole, not just a part Investment is needed to produce returns that can be measured in economic, social or environmental terms — sometimes all three. That can be true for businesses, but also for governments. All of which makes public sector investment choices important and politically contentious. There have been criticisms for decades the UK Government prioritised investment in the most wealthy areas at the expense of deprived regions. HM Treasury uses its 'Green Book' as part of its assessment of investment proposals. The government recently completed a review of the Green Book and its use.
Forbes
15-07-2025
- Business
- Forbes
UK Green Taxonomy Dies As Sustainability Regulations Face Global Pushback
Long exposure photo from Big Ben in sunrise On July 15, HM Treasury announced that the United Kingdom will be abandoning plans to create a UK Green Taxonomy. The move shocked sustainability advocates and comes at a time when the European Union and other jurisdictions reexamine existing sustainability regulations aimed at reducing greenhouse gas emissions and shifting towards net zero. In October 2024, the UK government published a green paper setting net zero transition and green energy as a priority. The consultation on the need for a UK Green Taxonomy followed in November. The consultation stated that the UK aims to be the world leader in sustainable finance, including 'delivering a regulatory framework to support sustainable growth and enable the private sector to realise the opportunities of the transition.' The consultation defined a taxonomy as "a classification tool which provides its users with a common framework to define which economic activities support climate, environmental or wider sustainability objectives. The purpose of developing a taxonomy for sustainable activities is typically to facilitate an increase in sustainable investment, and/or to reduce greenwashing, including by providing a reference point for other policies.' The consultation closed in February. On July 15, HM Treasury released the UK Green Taxonomy Consultation Response, outlining the results and ending the drive to the creation of the regulation. The first sentence of the response demonstrated the political shift within the UK on this issue. 'Growth is the number one mission of this government and sustainable finance can be a key driver of that growth.' This is different from the language of the consultation that called sustainability 'essential for long-term economic growth.' While the change may be subtle, it is significant. HM Treasury received only 150 responses to the consultation. 45% of the respondents were in favor of a taxonomy, while 55% were opposed or mixed. 'The concern largely centred around the real-world application of this policy, primarily driven out of experience of working with other taxonomies, and concerns on the extent to which taxonomies were delivering on desired objectives.' This observation relating to other taxonomies is not only timely, as the European Commission is working on reducing the EU Taxonomy for Sustainable Activities, but is also reflective of the larger pushback on the effectiveness of sustainability regulations. As the effects and cost of these new regulations become real, business interests are resisting the proposals. Even climate activists are questioning their effectiveness, as reporting standards disclose information without requiring actual action to reduce GHG emissions. The consultation looked at two main areas of focus. The first addressed whether a taxonomy could help channel money into the net zero transition. 'The hypothesis behind many taxonomies is that it is difficult to identify credible, sustainable investment opportunities and that a UK Taxonomy could improve clarity about what activities are 'green' so that investors could confidently compare financial products and deploy capital towards sustainable goals.' The responses were split by industry, with representatives of the energy, nuclear, and waste sectors saying that the taxonomy would help reach this goal. Respondents from the 'real economy' disagreed and "viewed a UK Taxonomy as a classification tool that could serve as an additional data point among various factors considered when making investment decisions. However, it was unlikely to have a material impact on final investment decisions." The second area of focus looked at greenwashing, or misleading claims made by companies so they look more environmentally friendly. The taxonomy was aimed at reducing greenwashing "based on the hypothesis that activity level data could help to verify green and sustainability claims in the absence of a clear framework, and that a taxonomy could be the solution by definitively setting out what activities are 'green'.' However, respondents disagreed and felt that the creation of a UK Taxonomy would lead to more fragmentation and confusion. It was argued that this is best handled through existing regulators, like the Competition Markets Authority and the Advertising Standards Authority. This is the approach recently adopted in Canada. Additionally, the creation of sustainability reporting standards through the FCA Sustainability Disclosure Requirements and UK Sustainability Reporting Standards will address those claims made in financial documents. While the UK Green Taxonomy is dead, the creation of the UK SRS moves forward. The Department for Business and Trade released a draft of sustainability reporting standards for the UK on June 25. The consultation period is open until September 17, with the final requirements set to be published by December.
Euronews
12-07-2025
- Business
- Euronews
UK alcohol duty: Is it killing European wine producers?
In February 2025, the UK government updated their alcohol duty rates and ended a temporary concession on wine that had been in place since 1 August 2023. The reprieve had been an 18-month-long move to help wine producers adjust to a new way of calculating alcohol duties. Namely, tariffs are now calculated by alcohol strength (ABV), rather than volume. This could be seen as a gentle push for consumers to more closely consider the strength of what they're drinking, and it aligns with a wider, societal trend towards moderating consumption. 'This approach is supported by public health experts including clinical advisors to the Department of Health and Social Care,' HM Treasury told Euronews. In 2024, the UK wine market, including fortified wine, was worth around £12.3 billion (€14.3bn), according to data from the Wine and Spirit Trade Association (WSTA). Although the UK does produce some wine domestically, it only accounts for around 1% of consumption by volume — roughly 12-15 million bottles per year. As such, the country relies heavily on imports to feed wine habits. Just over five months after the end of the government's grace period, how is the new duty system affecting the alcohol industry in Europe? And what knock-on effect has it had on consumer pricing? Are the UK's new rules affecting European wine producers? The end of the reprieve in the UK has meant that wine with an alcohol strength of 11.5-14.5% ABV will no longer be charged one flat duty rate as if it were 12.5% ABV. Whilst this means that the duty on 11.5-12.4% wine is cheaper, the duty on wines at 12.5-14.5% has increased. Taking into account the Retail Price Index (RPI) uprating, a bottle of 13% wine now pays £2.88 (€3.34) in tax, 21p more than before 1 February. 13.5% wine pays £2.99 (€3.46), 32p more. The biggest rise is for 14.5% wine which now pays £3.21 (€3.72), 54p more than before the end of the grace period. While this might not seem like a huge rise, it follows the key taxation change in August 2023, which saw 11.5-14.5% ABV wine pay 44p more tax, rising from £2.23 (€2.58) per bottle of still wine to £2.67 (€3.09). Added to this, upcoming EPR charges — based on packaging weight — will add extra expense that cannot always be passed on to consumers. Some suggest this change in duty is disproportionately affecting some producers, as their climates are more suited to certain wine styles. 'The hotter the climate, the higher the strength of the wine,' explained Stannard. Sunny climates produce grapes with more sugar, sugar ferments into alcohol and therefore the more sugar, the stronger the ABV. For example, medium to low alcohol white wines in the 10-11.5% ABV category, such as Muscadet, Soave and Pinot Grigio often come from cooler regions like France, Northern Italy and Germany. Wines with an ABV of 13.5-15% are those most affected by the end of the wine reprieve and typically come from warmer climates like Spain and southern Italy, as well as further afield, like Argentina, USA and Australia. This category includes wines such as Grenache (Garnacha), Shiraz (Syrah) and US Chardonnay. Some Californian reds have even become famous for being over 15% ABV. The wineries themselves are not responsible for paying the alcohol duty; that falls to the importers. While it's too soon to have concrete data on producer sales, the long term effect is predicted to manifest in numerous ways. Freddie Long, export manager at Spain's Long Wines, told Euronews that he expects a decrease in sales for high-alcohol Spanish red wines this year. On the other hand, Jessica Marzo, Director at Italica, a specialist importer of Italian wines said: 'We expect the demand for Italian wines will remain the same as previous years. The demand in general has remained steady however we are expecting more sales of lower ABV wines in comparison to the higher.' One UK-based wine seller told Euronews: 'European wines continue to be successful. Value [can be] found in Spanish, Portuguese and Italian wines, but South Africa still stands as better value.' This continued value in Spanish, Portuguese and Italian wines is perhaps best explained by lower labour costs and therefore lower priced bottles to start with. Italy has no official minimum wage and the legal salary thresholds in both Spain and Portugal are significantly lower than France's monthly €1,767, at €1,323 and €957 respectively. In South Africa, the minimum wage was set in March 2025 at R28.79 per hour (€1.39), which scaling up to a 40 hour week, totals around €240/ month. How are the UK's new duty rates affecting customers? Many importers stockpiled ahead of the 1 February change so much of the wine sold in the UK over the past few months will not have paid the increased duty rates. However, the impact on consumer habits may be visible in the year ahead. 'Within the Treasury, their modelling is a straight assumption that if you increase taxes by 3-4% there will be no impact on consumer behaviour so you can assume your revenue will go up by 3-4% too. There is plenty of evidence that that isn't true,' Stannard told Euronews. It's at a retailer's discretion if they choose to absorb extra costs. If 100% of charges have been passed down to the customer, here's how they might be affecting your glass. Hardly a bank-breaking increase, but if everyone in the supply chain adds a bit extra for profit, it may lead to much bigger price hikes. Future of the wine industry The US is the biggest importer of wine in the world by value. Germany is the largest by volume, closely followed by the UK which comes second in both measurements. Australia, France and Italy are the UK's favourite wine producers, with Spain coming in fourth, by volume and by value. In 2024, the UK imported 1.6 billion litres of wine. Much of that is imported in bulk, from new world producers like Australia, New Zealand and South Africa, bottled in the UK and redistributed. Around 20% of the bulk wine is re-exported in bottles to northern Europe. For producers, the major concern is that globally there is an oversupply of wine, WSTA's Simon Stannard told Euronews. Consumption rates are declining and although production rates have dropped a little over the past few years, the supply is still outweighing the demand. Reflecting on various trends impacting wine purchasing, Stannard added: 'Looking at the last 12 months, I think we'll see volume declines but whether those are any more significant than what is a relatively long-term trend [remains to be seen]. Value wise, overall value will be relatively static.' Though not solely caused by changes in taxation, many large producers of all wines, across the world, are looking at how they can produce lower ABV products. This will take time and there are limitations on how much strength can be reduced. This nonetheless aligns with overall market trends as people seek to lower their alcohol consumption. To support the demand for lower alcohol products, the industry is hoping for new reforms in the UK to match EU regulation on what can be labelled as wine. Currently products under a certain ABV must be labelled as a 'wine-based drink', according to UK regulation. This makes it less appealing for European producers as it requires them to produce bespoke packaging for the UK market.
Yahoo
09-07-2025
- Business
- Yahoo
City Corporation says UK urgently needs 'one stop' investment hub for financial services
Britain urgently needs a 'one stop shop' advice and support hub for foreign investors or risk losing its status as a world-leading centre for financial services. A new report from the City of London Corporation said a Singapore-style financial services investment hub could unlock as much as £10 billion in investment by 2030. The report was written in close collaboration with HM Treasury, the Office for Investment and regulators, after consultation with more than 200 stakeholders across the UK. It warns that the country is at a 'now or never' moment to defend and grow its global leadership in financial services. The proposed hub would offer 'joined-up, tailored support from market entry to expansion'. The report, titled The Future of Financial and Professional Services Investment in the UK: A Strategic Blueprint for a Financial Services Investment Hub and Concierge Service, adds the hub 'will opportunities and seamless regulatory guidance'. It points out the UK has seen a 4% fall in its market share of financial and professional services foreign direct investment (FDI) projects since 2017 'while other financial centres have recorded accelerated growth over the same period'. The report argues that while the UK's strengths, such as its time zone, legal system, global financial infrastructure, and political stability, remain unmatched, 'these foundations must now be paired with modernised, frictionless investment services to remain competitive'. Chris Hayward, Policy Chairman at the City of London Corporation, the governing body for the Square Mile, said: 'This is a now or never moment for UK financial services. If we don't act decisively, we risk losing our global position and the economic prosperity, jobs and innovation that come with it. 'Other markets have introduced services that fast-track market entry, including investor concierge services and fully coordinated government and regulatory support. The UK must urgently first match, then exceed these standards to remain competitive. 'We need a nationally joined-up service that makes the UK the easiest and most attractive place in the world to invest in financial services. This is an opportunity to protect and grow our future prosperity by encouraging government departments and regulators to work more collaboratively.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
