Latest news with #LiamByrne
Daily Mail
3 days ago
- Business
- Daily Mail
Starmer confronted with Labour demands for 'wealth taxes'
Keir Starmer was confronted with Labour demands for wealth taxes today as he faced an end-of-term grilling by MPs. The PM was pressed to target investment income and capital gains to fill an estimated £30billion hole in the public finances. Former minister Liam Byrne suggested hammering those incomes could bring in enough to balance the books and fund a 'big bold working class tax cut'. Sir Keir dodged the question without ruling the move out, insisting decisions will be taken at the Budget in the Autumn. The exchange at the cross-party Liaison Committee will fuel fears about looming tax pain, after the economy stalled and efforts to trim benefits spending were crushed by a Labour revolt. Sir Keir listed measures aimed at easing cost-of-living pressures, including the increase in the minimum wage levels, but added: 'The central focus has to be on creating more wealth and making sure that we have a growing and thriving economy. 'That's been the single biggest failure of the last 14 years, which is we haven't had an economy that has grown in any significant way.' Mr Byrne, chair of the Business and Trade Committee, quipped that he was pleased Sir Keir had not ruled out the tax hikes. Sir Keir also came under fire from Work and Pensions Committee chair Debbie Abrahams, who was one of the ringleaders of the benefits rebellion. Ms Abrahams challenged the premier to respond to disabled people who experienced 'fear and anxiety' before the Government agreed to gut its welfare Bill. 'Well, it's very important that they feel secure and supported, and that is at the heart of what we are doing in the changes we are making to welfare and related areas,' the Prime Minister said. Sir Keir said he did not accept that it would take several years before labour market changes allow more disabled people to be employed following Sir Charlie Mayfield's review. Ms Abrahams said she felt 'ashamed' of the 'poor' welfare legislation the Government put forward. 'This was poor legislation. It was designed to save money for the Treasury by cutting support to sick and disabled people. 'It was so far removed from Labour values of fairness and social justice, let alone compassion and common decency. I have to say I felt ashamed.' In another tricky moment, Sir Keir was unable to say where extra housing to tackle rising levels of homelessness would come from. The Liaison Committee put it to the Prime Minister that local councils looking to house homeless families were competing with the Home Office, which is looking to house asylum seekers. Sir Keir replied: 'I know, which is why I am so furious at the last government for leaving tens of thousands of asylum seekers unprocessed, with nowhere to live, other than accommodation paid for by the taxpayer.' The PM insisted there was 'lots of housing and many local authorities that can be used, and we're identifying where it can be used' when asked whether the Government was planning to take over accommodation to homeless families. Pushed for specific examples, Sir Keir merely said he would write to the committee. Labour's wealth tax war is raging amid claims Rachel Reeves is set to reject demands for a charge on assets - but could hit pension reliefs instead. The Chancellor is desperately hunting for options as she faces an estimated £30billion black hole in the public finances at the Autumn Budget . She has been carefully avoiding ruling out a 'wealth tax' - with backbenchers pushing for 2 per cent levy on assets worth more than £10million. However, she is thought to be privately opposed to the move, with tax experts and Cabinet ministers warning it would only drive away more wealth people from Britain. A raid on pensions is still said to be on the table, with fears that the Treasury is again looking at slashing reliefs. Currently higher-rate earners are spared 40 per cent tax on money that is put into retirement funds. However, reducing the relief to the 20 per cent basic rate could raise around £15billion for the government. The idea was rejected at the Budget last year, but Ms Reeves' situation has dramatically worsened. It would cause an outcry as cash in pension pots is already taxed when people draw incomes. The government is also facing mounting alarm that Brits are not saving enough into their pensions for comfortable retirement. She is widely expected to extend the long-running freeze on tax thresholds to bring in billions of pounds more. Capital gains could also be raided, as the Chancellor insists she will not hike rates of income tax, employee national insurance or VAT. She has also vowed a 'cast-iron' commitment to fiscal rules, with the UK's debt mounting at risk of spiraling out of control. A senior government source told The Times that a wealth tax on assets was 'not going to happen'. 'The problem is that if the Treasury start shooting down Kinnock's proposal, they end up being boxed in,' the source said. 'It's not going to happen, but they can't say that publicly.' Experts have warned that the stalling economy together with spending pressures could mean the Chancellor has a £31billion funding gap. The tax burden is already set to hit a new high as a proportion of GDP after the last Budget imposed a £41billion increase - the biggest on record for a single package. Many believe the Chancellor will opt to extend the long-running freeze on tax thresholds. The policy, in place since 2022, is due to end in 2028-29. By that point it will have dragged an extra 4.2million people into the tax system as wages rise.
Daily Mail
3 days ago
- Business
- Daily Mail
Starmer is confronted with Labour demands for 'wealth taxes' to fill £30bn black hole and fund benefits splurge during end-of-term grilling by MPs
Keir Starmer was confronted with Labour demands for wealth taxes today as he faced an end-of-term grilling by MPs. The PM was pressed to target investment income and capital gains to fill an estimated £30billion hole in the public finances. Former minister Liam Byrne suggested hammering those incomes could bring in enough to balance the books and fund a 'big bold working class tax cut'. Sir Keir dodged the question without ruling the move out, insisting decisions will be taken at the Budget in the Autumn. The exchange at the cross-party Liaison Committee will fuel fears about looming tax pain, after the economy stallled and efforts to trim benefits spending were crushed by a Labour revolt. Mr Byrne asked: 'If we taxed investment income in the way that we do work, if we tweaked up capital gains tax so it was fairer there would be enough money to deal with the fiscal pressures that we forecast and deliver a big bold working class tax cut just as they delivered in Australia. 'Surely that should be an idea that remains on the table going into the Budget?' Sir Keir replied: 'I'm not going to be tempted to start speculating on what might or might not be in the Budget.' Sir Keir listed measures aimed at easing cost-of-living pressures, including the increase in the minimum wage levels, but added: 'The central focus has to be on creating more wealth and making sure that we have a growing and thriving economy. 'That's been the single biggest failure of the last 14 years, which is we haven't had an economy that has grown in any significant way.' Mr Byrne, chair of the Business and Trade Committee, quipped that he was pleased Sir Keir had not ruled out the tax hikes. Recent figures showed the economy shrinking for a second month in a row Labour's wealth tax war is raging amid claims Rachel Reeves is set to reject demands for a charge on assets - but could hit pension reliefs instead. The Chancellor is desperately hunting for options as she faces an estimated £30billion black hole in the public finances at the Autumn Budget. She has been carefully avoiding ruling out a 'wealth tax' - with backbenchers pushing for 2 per cent levy on assets worth more than £10million. However, she is thought to be privately opposed to the move, with tax experts and Cabinet ministers warning it would only drive away more wealth people from Britain. A raid on pensions is still said to be on the table, with fears that the Treasury is again looking at slashing reliefs. Currently higher-rate earners are spared 40 per cent tax on money that is put into retirement funds. However, reducing the relief to the 20 per cent basic rate could raise around £15billion for the government. The idea was rejected at the Budget last year, but Ms Reeves' situation has dramatically worsened. It would cause an outcry as cash in pension pots is already taxed when people draw incomes. The government is also facing mounting alarm that Brits are not saving enough into their pensions for comfortable retirement. She is widely expected to extend the long-running freeze on tax thresholds to bring in billions of pounds more. Capital gains could also be raided, as the Chancellor insists she will not hike rates of income tax, employee national insurance or VAT. She has also vowed a 'cast-iron' commitment to fiscal rules, with the UK's debt mounting at risk of spiralling out of control. A senior government source told The Times that a wealth tax on assets was 'not going to happen'. 'The problem is that if the Treasury start shooting down Kinnock's proposal, they end up being boxed in,' the source said. 'It's not going to happen, but they can't say that publicly.' The government's woes have been deepening with inflation unexpectedly rising and signs the economy is slowing down. Experts have warned that the stalling economy together with spending pressures could mean the Chancellor has a £31billion funding gap. The tax burden is already set to hit a new high as a proportion of GDP after the last Budget imposed a £41billion increase - the biggest on record for a single package. Many believe the Chancellor will opt to extend the long-running freeze on tax thresholds. The policy, in place since 2022, is due to end in 2028-29. By that point it will have dragged an extra 4.2million people into the tax system as wages rise.
The Irish Sun
7 days ago
- Business
- The Irish Sun
IKEA opens largest store outside of Dublin with major change for shoppers & first of its kind experience
IKEA has opened its largest store outside of the capital - with a first of its kind experience for Irish shoppers. The Swedish company's seventh Plan and Order Point is located in 3 IKEA has opened a new store in Waterford today Credit: IKEA 3 First customer Liam Byrne from the local area received a special gift to mark the occasion from IKEA Ireland Marketing Manager Deborah Anderson Credit: IKEA 3 It's IKEA's seventh Plan and Order store Credit: IKEA This new 840m² location is designed to "offer unparalleled convenience and choice". It is over eight times larger than all other existing Plan and Order Points in Ireland, which typically range from 70-100 m². IKEA bosses said: "The store's significant size allows for a more expansive and immersive customer experience, showcasing a selection of inspirational and affordable kitchen ideas, alongside a comprehensive appliance studio. "While retaining its core focus on bespoke kitchen, wardrobe, and living room storage planning, the Waterford Plan and Order Point uniquely features 100 READ MORE IN MONEY Additionally, the store provides a convenient Click & Collect service for any IKEA item ordered online, and serves as an in-store returns location. And in a major change for shoppers, the new location operates on a cashless basis, accepting card and digital payments only. DESIGN DREAM HOMES And the new store will employ 15 new colleagues from the Waterford area who will help customers design their dream homes. Among these, five are dedicated IKEA design specialists who will provide expert home furnishing advice, guiding customers through the design, delivery, and installation of their ideal spaces. Most read in Money Customers can book an appointment at , or drop in to the store, to start their design with one of the five IKEA design specialists. Market Manager at IKEA Ireland, Jayne Owen Gauld said: 'We are absolutely thrilled to officially open our new IKEA Plan and Order Point here in Waterford. "This represents a pivotal moment in our mission to make IKEA more accessible and convenient for everyone across Ireland. "Waterford is a truly vibrant city, and we are confident that this new format, with its dedicated planning expertise, immediate product availability, and seamless Click & Collect service, will perfectly cater to the needs of this wonderful community and the entire Southeast. "We are excited to become a valuable and active member of the Waterford community." 'EXPANSIVE PLANS' The Mayor of Waterford City and County, Councillor Séamus Ryan, welcomed the new store and said it will be "well used" by locals. He said: "Today marks the beginning of IKEA's expansive plans across Ireland and we are delighted that Waterford is the location that has been chosen for the largest IKEA store outside of "As a city committed to innovation and sustainable growth, we are pleased to see IKEA bringing their global reputation for accessible and modern living solutions to Waterford. "We wish IKEA Waterford every success in the months and years ahead. "I have no doubt this new Plan and Order Point will be well used by the citizens of Waterford." And Government Chief Whip and Minister of State at the Department of Health Minister, Mary Butler said: 'The fact that such a renowned and reputable multinational company such as IKEA has chosen our county to expand its Irish footprint is a huge vote of confidence in the economic robustness of Waterford City and the south-east region.'
The Independent
15-07-2025
- Business
- The Independent
Watchdogs insist reducing regulation will not increase risk of financial crisis
Financial watchdogs have insisted that the risk of a financial crisis will not increase as a result of measures announced by the Chancellor to cut regulation in a bid to deliver growth. Under questioning by the Commons Business and Trade Committee, a senior civil servant also confirmed the target to cut red tape by 25% will be measured in terms of costs to firms of current requirements, with a baseline set to be confirmed in 18 months. Rachel Reeves has unveiled a package of reforms to the UK's financial system aimed at boosting the economy and spurring on retail investing. The changes include reforming the bank ring-fencing regime and reducing burdensome regulation in the City in order to reintroduce 'informed risk-taking' into the financial system, the Government said. The Chancellor said the 'Leeds reforms', unveiled in the West Yorkshire city, 'represent the widest set of reforms to financial services for more than a decade'. Liam Byrne, Labour chairman of the Business and Trade Committee and a former chief secretary to the Treasury, said evidence suggests liberalisation of regulation is 'often accompanied by lending booms that end badly'. He asked senior officials tasked with implementing the changes whether the announcements made by the Chancellor would increase the risk of a financial turmoil. David Bailey, executive director at the Prudential Regulation Authority (PRA), said the organisation had 'built overall resilience in the system' since the financial crash in 2008. He added: 'The risk of a financial crisis, from the PRA's perspective in banking insurance, has not gone up because we have maintained the same level of reliance.' Sarah Pritchard, deputy chief executive at the Financial Conduct Authority, said there should be a public debate about 'where should the risk appetite be set' if, for example, greater access to mortgages leads to an increase in repossessions in the event of an economic downturn. When pressed on how measures announced today are different to previous 'liberalisation' implemented before previous financial crises, she added: 'There is nothing in today's set of announcements that causes me any different concern to that that David has set out.' When questioned on whether the measures will lead to a rise in asset prices if lending increases, Ms Pritchard added: 'There are a range of different factors at play. 'I think regulation is one aspect, but the general environment in which we all operate, in particular the UK being a global connected system, there is no one point that I would refer to in terms of that package today that is saying that will cause any different market risk or volatility.' Mr Byrne later pressed Chris Carr, director at the Department of Business and Trade, on how the target to reduce the administrative burden of regulation by 25% will be set. He confirmed the target is to reduce the burden to the planned level over the course of this Parliament and said the cost in pounds to businesses caused by red tape will be the measure. Mr Carr added: 'We have to agree and publish a baseline of the administrative burden and then strive to reduce it by 25%.' When asked how long it is expected to take for the baseline to be set, competition and markets minister Justin Madders said: 'We think it is going to take about 18 months, which is akin to the timescale it took under the last Labour government's similar exercise.'
Al Mayadeen
15-07-2025
- Business
- Al Mayadeen
UK probes US firm over Gaza ethnic cleansing charges
A prominent US consulting firm is under formal investigation by a UK parliamentary committee over its involvement in planning efforts that human rights advocates say amount to the ethnic cleansing of Palestinians from Gaza. Boston Consulting Group (BCG), one of the world's most influential management firms, has been asked to explain its role in a controversial "postwar reconstruction plan" for Gaza, which reportedly included financial modeling for the mass displacement of Palestinians. Liam Byrne MP, chair of the Business and Trade Select Committee, has sent a formal request to BCG seeking 'clarification and information' regarding its activities, particularly its collaboration with the Gaza Humanitarian Foundation (GHF), a US- and Israeli-backed group criticized for disguising forced displacement as humanitarian relief. A report by the Financial Times revealed that BCG was hired to provide financial analysis for a postwar development plan. As part of the assignment, BCG reportedly calculated the cost of 'voluntarily' relocating hundreds of thousands of Palestinians, a proposal widely denounced by legal experts and human rights organizations as a euphemism for ethnic cleansing. The investigation has also drawn in the Tony Blair Institute (TBI), whose staff reportedly took part in early discussions about the Gaza plan. Internal documents suggest that TBI shared a postwar scenario paper with BCG during the preliminary phase of the project. Although the institute has denied authoring or endorsing the proposal, its involvement has triggered public outrage, particularly given Tony Blair's contentious role in the US invasion of Iraq in 2003. BCG has since disavowed the project, stating that the work was 'unauthorized' and that two senior partners involved have been dismissed. Nevertheless, Byrne has made it clear that the firm's explanations thus far are 'not sufficient". He has demanded a detailed timeline of BCG's engagement, identification of all clients and collaborators, and full disclosure of any UK-based entities, including companies, NGOs, or think tanks, that may have been involved. 'Who commissioned or requested this work?' Byrne asked. 'Which individuals or entities did BCG engage with in this context? Is any such work ongoing or active in any form?' BCG's ties to the Gaza Humanitarian Foundation are now facing parallel scrutiny in the US. Senator Elizabeth Warren has requested a formal investigation by the State Department into GHF's funding sources, as well as into the transparency of BCG's internal review. While BCG has not denied that some of its employees contributed to the financial framework of the plan, CEO Christoph Schweizer acknowledged in an internal message that the firm's involvement is 'deeply troubling and reputationally very damaging.' The UK parliamentary committee has given BCG until 22 July to respond. In a short statement, the firm said, 'We are aware of the request from the House of Commons Business & Trade Committee. We are reviewing the request and are committed to responding.'
