Latest news with #SouthernEurope
Telegraph
25 minutes ago
- Business
- Telegraph
Middle classes flee Britain for the Med after Reeves tax raids
Countries in southern Europe have reported a surge in middle class families fleeing Britain for the continent since Labour's election victory last summer. New figures show that applications from the UK for golden visas in countries such as Greece and Portugal have risen sharply over the past year. It comes amid warnings that Rachel Reeves, the Chancellor, is readying another tax raid on businesses and workers in the autumn to plug holes in the UK's finances. Experts said there had been a 'clear uptick' in families looking to leave Britain and that sky-high taxes were 'certainly a driver' of the trend. Greece has become a popular destination, with golden visa applications from the UK having surged by almost 50 per cent since last summer. The country offers a five-year residency permit and a route to EU citizenship for people who invest as little as 250,000 euros in property. In the year up to April, there were 626 applications to the scheme granted to people from the UK, the latest Greek government statistics have revealed. That was up from 427 the year before – a 46.6 per cent rise – according to analysis carried out by Astons, a global investment immigration firm. Portugal also registered a sharp jump in the number of Britons applying for its golden visa scheme last year, either side of July's election. There were 389 applications from the UK in 2024, compared with 234 the year before – a 66.2 per cent increase. The country offers a similar route to permanent residency and EU citizenship as Greece, also for as little as a 250,000 euro investment. Alena Lesina, a citizenship, residence permit, and real estate investment expert for Astons said the firm had seen 'a clear uptick in interest from UK nationals exploring residency-by-investment programmes over the past year'. 'While the broader economic and tax environment in the UK is certainly a driver, what's notable is the evolving profile of applicants,' she said. 'These schemes are no longer the preserve of ultra-high net worth individuals alone. We're increasingly advising middle class families, remote-working professionals, and even retirees who are re-evaluating their lifestyle priorities post-pandemic. 'For many, it's about quality of life, future planning, and unlocking mobility in an increasingly uncertain global climate.' Figures for other European countries show that the popularity of golden visas with Britons had been growing before last year's election. Spain, which closed its scheme in April, attracted 3,601 applications from Britons in 2023, a rise of almost 70 percent on 2022. Outside Europe, there has also been a reported surge in Britons moving to the United Arab Emirates to take advantage of its lower cost of living. Interest in such visa programmes grew as taxes rose to record levels in the UK, a trend that began under the Tories and has continued under Labour. Andrew Griffith, the shadow business secretary, said: 'It pains me that the young, ambitious, optimistic people our country needs are leaving because they think they can have a better life outside the UK. This just demonstrates the far-reaching consequences of Labour's punishing tax rises, which are wreaking untold damage on the economy. 'There is a real danger that Rachel Reeves' ideological war on aspiration will backfire and leave the state of the public finances even worse off. It wouldn't be a surprise if the OBR now forecasts lower tax takings in the autumn, leaving the Chancellor with an even bigger black hole to fill.' Ms Reeves launched a raid on the wealthy in her autumn Budget, abolishing the non-dom status and tightening inheritance tax rules. But she is now looking at ways to backtrack on some of the changes after they sparked a flight of the rich, threatening to dent her tax takings. A Treasury spokesman said: 'Our tax system is fair and progressive, and keeps the UK an attractive place to live. The UK's main capital gains tax rate is lower than any other G7 European country, and we are committed to keeping taxes for working people as low as possible. 'That's why, at last autumn's Budget, we protected working people's payslips and kept our promise to not raise the basic, higher or additional rates of income tax, employee National Insurance or VAT.' Last week, a report by Henley and Partners warned that Britain was set to lose more millionaires this year than any other country. It predicted that 16,500 would emigrate, which would be the largest exodus any country has experienced over the last decade. Nigel Farage's Reform UK and Kemi Badenoch's Tories have both since unveiled policies designed to lure the wealthy back to the UK. Reform has said it would introduce a 10-year residency permit called a Britannia Card, which foreign businessmen could buy for £250,000. The permit would exempt them from having to pay UK tax on overseas income and assets. Meanwhile the Tories said they are looking at plans for a golden visa scheme that would include exemptions from Labour's inheritance tax on global assets.
BreakingNews.ie
4 hours ago
- Politics
- BreakingNews.ie
Russian drone strike on Odesa kills married couple, Ukraine says
Two people died and at least 17 more were injured as Russian drones struck the southern Ukrainian port city of Odesa overnight, Ukrainian authorities said. A drone slammed into a residential tower block in the city, causing damage to three floors and trapping residents, emergency services said. Advertisement The two people killed in the attack were a married couple, according to regional governor Oleh Kiper, who added that three children were among the injured. There was no immediate comment from Moscow. According to Russia's Defence Ministry, more than 40 Ukrainian drones were shot down overnight and on Saturday morning, over western Russia and Kremlin-occupied Crimea. Long-range drone strikes have been a hallmark of the war, now in its fourth year.
The Independent
4 hours ago
- Politics
- The Independent
A Russian drone strike on Odesa kills a married couple and injures 17 other people, Ukraine says
Two people died and at least 17 more were injured as Russian drones overnight struck the southern Ukrainian port city of Odesa, Ukrainian authorities said on Saturday. A drone slammed into a residential tower block in the city, causing damage to three floors and trapping residents, emergency services said. The two killed in the attack were a married couple, according to regional Gov. Oleh Kiper, who added that three children were among the injured. There was no immediate comment from Moscow. According to Russia's Defense Ministry, over 40 Ukrainian drones were shot down overnight and on Saturday morning, over western Russia and Kremlin-occupied Crimea. Long-range drone strikes have been a hallmark of the war, now in its fourth year. The race by both sides to develop increasingly sophisticated and deadlier drones has turned the war into a testing ground for new weaponry.
Yahoo
10 hours ago
- Business
- Yahoo
Why and where are weekly working hours dropping in Europe?
Workers in Europe have been gradually putting in fewer hours. Over the past 10 years, the average time spent working per week has declined by one hour in the EU. In nearly half of 34 European countries, the drop was even greater — more than one hour between 2014 and 2024. Weekly working hours also vary significantly across the continent. So, in which European countries do people spend the most time at the grindstone? How has actual working time changed across the region? And what could be the possible reasons behind this decline? According to Eurostat, in 2024, the actual weekly working hours for both full-time and part-time workers aged 20 to 64 in their main job ranged from 32.1 hours in the Netherlands to 39.8 hours in Greece. When including EU candidate countries, EFTA members, and the UK, the highest figure was recorded in Turkey (43.1), where average weekly working time exceeded 43 hours. People in Southern and Eastern European countries tend to work longer hours, with particularly high figures in EU candidate countries. Following Turkey, which tops the list at 43.1 hours, are Serbia (41.3) and Bosnia and Herzegovina (41.1). Montenegro hasn't reported data for 2024, although its working hours came to 42.8 in 2020. The next countries in the ranking also belong to the same region: Greece (39.8) and Bulgaria (39). North Macedonia, which only has data spanning up to 2020, also recorded a weekly working total of 39 hours. These countries generally have lower wages, higher informal employment, and less part-time work. Western and Northern European countries generally have shorter work weeks. Countries like the Netherlands (32.1), Norway (33.7), and Austria and Denmark (33.9) all report significantly fewer weekly working hours. These regions are characterized by strong labour protections, higher productivity, and widespread use of part-time and flexible work arrangements. Among Europe's largest economies, the UK and Spain (both at 36.4 hours) and Italy (36.1) report the highest average working times, all above the EU average. However, the UK data dates back to 2019, so the actual figure may be lower today, given the overall downward trend in working hours. When comparing weekly working hours in 2014 and 2024, only four out of 34 countries saw an increase. In three of these countries, the rise was minimal: Lithuania and Cyprus (both by 12 minutes), and Malta (6 minutes). Serbia was the exception, with a significant increase of 1.7 hours — 1 hour 42 minutes. Related How to boost productivity and slash turnover: Tips from three 'chief happiness officers' Four-day week: Which countries are embracing it and how is it going so far? Weekly working time remained unchanged in France, while the decrease was less than half an hour in Italy, Sweden, and Latvia. In 16 out of 34 countries, weekly working time fell by more than one hour — exceeding two hours in some cases. Iceland (3.5 hours) closely followed Turkey (3.8 hours) at the top. Belgium and Luxembourg also recorded significant declines, with a reduction of 2.5 hours each in weekly working time. In a further seven countries, weekly working hours declined by 1.5 hours or more. These include Denmark and Austria (both 1.9), Germany (1.8), Estonia (1.7), Czechia (1.6), and Portugal and Croatia (1.5). Scholars and experts have been examining the reasons behind the decline in weekly working hours, offering various explanations. A recent working paper published by the European Commission analysed work time trends in six EU countries between 1992 and 2022. Sergio Torrejón Pérez and his colleagues found that: Decline in working time is primarily linked to the growing prevalence of non-standard forms of work, mainly part-time work. Part-time jobs have grown mostly because more women are working and because more jobs are in service industries. Full-time workers are working more or less the same amount of hours as in the 1980s. Self-employed people are working fewer hours over time because more of them are working part-time. Even so, they are still working the longest hours on average. A paper published by the European Central Bank analysed working time in the euro area from 1995 to 2020. Vasco Botelho and his colleagues emphasised that the decline in hours contributed per worker is a long-term trend. One reason is that technological progress over the past 150 years has transformed the nature of work. They found that other key factors include the rising share of part-time employment, and the increase in female labour force participation, which is also closely linked to the growth of part-time work. The decline in working time is driven by both demand and supply-side factors, according to the ECB report. Most part-time workers choose this arrangement voluntarily, opting to work fewer hours than full-time employees. In the overall sample, about 10% of workers reported that they would prefer to work more hours than they currently do. Another working paper from the IMF by Diva Astinova and her colleagues also found that declines in actual working hours match declines in desired working hours in Europe. 'Increased income and wealth is likely to be the main force behind the decline in desired and actual hours worked,' they suggested. In other words, researchers proposed that people feel less of a financial pull to put in more hours.
Yahoo
14 hours ago
- Climate
- Yahoo
Mediterranean Sea poised to break all-time heat records
ROME – The Mediterranean Sea is on track to potentially surpass its all-time highest recorded temperature, with large portions of the basin estimated to be between 5- and 10-degrees Fahrenheit above average, with even locally greater anomalies. According to satellite data, sea surface temperatures throughout the region have been consistently breaking records through the month of June. Most readings are registering in the mid to upper 70s Fahrenheit, and with the hottest months of the season still to come, there appears to be little in store to immediately reverse the warming trend. The warmest average sea surface temperature for the Mediterranean was set just last year, when the basin reached a stunning 84 degrees Fahrenheit in August 2024, surpassing the previous record set in 2023, according to Europe's Copernicus Marine Service. Alaska's Largest Wildfires Of Year Rage After 31,000 Lightning Strikes Over 3-Day Period Extended marine heatwaves are known to damage coral reef ecosystems, and while the Mediterranean Sea does not have extensive reefs compared to the tropics, biologists say it is home to unique coral formations and other marine habitats. In addition to ecological risks, the warming sea surface is influencing weather patterns across Southern Europe and Northern Africa. Weather observation sites have recorded elevated dew points in recent days, with some areas reaching the mid-70s Fahrenheit - levels of humidity typically seen in more tropical climates such as the United States' Gulf Coast. This level of added moisture can dramatically increase the heat index and make it harder for the human body to cool down through evaporation. Studies estimate that just over 20% of households across Europe have access to air conditioning, which can make any heat wave oppressive. Elevated sea surface temperatures in the Mediterranean are not just an isolated phenomenon - it is part of a larger global trend, with record warmth observed in most ocean basins over the past few years. Many climatologists attribute the long-term warming to climate change, while others point to more regional oscillation patterns as contributing factors. 2025 Atlantic Hurricane Season Guide: Here's What To Know About The Tropics This Year At face value, a persistently warm subtropical zone, such as the current Mediterranean setup and nearby waterways, can suppress tropical cyclone formation in the Main Development Region (MDR) of the Atlantic by decreasing atmospheric instability. At the same time, it can also lead to tropical activity in more unusual northern latitudes, outside the classic storm formation zones. Forecasters will be watching closely to see whether the current anomalies in the Mediterranean Sea migrate more southwestward, which could align with more traditional water temperature patterns. A similar setup occurred in 2003, when a boiling Mediterranean was paired with a more lukewarm tropical Atlantic early in the season, but sea temperatures eventually transitioned weeks later, warming the MDR and leading to several long-track Cape Verde hurricanes. Whether the 2025 hurricane season follows a similar pattern remains to be seen, but the impacts of the latest Mediterranean heat wave will be monitored for impacts locally and around the article source: Mediterranean Sea poised to break all-time heat records
