Skip to content
Search

Latest Stories

UK to unveil cost-of-living budget as mass strikes hit nation

Public and private sector workers show little sign of ending strike action that began last year

UK to unveil cost-of-living budget as mass strikes hit nation

Britain will unveil a cost-of-living budget on Wednesday (15) as the government seeks to keep a grip on public spending in the face of a fresh wave of strikes over pay.

Chancellor of the exchequer Jeremy Hunt will deliver his tax and spending plan to parliament, as teachers, junior doctors, civil servants, BBC journalists and drivers on London's underground Tube railway stage the latest day of mass walkouts.

Public and private sector workers show little sign of ending strike action that began last year when rocketing inflation slashed the value of wages.

Ahead of the budget, Hunt has flagged increased childcare funding and proposals to encourage Britons aged over 50 to rejoin the jobs market.

The government is also expected to confirm plans to entice those who have dropped out of the jobs market back to work.

It is looking to fill 1.1 million staff vacancies - in part caused by a lack of EU workers following Brexit, and a record number of people classed as long-term sick.

Reports add that Hunt could allow workers to put more tax-free money into their private pensions.

"Reports of senior doctors retiring early due to the impact of pension tax allowances... have undoubtedly been of particular concern to the government given the pressures already on the health system following the pandemic," noted Tom Selby, head of retirement policy at AJ Bell.

"However, both the lifetime and annual allowance apply across all types of private pensions and so this announcement would increase the retirement savings limits for millions of Brits."

In France, the Senate at the weekend voted to approve a deeply unpopular reform to the country's pension system.

The headline measure is a hike in the minimum retirement age to 64 from 62, seen by many as unfair to people who started working young.

Britain's retirement age of 66 is meanwhile set to increase before the end of the decade, meaning a longer wait to access the state pension. Private pensions are available at an earlier age.

As well as pay concerns, health staff are protesting against overwork brought on by labour shortages, with doctors below consultant level among the hundreds of thousands expected to strike on Wednesday.

Prime minister Rishi Sunak's spokesman said the Conservative government wanted to work with unions to achieve "fair and reasonable" pay rises.

"But we've been clear that we want to see strike action end before we do so."

Thousands of public and private sector workers have been striking for months as wage increases fail to keep pace with UK inflation, which remains above 10 percent.

As millions of Britons endure a cost-of-living crisis, the government has subsidised soaring energy bills but some of that support is expected to end from next month.

Wednesday's budget may offer fresh help, according to economists, after the government recorded a stronger surplus than expected in January and the country avoided recession last year.

(AFP)

More For You

Report exposes finance industry's failure to promote women

The slow progress was attributed to restructuring, low turnover in senior management and hiring freezes. (Photo: Getty Images)

Report exposes finance industry's failure to promote women

FINANCIAL INDUSTRY in the country has made little progress in recruiting more women to top positions, a new report from the finance ministry said on Thursday (3), a pace of change the head of British insurer Aviva called "unacceptable".

Further progress may be harder as financial firms and other companies try to balance promises they have made with US president Donald Trump's drive to crack down on diversity and inclusion-related goals.

Keep ReadingShow less
JLR-Tata-Getty

The automotive sector is among the hardest hit. British-made vehicles, which generated £9 bn in exports to the US last year, are now subject to a 25 per cent tariff. (Photo: Getty Images)

Getty Images

Trump’s tariffs impact UK auto, food, steel and defence exports

BRITISH exports to the US worth over £182 billion annually are now subject to new tariffs under policies announced by Donald Trump.

Most goods will face a 10 per cent tariff, with certain items subject to higher rates and some exemptions.

Keep ReadingShow less
Top court reviews car loans as
banks brace for major payouts

Many drivers took out loans unaware of the financial terms involved

Top court reviews car loans as banks brace for major payouts

THE UK’s highest court on Tuesday (1) began a hearing to determine whether controversial car loans were unlawful, in a case that could cost banks billions of pounds in compensation.

Banks are appealing a landmark ruling by a court of appeal in November that deemed it unlawful for car dealers to receive a commission on loans without sufficiently informing borrowers.

Keep ReadingShow less
India jewellery

The US accounts for nearly £7.6 billion, or 30.4 per cent, of India’s annual gems and jewellery exports.(Photo: Reuters)

Reuters

India’s jewellery exports face decline as US tariffs hit

INDIA’s £24 billion gems and jewellery industry is preparing for a sharp decline in exports as the US imposes a 26 per cent tariff on Indian goods.

Industry officials said this would significantly affect sales to the US, India’s largest jewellery market.

Keep ReadingShow less
ronnie screwvala

Ronnie Screwvala’s rise to billionaire status is an inspiring story of vision

Getty

Ronnie Screwvala: From toothbrush seller to Bollywood's lone billionaire

The 2025 edition of the Forbes Billionaire List was released on Wednesday morning, showcasing the world's wealthiest individuals. The list features 3,028 billionaires globally, including 205 from India. Among these is Bollywood's only billionaire, Ronnie Screwvala, a media mogul whose journey from manufacturing toothbrushes to becoming a leading entrepreneur is nothing short of remarkable. With a net worth of $1.5 billion, Screwvala has surpassed the combined fortunes of Bollywood’s biggest stars, including Shah Rukh Khan, Salman Khan, and Aamir Khan.

Bollywood’s wealthiest man

Ronnie Screwvala stands as the richest person from the Hindi film industry, with a fortune exceeding that of its biggest icons. According to Forbes, his net worth of $1.5 billion surpasses the combined wealth of Shah Rukh Khan ($770 million), Salman Khan ($390 million), and Aamir Khan ($220 million), whose total stands at $1.38 billion. Additionally, he eclipses other notable figures such as Gulshan Kumar (approximately $900 million) and Aditya Chopra ($800 million). His financial success is a testament to his entrepreneurial acumen and strategic investments in both entertainment and education sectors.

Keep ReadingShow less