Latest news with #BritishChambersOfCommerce
The Independent
3 days ago
- Business
- The Independent
Businesses could be forced to tell you how much your colleagues are paid
Businesses could be forced to disclose salary bands on job adverts and tell workers what their colleagues are earning. Ministers are discussing the possible changes as part of plans to overhaul equality laws as the government seeks to end pay discrimination. This could include a new Equal Pay Regulatory Unit, which would have the power to issue fines and change employees ' contracts if needed, with legislation to expand on gender-based equal pay rules to include race and disability discrimination too, The Times reports. The body may also be able to offer advice and offer mediation if required. The move to potentially enforce the publication of salaries would be a notable shift, with business groups showing initial concern that it would make it difficult to attract and retain staff. A suggestion from the Conservatives that such a move would penalise middle-class and privately educated people was rejected by the government, saying 'positive discrimination is not permissible under the Equality Act'. 'Our research shows that businesses of all sizes are taking proactive steps to create equitable workplaces. That includes proactively identifying and removing all barriers to employment and progression opportunities,' said Jane Gratton, deputy director for public policy at the British Chambers of Commerce. 'While always ensuring fairness in pay, employers need to retain the flexibility to reward individuals for performance and experience. This agility is also crucial to help firms compete for skills and talent in a competitive labour market.' Jack Kennedy, senior economist at recruitment site Indeed, said job seekers would welcome the need for businesses to finally show what they intend to hire for all jobs, with expectations being set on both sides ahead of interview time, a key factor in building trust and saving time. 'The news of potential legislation around pay transparency, particularly on job postings, will be welcome news to workers across the UK,' Mr Kennedy said. 'Displaying salaries not only helps employees to feel more valued and empowered to address pay discrepancies, but also helps people identify where better opportunities may lie, supporting a healthier labour market that drives productivity and economic growth. 'Legislation will also help to set expectations for job seekers. Being aligned from the outset helps ensure candidate relevancy, making for a more efficient recruitment process, while it can also boost employer brand. So, by having stronger rules around transparency, both candidate and hiring teams can build trust from the first interview and help drive better matches.' Tina McKenzie, policy chair for the Federation of Small Businesses, said: 'Encouraging greater pay transparency is a good thing in principle but some of the measures being suggested simply don't fit the reality of small business life. It's also important to remember that many small firms don't formally advertise roles at all; they hire through word of mouth or their own networks. 'This is a clear case where it would be excessive for government to impose detailed regulatory rules on small employers who simply don't have HR departments.'
Free Malaysia Today
12-06-2025
- Business
- Free Malaysia Today
British exports to US suffer record hit from Trump tariffs
The US imposed 25% tariffs on British steel and aluminium and increased tariffs on imports of cars to 27.5%, all alongside a blanket tariff of 10%. (Reuters pic) LONDON : British goods exports to the US suffered a record fall in April after US President Donald Trump imposed new tariffs, official figures showed today, pushing Britain's goods trade deficit to its widest in more than three years. Britain exported £4.1 billion of goods to the US in April, down from £6.1 billion in March, Britain's office for national statistics said, the lowest amount since February 2022 and the sharpest decline since monthly records began in 1997. The £2 billion fall – a 33% drop in percentage terms – contributed to a bigger-than-expected drop in British gross domestic product in April. Last week Germany said its exports to the US fell by 10.5% in April, although that figure, unlike Britain's, is seasonally adjusted. The British Chambers of Commerce said the scale of the fall partly reflected manufacturers shipping extra goods in March to avoid an expected increase in tariffs. Even so, April's goods exports were 15% lower than a year earlier. 'The economic effects of the U.S. tariffs are now a reality. Thousands of UK exporters are dealing with lower orders and higher supply chain and customer costs,' the BCC's head of trade policy, William Bain, said. The US is Britain's largest single goods export destination and is especially important for car makers, although total British exports to countries in the EU are higher. Britain exported £59.3 billion of goods to the US last year and imported £57.1 billion. The US imposed 25% tariffs on British steel and aluminium on March 12 and in early April increased tariffs on imports of cars to 27.5% as well as a blanket tariff of 10% on other goods. Last month Britain agreed the outline of a deal to remove the extra tariffs on steel, aluminium and cars – the only country to do so – but it has yet to be implemented and the 10% tariff remains in place for other goods. Before the deal, the Bank of England estimated the impact of the tariffs on Britain would be relatively modest, reducing economic output by 0.3% in three years' time. Bigger trade deficit Thursday's data also showed that the fall in exports to the US pushed Britain's global goods trade deficit to £23.2 billion in April from £19.9 billion in March, its widest since January 2022 and nearly £3 billion more than had been expected by economists polled by Reuters. Excluding trade in precious metals, which the ONS says adds volatility to the data, the goods trade deficit was the widest since May 2023 at £21.6 billion. Britain's total trade deficit narrowed to £5.4 billion in April – also the widest since May 2023 – once the country's surplus in services exports is taken into account.
Reuters
12-06-2025
- Business
- Reuters
British exports to US suffer record hit from Trump tariffs
LONDON, June 12 (Reuters) - British goods exports to the United States suffered a record fall in April after U.S. President Donald Trump imposed new tariffs, official figures showed on Thursday, pushing Britain's goods trade deficit to its widest in more than three years. Britain exported 4.1 billion pounds ($5.6 billion) of goods to the United States in April, down from 6.1 billion pounds in March, Britain's Office for National Statistics said, the lowest amount since February 2022 and the sharpest decline since monthly records began in 1997. The 2 billion pound fall - a 33% drop in percentage terms - contributed to a bigger-than-expected drop in British gross domestic product in April. Last week Germany said its exports to the United States fell by 10.5% in April although that figure, unlike Britain's, is seasonally adjusted. The British Chambers of Commerce said the scale of the fall partly reflected manufacturers shipping extra goods in March to avoid an expected increase in tariffs. Even so, April's goods exports were 15% lower than a year earlier. "The economic effects of the U.S. tariffs are now a reality. Thousands of UK exporters are dealing with lower orders and higher supply chain and customer costs," the BCC's head of trade policy, William Bain, said. The United States is Britain's largest single goods export destination and is especially important for car makers, although total British exports to countries in the European Union are higher. Britain exported 59.3 billion pounds of goods to the United States last year and imported 57.1 billion pounds. The United States imposed 25% tariffs on British steel and aluminium on March 12 and in early April increased tariffs on imports of cars to 27.5% as well as a blanket tariff of 10% on other goods. Last month Britain agreed the outline of a deal to remove the extra tariffs on steel, aluminium and cars - the only country to do so - but it has yet to be implemented and the 10% tariff remains in place for other goods. Before the deal, the Bank of England estimated the impact of the tariffs on Britain would be relatively modest, reducing economic output by 0.3% in three years' time. Thursday's data also showed that the fall in exports to the United States pushed Britain's global goods trade deficit to 23.2 billion pounds in April from 19.9 billion pounds in March, its widest since January 2022 and nearly 3 billion pounds more than had been expected by economists polled by Reuters. Excluding trade in precious metals, which the ONS says adds volatility to the data, the goods trade deficit was the widest since May 2023 at 21.6 billion pounds. Britain's total trade deficit narrowed to 5.4 billion pounds in April - also the widest since May 2023 - once the country's surplus in services exports is taken into account. ($1 = 0.7364 pounds)
The Sun
12-06-2025
- Business
- The Sun
Reeves is waking up to grim reality check as GDP slumps – she revelled in spending splurge but it's downhill from here
Rachel Reeves revelled in a major spending splurge yesterday - but this morning she wakes up to a grim reality check. The Chancellor delighted in getting out the cheque book as billions of pounds were allocated to health and defence combined with shiny new infrastructure projects. 1 But today is a different story. The Chancellor says that the figures are "clearly disappointing" but it's a stark reminder of the fragility of the UK economy and how difficult it will be to turbo-charge growth. The effects of 'Awful April' - when a slew of added costs for business including that national insurance rise came in - has hit home. This Labour government has put that push for growth as their number one mission which will have the knock-on effect of driving up living standards. After a positive start to the year - where we saw growth up by 0.7 per cent - today we see it drop by 0.3 per cent for May. We shouldn't take one month's figures in isolation but the fear is conditions for business and entrepreneurs have hit them hard. The hike to national insurance contributions and minimum wage for firms kicked in at the start of April and this is how the economy has reacted. As the British Chambers of Commerce outline the NI rise has hit investment, recruitment and prices. The uncertainty of Donald Trump's tariffs is also a drag on the UK with the largest monthly fall on record in goods exports to the US. With dismal economic growth, the global trade war and stubborn inflation, the Chancellor will surely be left with little choice but to cut spending or raise taxes in the autumn. Ms Reeves has iron-clad fiscal rules she insists are non-negotiable so it feels inevitable something will have to give. A cruel summer of speculation is on the cards.
Telegraph
11-06-2025
- Business
- Telegraph
Businesses ask just one thing from Rachel Reeves
The Chancellor is about to unveil her spending review. We know that business will welcome some of Rachel Reeves 's decisions – £113bn of capital investment and £86bn of research and development spending are not to be sniffed at. The British Chambers of Commerce represents 50,000 companies and I have already congratulated the Government on these investments. These are real, tangible steps that will help to drive growth throughout the economy. Importantly, those investments represent spades in the ground and projects that will benefit not just their local areas, but the entire country. The Government committing £14.2bn to the Sizewell C nuclear power station is a perfect example, and will help to create thousands of new jobs. But our members are clear, there is more to be done if the Government is to deliver an improvement in growth. Whether it's ever-increasing costs, a difficult labour market or crippling barriers to trade, British companies face serious challenges. Our latest research shows that less than half of businesses predict their turnover will grow this year. Just think about that. It means most businesses, when asked, believe that at best they will stand still. And standing still, with inflation pushing up costs, in reality means falling further and further behind. The cost of doing business has never been higher. From energy prices to National Insurance, companies are being hamstrung by factors outside their control. Previously profitable companies are stuck treading water and two in every three businesses say that tax is their biggest concern. On top of that, the Government is pushing ahead with its employment reforms. By its own measure, this will be another £5bn cost to business – and that's just the early estimate. Make no mistake, this continual piling up of costs cannot continue. And while the spending review is important, it's the Budget that fills business with dread. Another round of revenue-raising off the backs of Britain's entrepreneurs could put thousands of firms under. For many, there is nothing more to give. That's why we have one simple ask of the Government: no new taxes on business. Businesses can't afford it. The country can't afford it. Any additional pressure would damage what the Government says is its main priority: growth. Private enterprise is the real engine at the heart of our economy. It's our responsibility to make sure it has what it needs to succeed. Every week, I see first-hand the huge impact cost pressures are having on companies, particularly the National Insurance increase. From a manufacturer in the East Midlands being forced to make redundancies, to a logistics company in Aberdeen having to scale back its investment in projects. Companies are being buried under an avalanche of costs and we need the Government to publish a roadmap for how it will reduce the tax burden on businesses over time. No new taxes has to be the starting point. But to drive growth in the years ahead, the Government needs to lower cost pressures on companies. Despite the challenges, the pain and the pressures business owners face, what strikes me when I speak to founders and chief executives is how optimistic they remain. They still believe in themselves, and they still believe in Brand Britain. They don't want handouts from the Government but they do need ministers to look again at how they can relieve some of the cost pressures over which they have influence. If the Government gets that right, the rewards will be immense. Businesses just need to be given more opportunity. If they are given a chance, then they will seize it.
