Latest news with #Parry
North Wales Chronicle
6 days ago
- Business
- North Wales Chronicle
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Rhyl Journal
6 days ago
- Business
- Rhyl Journal
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Leader Live
13-06-2025
- Business
- Leader Live
FUW give evidence to Westminster's Welsh Affairs Committee
Last week the Farmers' Union of Wales welcomed the opportunity to present evidence to Westminster's Welsh Affairs Committee inquiry into the challenges and opportunities facing farming in Wales in 2025. The FUW was represented by our Head of Policy, Gareth Parry, who was questioned by MPs on a number of the ongoing challenges facing Welsh agriculture; including the UK's withdrawal from the European Union, the changes to agricultural and business property relief and how changes to the UK Government's funding for Welsh agriculture will impact the sustainability of the sector. As part of the session, the FUW highlighted the impact the UK's departure from the EU has had due to the loss of the intermediate-term stability provided by the EU's seven year Multiannual Financial Framework. The lack of such replacement financial frameworks has allowed the UK Government to apply the Barnett Formula to any future adjustments to Welsh agricultural funding, meaning that Wales will receive subsequent uplifts based on a historical share of the UK population as opposed to rural needs. Beyond the uncertainty regarding future farm funding, the FUW also highlighted how successive UK governments' appetite to sign trade agreements with other countries has undermined domestic food production. These agreements threaten to pull the rug from beneath Welsh farmers by reforming agricultural policies and replacing domestic food production with imports, with little consideration of the economic viability of Welsh farming businesses. Several questions during the session focused on the proposed inheritance tax reforms, with Mr Parry relaying the latest figures from Family Business UK and CBI Economics on the potential impacts for the UK economy. In summary, the report suggests that the reduction in business activity will lead to a loss in Gross Value Added (GVA) of £14.8 billion over the next five years. These latest figures again demonstrate HM Treasury's failure to consider the wider economic and social impacts of the proposed changes, and far-reaching implications on Welsh family farms and the economy. Frustratingly, it's been clear since the Budget announcement that HM Treasury Officials have had no intention of even acknowledging our concerns. They have slammed the door on the industry and appear to have thrown away the key. It remains the case that the FUW are not calling for the policy to be scrapped, however we continue to seek an opportunity to design a policy with HM Treasury that works for genuine family farms whilst closing the loopholes that currently exist.
Fashion United
10-06-2025
- Business
- Fashion United
Crew Clothing to return to Northern Ireland with new store
British brand Crew Clothing is set to return to Northern Ireland's retail network with the opening of a new store in Belfast. The location is scheduled to open June 19 in Victoria Square Shopping Centre and will continue the brand's ongoing retail expansion. In a release, Crew Clothing's head of marketing, Naomi Parry, said the company was 'delighted to be returning to Belfast with a brand new, even better location'. She continued: 'It's a really exciting time for the brand at the moment and we have an ambitious store opening strategy for 2025.' The 1,000 square foot space will house Crew Clothing's latest collections through which it intends to 'bring a slice of coastal inspired style to Northern Ireland'. Its opening comes on the back of three new Crew Clothing stores in Chiswick, Altrincham and Cheltenham, reflecting the brand's continued retail expansion. Parry added: 'It's so exciting to be building on this momentum with the opening in Northern Ireland. We know there are already so many fans of Crew in Belfast, and we can't wait to welcome them to the new store, along with new customers.'
IOL News
01-06-2025
- Business
- IOL News
SA Reserve Bank cuts interest rates: What it means for consumers
South African Reserve Bank Governor Lesetja Kganyago. Image: Thobile Mathonsi / Independent media. South African consumers cheered as the South African Reserve Bank (Sarb) cut the interest rate this past week, however, a wider view shows that the relief could be undone by other costs increasing. Sarb Governor Governor Lesetja Kganyago decreased the repurchase rate for the country by 25 basis points (BPS), dropping the repo rate from 7.50% to 7.25%, effectively taking the prime lending rate to the country to 10.75%, from 11%. Hayley Parry, Money Coach and Facilitator at 1Life's Truth About Money told Business Report that the cut could not have come at a better time. Parry said, "What that means is that, for anyone paying back any debt, it means that you are going to be able to save on your debt repayment. For example, for every million Rand you have in a home loan for instance you are now going to be paying R515 less per month at this new interest rate, thanks to the reduction in the interest rate." "It could not come at a better time because there has been a lot of pressure on South African consumers, with increasing electricity prices kicking in. This is great news for anyone who has been feeling the pinch and been struggling to make ends meet. Hopefully, this is going to provide a little bit of breathing room. If you happen to have any money leftover thanks to this reduction in the interest rate, my advice as always is to make sure you put aside extra cash into your emergency fund because you never know when that may come in handy," Parry added. Tando Ngibe, a senior manager at Budget Insurance said, 'This move offers some relief to consumers, particularly those managing debt, as it slightly reduces the cost of borrowing on home loans, personal loans, and credit facilities. This modest cut should be seen as a chance to reinforce, not relax, responsible financial habits. We urge consumers to use any savings from lower repayments to prioritise essential expenses, reduce high-interest debt, and build emergency funds. While the rate cut may support economic activity, it's important to remain cautious. Inflation risks still persist, and returns on savings may decline. Consumers should continue to budget carefully in order to remain financially resilient in these uncertain times.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Consumers still drowning in debt Meanwhile, Neil Roets, CEO of Debt Rescue gave a more scathing view on the Sarb's rate cuts. Roets said that the announcement of the 25BPS cut, may be good news for economists but will not shield South Africans from the burden of the fuel and sin tax levies introduced by Finance Minister Enoch Godongwana within his Budget 3.0 projection. Roets said, "Increased taxing of the workforce is not the answer, the fuel-tax levy and raising sin taxes even higher, will put further financial strain on households, driving them to new depths of despair. This, at a time when they are buckling under the weight of multiple unsustainable inflation-related living costs. The reality is that the Finance minister's decision to impose new tax measures will hurt lower-income families most, as they will bear a proportionally higher burden, thus forcing them to make impossible lifestyle choices with the little disposable income they have left." "The reality is that the slow pace of the country's repo rate reductions is perpetuating the debt trap that millions of ordinary South Africans find themselves in, leaving millions with no option but to survive on credit. This scenario has been escalating since the prolonged tightening cycle began towards the end of 2021, when the Monetary Policy Committee raised the repo rate by a cumulative 4.75% between November 2021 and May 2023, taking it from 3.50% to 8.25%, the highest level since 2014. Sadly, this means more and more South Africans are relying on their credit and store cards to put food on the table and keep the lights on," Roets further said. "The likelihood is that they will default on debt and fall into an even deeper trap, as the cost of credit rises due to existing debt. This is most evident with big purchases like home and car loans. South Africans need real financial relief. This is a glaring red flag that should be at the top of the list of concerns of the authorities," Roets said.
