Isle Of Man Economy – MHKS Wed, 20 Oct 2021 13:03:38 +0000 en-US hourly 1 Isle Of Man Economy – MHKS 32 32 Diced Manx Beef and Minced at Tesco | Wed, 20 Oct 2021 13:03:38 +0000

It’s always good to see new initiatives that make it easier for shoppers to get their hands on local food. Now, Isle of Man ground and diced beef products have been added to Tesco’s meats.

Phil Parsons, Plant Manager at Isle of Man Meats, said: “This is great news for us, Tesco and the local economy.

“We have a great relationship with Tesco, and our range of Manx Lamb, Half and Half, Manx Lamb, Manx Roast Beef and Manx Roast Beef are already popular with their clients.

We have been working on expanding the range for some time, but this has been delayed due to the impact of the pandemic. We are therefore delighted to see our ground and diced beef products in store and already well sold. I’m sure they will continue to be popular with buyers looking to make sure this is Manx. ‘

Neil Connell, Tesco Douglas Store Manager, said: “We are always keen to support the local producers who are so important to Manx agriculture and the local economy, so we are delighted to expand the Isle of Man Meats range. which is already very popular.

Freshness, quality and value are very important to Tesco and our customers – and Isle of Man Meats ‘products meet all of these criteria, so this is a perfect partnership for us.’

To celebrate the launch last week, Chef Maciej was outside of Douglas Tesco making Manx beef stew and beef koftas for customers to try.

If you missed it, you can find many more locally produced meat recipes at

Phil Parsons, Plant Manager at Isle of Man Meats, said: “This is great news for us, Tesco and the local economy.

“We have a great relationship with Tesco, and our range of Manx Lamb, Half and Half, Manx Lamb, Manx Roast Beef and Manx Roast Beef are already popular with their clients.

We have been working on expanding the range for some time, but this has been delayed due to the impact of the pandemic. We are therefore delighted to see our ground and diced beef products in store and already well sold. I’m sure they will continue to be popular with buyers looking to make sure this is Manx. ‘

Neil Connell, Tesco Douglas Store Manager, said: “We are always keen to support the local producers who are so important to Manx agriculture and the local economy, so we are delighted to expand the Isle of Man Meats range. which is already very popular.

Freshness, quality and value are very important to Tesco and our customers – and Isle of Man Meats ‘products meet all of these criteria, so this is a perfect partnership for us.’

To celebrate the launch last week, Chef Maciej was outside of Douglas Tesco making Manx beef stew and beef koftas for customers to try.

If you missed it, you can find many more locally produced meat recipes at

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The top 10 countries where expats can live and work Tue, 19 Oct 2021 08:01:00 +0000

The UAE has been ranked as the fourth best country in the world to live and work, according to HSBC’s latest annual Expat Explorer study.

The Emirates have climbed 10 places from last year on the basis of “strong optimism among expats” in the country, according to the report.

The vast majority of expatriates surveyed in the UAE (82%) are optimistic that life will be more stable and return to normal over the next 12 months despite the global pandemic, above the global average of 35 %.

Up to 53 percent of respondents in the UAE also expect increased income and a better work-life balance (57 percent), according to the report.

The top three reasons cited by expats for choosing to relocate to the UAE are: to improve their income (56%), advance their careers (49%) and improve their quality of life (43%).

Most expats in the UAE (86%) say their overall quality of life is better than in their home country and six in ten intend to stay longer for this reason. According to the study, 11% of those polled said the pandemic had changed their plans for staying in the United Arab Emirates.

Overall, Switzerland was ranked as the top destination in the survey, which surveyed over 20,000 expats around the world.

Among the GCC states, Bahrain and Qatar also ranked first – at 8 and 10 – while overall MENAT (Middle East, North Africa and Turkey) was the top ranked region for the quality of life, with 71% of expats recommending it.

“The United Arab Emirates ranked among the top five places to live and work in the world is inspiring and clearly indicates the enormous potential that drives the economy of this country,” said Abdulfattah Sharaf, CEO of HSBC United Arab Emirates and responsible international.

“The overwhelming sense of optimism among expatriates in the UAE over the next 12 months reflects the authorities’ swift response to address the social and economic impact of the pandemic.

“The UAE’s openness to the diversity of cultures and perspectives is also a key attraction for expats looking to make the country their home,” he added.

Globally, the study found that 67% of those living abroad believe their quality of life is better now than in their home country or region. In addition, 61% of those surveyed said they had changed little in their work situation due to Covid-19.

“Travel and understanding the local culture are now high on the list of priorities for expats in 2021. More traditional factors like career progression remain important, but are less important this year than in others,” he adds. ‘study.


1. Switzerland

2. Australia

3. New Zealand


5. Guernsey

6. Jersey

7. Isle of Man

8. Bahrain

9. Singapore

10. Qatar

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Calls to make Southend a town in honor of Sir David Amess’ 21-year campaign Sat, 16 Oct 2021 12:35:00 +0000
Could Southend follow in Chelmsford’s footsteps in Essex? (Photo: Getty)

MPs said giving Southend town status would be a “fitting memorial” to its late local MP Sir David Amess who was assassinated yesterday.

The 69-year-old saw it as one of his goals in politics and lobbied for 21 years to make this a reality.

There now appears to be cross-party support for the resort town of Essex to be re-designated as town when the winning nominations are selected as part of the Queen’s Platinum Jubilee next year.

Sir David spoke about it on Thursday, the day before he died after being stabbed multiple times during constituency surgery at a church.

He said he was in Qatar on Wednesday and discussed Southend’s candidacy with Emir Sheikh Tamim bin Hamad al-Thani.

He told BBC Radio Essex: “I hope Qatar supports him. I know the majority of Southend people would welcome a Qatari investment in Southend.”

Sir David added: “If the House of Commons wants to silence me like the city wears it, they have to give it to us.” Because I spent all of my time mentioning it on every conceivable occasion.

“It’s obvious, the benefits are enormous. We involve the local residents with the situation, we have some great events planned and we have a wonderful team of people putting together our offer, so I’m really excited about the prospect.

MPs said giving Southend town status would be a

Southend on Sea, Essex, England April 17, 2021. Looking east from the cliffs on Adventure Island and Southend Pier.  The Gokart area in the foreground and the Thames estuary in the background.

Southend Adventure Island and Pier are popular attractions in the city (Photo: Getty)
A superb Southend sunset (Photo: Getty)

“It could absolutely turn things around in Southend and spark civic pride.”

His neighbor, Tory MP James Duddridge, who represents Rochford and Southend East, is also behind the plan.

He said: “A successful bid would energize our economy and bring new investment, putting Southend firmly on the map, both across the country and around the world.”

Kingswood Tory MP Chris Skidmore said Sir David would “constantly harass me” over Southend’s city status.

Left to right: Former Southend Mayor Judith McMahon, Mayor Fay Evans, Sir David, MP and Town Crier at a Southend United FC game (Photo: Rex / Shutterstock)
Al fresco dining on the picturesque old arches of the waterfront (Photo: Getty)

Mr Skidmore said: ‘He once told me that it was his one big ambition in Parliament that he would one day see Southend become a town.

“It became a running joke every time he brought it up, but he was passionately serious about making it happen.”

He added: “Tragically, he will never see this moment happen, but it would be a fitting memorial for a man who dedicated his life and ultimately gave it to his community.”

Warrington North Labor MP Charlotte Nichols said: “Absolutely; I can’t think of a better way to honor his memory.

Councils were asked to throw their town’s hat into the ring for town status, with Southend-on-Sea Borough Council known to be interested.

Reading, Newport in the Isle of Wight, Boston in Lincolnshire, Dudley in the West Midlands, Medway in Kent, Wrexham in Wales and Middlesbrough are also considered enthusiastic.

Town status was awarded in 2012 for the Queen’s Diamond Jubilee in Chelmsford, another town in Essex, as well as Perth in Scotland and Little St Asaph in Wales.

MORE: Murdered MP wrote that attacks on politicians ‘could happen to any of us’

MORE: Obituary of Sir David Amess: longtime Tory MP who has championed animal rights

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Survey suggests island’s economy is starting to rebound | Fri, 15 Oct 2021 10:02:18 +0000

The results of a quarterly survey aimed at exploring key current trade issues and measuring business and economic confidence suggest optimistic prospects for the island’s economy.

The Isle of Man Pulse survey, conducted by KPMG accountants and in association with the Institute of Directors, indicated an increase in off-island activity and an increase in turnover over the past year. next year in all sectors of activity.

This is a welcome change in trend from recent times, following difficult business conditions during the continuing pandemic.

While there are still depressed sectors, such as retail and hospitality, there is no doubt that the economy as a whole feels like it is taking a turn.

Other challenges remain, such as changes in international tax policy and the implementation of effective environmental, social and corporate governance (ESG) strategies.

The Pulse report offers answers on topics such as business growth, revenue expectations, reactions to Manx border controls, tax policy and ESG plans.

Based on data received before the summer, the main highlights of the second survey are as follows: 44% of Isle of Man businesses surveyed saw an increase in activity outside the island, compared with 26 % in the last survey.

Across all industries on the island, many expect sales to increase over the next 12 months despite feeling their business growth was limited at the time of the survey.

In the two surveys to date, 69% of those polled said they would not change the Isle of Man border policy, despite some trade difficulties.

The majority of companies have expressed concern that changes in international taxation could impact the Isle of Man economy.

Manx companies with an ESG plan in place are very much in the minority.

Survey responses suggest a lack of knowledge and data is the reason.

Simon Nicholas, Partner and Head of Customers and Markets at KPMG, commented: “At the time of the survey, some businesses were improving and thriving as Covid restrictions were relaxed, but others reported that they were limited by an inability to access clients due to the restrictions and remaining border policies that were still in place at the start of the summer.

“But overall there is a sense of optimism in the second survey. The combined results of the surveys so far are just starting to provide real trends and information, and the power of the survey will only increase over time as we collect more data. ‘

The report is available for free at

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Just 6 months from the arrival of the Isle of Wight road races, volunteer and pay opportunities have presented themselves for those who wish to pursue a career in motorsport.

The Isle of Wight road races are scheduled for April 2022, bringing international motorcycle races to the island for the first time ever. The IWRR aims to bring the best riders in the motorcycle racing world to the island for an event that will be one of a kind.

Road racing was effectively banned when speed restrictions were introduced on UK roads in the 1960s, but recent legislation has made it possible again. The format will be similar to the famous Isle of Man TT races which attract racing fans from all over the world and significantly boost the local tourism economy.

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Newport-based marketing agency Solent is putting together a new team to help organize the event and is looking for enthusiastic and hardworking individuals to fill both volunteer and paid positions.

Tim Addison from Solent says:

“Initially we need support for our marketing team, but this will also expand over the next few months to include event management and delivery. The IWRR will create a number of new local jobs starting now.

“We are particularly interested in offering new career opportunities to young people who live in and around the circuit. We know that the opportunities can sometimes seem a bit limited in the rural communities of the island and we want this event to add value to the Isle of Wight every step of the way ”.

Initially, IWRR is looking for a Project Coordinator / Administrator who will work closely with the Head of the Communication Team. Interested persons should send an email [email protected] with ‘IWRR vacancy’ in the subject field for a job description.

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More information can be found at

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Tax havens and double standards-I – Opinion Tue, 12 Oct 2021 23:47:46 +0000

Prime Minister Imran Khan has rightly observed that issues relating to offshore tax havens must be seen in the broader perspective of outflows from poor countries to rich countries. It is very unfortunate that the so-called financial wizards and economists who are ardent supporters of the capitalist economy hesitate to denounce the double standards employed by developed economies to establish, protect and profit from these offshore tax havens. Most media commentators are not fully aware of the underlying factors that feed this culture and choose to ignore the double standards of developed countries while dealing with tainted money. The following paragraphs of this article will attempt to explain the double standards adopted by capitalist societies to promote and nurture these tax-exempt jurisdictions and some recent setbacks in this regard. September 11 changed many things, including the future of these jurisdictions. In addition, I am also convinced that there is no leakage as claimed by the ICIJ. In my opinion, this is a long term strategy to discourage such jurisdictions for the reasons explained in this article.

What does an offshore tax haven jurisdiction mean?

An offshore tax haven jurisdiction is a state or political entity that provides a liberal regime for the regulation of business and foreign exchange. In other words, these jurisdictions allow a corporate and foreign exchange shield that is acceptable to the international trade and financial system. A corporation or trust established in an offshore tax haven jurisdiction may be considered a corporation for all intents and purposes around the world despite the fact that the corporation and foreign exchange laws of that jurisdiction do not meet generally acceptable standards. . Additionally, these jurisdictions allow citizens of other countries to establish companies and trusts in those jurisdictions without complying with regulations. Contrary to popular belief, business and currency protection is the main advantage of an offshore jurisdiction.

In addition to corporate and foreign exchange regulations, not all of these jurisdictions tax income from such trusts and corporations in their jurisdictions or overseas.

Liberal corporate, foreign exchange and tax regulations can be put in place in these jurisdictions, as in almost all cases the population of each state / tax haven is very small and the sole objective of maintaining a independent status is to promote the activities described in this article for the benefit of developed economies. In very simple terms, these are places where wealth can be legally invested without any further corporate, foreign exchange and tax obligations. Now, some of these jurisdictions also provide valid passports for international travel.

Where are the main offshore tax havens located?

There are many offshore tax haven jurisdictions; however, the Cayman Islands, British Virgin Islands, Seychelles, Bahamas, Isle of Man and others which are under the control of the Commonwealth of England are commonly known in Pakistan. Then there are places dominated by the United States like Panama. The Jebel Ali Free Zone and the DIFC in the United Arab Emirates have only recently entered the imagination of Pakistanis. An almost identical situation exists for Mauritius with regard to investments made in India.

Who is the protectorate of these offshore havens?

All offshore tax havens are political entities in their own sense; however, for all intents and purposes, these jurisdictions are protectorates of the United Kingdom, the United States, the Netherlands, France and others. It can be safely deduced that almost all of these jurisdictions are part of the dynamic legacy of colonialism. In addition, developed economies protect these jurisdictions for their own benefit.

How do developed economies benefit from offshore tax havens?

Developed economies are doubly advantaged by the existence of these offshore tax havens. First, whatever is implicitly invested in these jurisdictions is actually invested in these economies. The reference to the offshore jurisdiction is only an accounting entry. For clarity, this is explained as below:

Illustration A: Mr. A owns US dollars outside of Pakistan (acquired by legal or illegal means) which he intends to use to acquire a mansion in the UK. The procedure will oblige Mr. A to incorporate an entity in the BVI which is 100% owned by him. The money is sent to a bank account at BVI as Mr. A’s share capital in a BVI company. This is reflected as share capital in the books of this BVI company. The funds received by the BVI company are used to acquire a mansion in the UK. BVI company purchases with funds received from Pakistan a mansion in UK for which US dollars received from Pakistan are used. This mansion is reflected as an asset in the books of the BVI entity. The net effect of transactions is:

  • The funds are transferred from Pakistan to the UK while the BVI is basically just a conduit;

  • The UK has control of the property as the BVI entity is effectively under the control of the UK legal system;

  • UK is not exposed to the illegality of Mr A’s source, if any, as Mr A does not own any UK assets. In this way, the UK economy effectively stays clean while their “proxy” (offshore tax haven jurisdiction) provides protection to their system. This means that most of the politically exposed corrupt people in poor countries own assets and properties in London, New York, Paris and other cities of the developed world without compromising its image as a civilized world, as all of these goods and assets belong to anonymous companies. entities located in offshore jurisdictions which are diligently protected and guaranteed by competent lawyers, financial advisers and notaries.

As noted, Pakistanis are the fifth largest investors in UK real estate. I am sure that around 80 to 90 percent of these properties are owned by companies based in offshore tax havens. It’s a win-win for the UK in every sense of the word. When this issue is looked at in this way, developed companies have no moral basis to facilitate the transfer and accumulation of these illegal funds to their countries using these offshore tax haven jurisdictions.

(to be continued tomorrow)

Copyright Business Recorder, 2021

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Tesla’s Berlin Gigafactory could produce electric vehicles as early as November Sun, 10 Oct 2021 14:52:18 +0000

by Tesla Long-standing German Gigafactory is about to manufacture its first electric cars. As Bloomberg reports, company chief Elon Musk told an event on Oct. 9 that the Berlin-area plant is expected to start production of Model Y crossovers in November or December. The challenge, as Musk explained, was to bring production to healthy levels.

The CEO estimated that the Berlin Gigafactory would produce 5,000-10,000 vehicles per week, but only by the end of 2022. The facility will likely source batteries from China until a cell factory German be ready, he added. Don’t expect the latter plant to play a significant role in Tesla’s benefits for a moment.

It also assumes that the Gigafactory is proceeding as planned. Tesla is still the subject of complaints and lawsuits regarding the plant’s impact, particularly on the environment, and a public consultation process will not end until October 14. Managers may deny final approval or demand new promises.

Tesla pledged to offset the impact of the plant by planting more trees than it removed, not to mention reducing water use. Whether or not that’s enough to please the authorities, it’s clear that Tesla’s European plans have reached a turning point. The next few weeks could decide whether Tesla soars in the region or battles reinvigorated holders.

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$ 34.5 Billion Global Opportunity for Digital Oil Fields by 2026 – New Research from StrategyR | New Fri, 08 Oct 2021 15:55:00 +0000

SAN FRANCISCO, October 8, 2021 / PRNewswire / – A new market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Digital Oil Field – Global Market Trajectory and Analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.


Editing: 6; Posted: April 2021

Executive pool: 18801

Companies: 12 – Players covered include ABB Ltd .; Baker Hughes, a GE company; CGG SA; Digi International, Inc .; EDG, Inc .; Emerson Electric Co.; Halliburton; Honeywell International, Inc .; Ihs Markit Ltd .; Kongsberg Group; National Oilwell Varco, Inc .; OleumTech; Pason Systems Corp .; Petrolink International Ltd. (Isle of man); Redline Communications; Rockwell Automation Inc .; Schlumberger Ltd .; Siemens SA; Weatherford International Ltd. and others.

Blanket: All major geographies and key segments

Segments: Application (On-shore, Off-shore); Processes (production optimization, drilling optimization, reservoir optimization, other processes); Solution (hardware, software and service, data storage)

Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.

Free Project Preview – This is an ongoing global program. Preview our research program before making a purchase decision. We offer free access to qualified executives in charge of strategy, business development, sales and marketing and product management roles in selected companies. Insights provide privileged access to business trends; competing brands; profiles of experts in the field; and market data models and more. You can also create your own bespoke report using our MarketGlass™ Platform that offers thousands of bytes of data with no obligation to purchase our report. Registry overview


Global Digital Oilfield Market To Reach $ 34.5 billion by 2026

Amid the COVID-19 crisis, the global digital oilfield market estimated at US $ 25.8 billion in 2020, is expected to reach a revised size of US $ 34.5 billion by 2026, with a CAGR of 4.8% over the analysis period. Hardware, one of the segments analyzed in the report, is expected to register a CAGR of 5% and reach US $ 17 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of Software and Services segment is readjusted to a revised CAGR of 4.7% for the next 7 year period.

The US market is estimated at $ 8.1 billion in 2021, when China is expected to reach $ 6.1 billion by 2026

The digital oilfield market in the United States is estimated at US $ 8.1 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of 6.1 billion US dollars by 2026, with a CAGR of 4.6% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 4.5% and 4.1% respectively over the period of analysis. In Europe, Germany is expected to grow at around 4.6% CAGR.

Data storage segment to be reached US $ 8.1 billion by 2026

In the global data storage segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.8% CAGR for this segment. These regional markets representing a combined market size of 4.9 billion US dollars in 2020 will reach a projected size of 6.8 billion US dollars at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Following

Glass Market™ Platform

Our market Glass™ Platform is a free comprehensive knowledge center that can be custom configured to meet the intelligence needs of today’s busy business leaders! This interactive influencer-driven research platform is at the heart of our core research engagements and draws on the unique perspectives of participating leaders from around the world. Features include – enterprise-wide peer-to-peer collaborations; overviews of research programs relevant to your business; 3.4 million profiles of experts in the field; competitive company profiles; interactive research modules; custom report generation; monitor market trends; competing brands; create and publish blogs and podcasts using our primary and secondary content; follow events in the field around the world; and much more. Client companies will have full insider access to the project’s data stacks. Currently used by over 67,000 subject matter experts around the world.

Our platform is free for qualified executives and is accessible from our website or via our new mobile application on ios Where Android

About Global Industry Analysts, Inc. & StrategyR™

Global Industry Analysts, Inc., ( is a renowned market research publisher, the only influencer-focused market research company in the world. Proudly serving more than 42,000 clients in 36 countries, GIA has been recognized for its accurate forecasting of markets and industries for more than 33 years.


Zak Ali

Director, Corporate Communications

Global Industry Analysts, Inc.

Phone: 1-408-528-9966



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NatWest stock price forecast: uptrend still intact Thu, 07 Oct 2021 09:08:53 +0000

The NatWest share price is hovering near its highest level since January 2020 as demand for the stock increases. The NWG share price is trading at 227p, a few points below the 230p high of the start of the year. It has also become London’s best performing banking stock.

UK Economy and NatWest

NatWest is a leading UK bank with several brands. It owns brands such as NatWest, Royal Bank of Scotland, Ulster Bank, Coutts, Adam & Company, Child & Co, Drummonds, Lombard, Isle of Man Bank and Free Markets.

The company is primarily a national bank with no major operations outside the country. The company earns money by offering services such as retail banking and commercial banking. It also offers private banking and NatWest Markets activities. Therefore, NatWest is doing well when the UK economy is doing well. It also works well when interest rates are high.

And, with the UK currently facing significant inflationary pressures, the Bank of England (BOE) is likely to start tightening sooner than expected. If this happens, it could benefit NatWest. Yet the biggest challenge is that the country faces fears of stagflation. This is where inflation rises while economic growth stagnates. The BOE could face challenges raising rates during a period of stagflation.

NatWest Share Price Forecast

The daily chart shows that the NWG share price is in a major uptrend. We also see that the stock has formed an ascending channel which is shown in green. It is also slightly above the 25 and 50 day moving averages. He is also above the Ichimoku cloud.

Therefore, at this point the stock will likely continue to rise as buyers target the next key resistance at 250p. This view will be invalidated if the price falls below the support at 200p. Such a drop means that there are still more sellers in the market.

NatWest share price

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Boris Johnson’s party conference speech “economically illiterate” Thu, 07 Oct 2021 01:56:00 +0000

Business leaders and think tanks called Boris Johnson’s party conference speech “economically illiterate”.

The Prime Minister speech at the Conservative Party conference on Wednesday came as many companies grapple with supply chain issues and a shortage of workers.

A shortage of truck drivers has resulted in reduced fuel supplies in parts of the country, as well as empty shelf warnings and rising costs before Christmas.

But Mr Johnson has defended his strategy of restricting the supply of cheap foreign labor in post-Brexit Britain, saying the economic tensions seen in recent weeks were part of the transition people are making. have voted.

He said: “That’s the direction the country is going now – towards a high-wage, high-skilled, high-productivity economy and, yes, therefore low-tax. That’s what the people of this country are doing. need and deserve.

“Yes, it will take time, and sometimes it will be difficult, but this is the change people voted for in (the Brexit referendum of) 2016.”

Business leaders were not impressed, with many saying restricting migration could lead to higher inflation, leaving consumers to bear the costs.

Matthew Lesh, head of research at the Adam Smith Institute’s Free Market Think Tank, said: “Boris’ rhetoric was bombastic but meaningless and economically illiterate.

“This was a program to shift to a centrally planned, high tax, low productivity economy. Boris cripples the labor market, raises taxes on a fragile recovery and avoids meaningful planning reform.”

He added: “Shortages and rising prices simply cannot be swept aside by rhetoric about migrants. It is wrong and wrong to claim that migrants impoverish us. There is no evidence that immigration lowers the level of migration. life of native workers.

“This whistle shows that this government does not care about pursuing evidence-based policies. We can both control migration and enable migrants to fill skills gaps.”

Richard Walker, managing director of the Iceland supermarket chain, said the government is treating businesses like a “never-ending sponge” but can only bear a certain number of cost increases at a time.

He told The Times: “The business is singled out like a bogeyman, but it’s much bigger than that. We want to pay our employees as much as possible, but business is not a never-ending sponge that can keep absorbing costs all at once.

“Next year we’re going to have a wave of higher costs due to higher energy bills, additional heavy-duty drivers, packaging costs. We can only bear many cost increases to at the same time, they must therefore reduce them. “

Federation of Small Business National President Mike Cherry said, “It is a relief to hear the Prime Minister speak positively about business.

“But it is equally remarkable to hear the benefits of a low-tax economy being touted as the government has just approved an increase in national insurance contributions for employers, self-employed traders and employees, which according to us, will cost at least 50,000 jobs.

“If this government wants a high-wage, high-skill, high-productivity economy, it must stop hitting our 5.9 million small businesses with high tax bills before they make a turnover. of a pound, not to mention the profits. “

Shevaun Haviland, Managing Director of UK Chambers of Commerce, said: “Businesses face a cumulative crisis in trading conditions as supply chains collapse, prices soar, taxes rise and food shortages. workforce are reaching new heights.

“The economic recovery is on shaky ground and if it stalls, private sector investment and tax revenue that the Prime Minister wants to fuel his vision will be scarce.”

Sky News

© Sky News 2021

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