News

The UK Treasury may have breached the law by withholding £9.5 billion in spending pressures ahead of Jeremy Hunt’s final Budget in March, according to Richard Hughes, head of the Office for Budget Responsibility (OBR).

Hughes suggested that vital financial data on departmental budgets, required by the OBR under the Budget Responsibility and National Audit Act 2011, was not shared, leading to a “materially different” outlook on public finances.

Hughes told MPs that this undisclosed information affected the OBR’s ability to provide an accurate forecast, describing it as a “systematic failure” within the Treasury. While Hughes does not suspect malicious intent, he noted that the lapse has impacted trust, shifting their relationship with the Treasury from “trust” to “trust but verify.”

This revelation follows Chancellor Rachel Reeves’ claim of inheriting a £22bn budget “black hole,” a figure questioned by the OBR but partly substantiated by the £9.5bn of hidden costs. Former Chancellor Jeremy Hunt, however, has criticised the timing of the report, suggesting it risks being used as a “political weapon.”

In addition to the controversy, Hughes warned that the Government’s shift towards electric vehicles, with fuel duty revenue set to drop as petrol and diesel cars phase out, could leave a significant gap in the public finances, comparable to recent tax hikes. Fuel duty, expected to bring in £27.2 billion this parliament, will steadily decrease as the UK approaches its 2035 ban on new petrol and diesel car sales.

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Treasury accused of hiding £9.5bn ‘black hole’ in budget, says OBR chief

The pound fell sharply against the dollar, dropping 1.4% to $1.285—its lowest in two months—as traders adjusted to the news of Donald Trump’s projected return to the White House.

Known for his “America First” policies, Trump’s victory sent the dollar soaring, with gains of 2% against the euro and 1.8% versus the yen. Investors are betting that his plans for tariffs and increased spending could fuel inflation and maintain high US interest rates.

Stock markets also rallied, with the FTSE 100 in London up 1.3% and the mid-cap FTSE 250 jumping 1.8%. US-facing stocks led the gains, with Ashtead up 6.8%, InterContinental Hotels climbing 5.7%, and Entain rising 4.9%.

US markets appeared poised to continue the rally, with S&P 500 and Dow futures indicating gains over 2% as trading opened. Treasury yields spiked, with 10-year bond yields reaching 4.47%, as investors anticipated higher growth and fiscal spending under Trump. European bond yields, meanwhile, fell amid fears that Trump’s policies could hamper growth, prompting central banks to consider rate cuts.

Bitcoin surged 8.5% to a record $75,060 as Trump, nicknamed the “Crypto President,” reiterated his commitment to “putting America first” in his acceptance speech, further boosting crypto market confidence.

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Pound tumbles, stocks surge as Trump heads back to the White House

Pub chain JD Wetherspoon has warned that pint prices may increase as the company faces a £60 million surge in costs following Chancellor Rachel Reeves’s Budget.

Founder Sir Tim Martin highlighted that rising costs from National Insurance (NI) and national living wage hikes are putting substantial pressure on the hospitality sector, prompting many pub businesses to consider price increases.

Martin explained that while cost inflation had initially eased after peaking in 2022, the Budget’s recent tax measures have driven costs up sharply again. The Budget includes a 1.2 percentage point increase in employers’ NI contributions, pushing them to 15%, and lowers the NI threshold. Additionally, while alcohol duties have increased with inflation, draught drinks received a modest 1.75% cut, a measure which Tim Dewey, CEO of Yorkshire brewer Timothy Taylor’s, described as “irrelevant” in offsetting the new tax pressures on pubs.

Wetherspoon reported a 5.9% rise in like-for-like sales over the last 14 weeks, driven by increases in bar, food, and slot machine sales, although hotel room bookings dipped by 2%. Shares in Wetherspoon rose by more than 2% in early Wednesday trading, with Martin expressing cautious optimism about the year ahead, though he acknowledged the difficulty in forecasting due to rising operational costs.

Industry group UKHospitality, representing pubs, restaurants, and cafes, estimates that the NI changes will add a collective £1 billion to tax bills across the sector, raising concerns about the broader impact on pub-goers and the hospitality industry’s stability amidst the new financial pressures.

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Wetherspoons warns of pint price rise as budget adds £60m in costs

Farming leaders and suppliers are warning that Chancellor Rachel Reeves’s inheritance tax on farming assets exceeding £1 million could undermine Britain’s food security, making the UK more dependent on foreign imports.

Senior business figures, including Nigel Murray, managing director of Booths supermarket, have voiced concerns that the tax changes could erode incentives for domestic food production, potentially leading to higher supermarket prices and reduced self-sufficiency.

Murray, whose supermarket sources 60% of its products from British farmers, stressed that while the impact may not be immediate, “over time there is a real risk that domestic food production could be eroded.” He noted that increased reliance on imports would bring challenges related to environmental impact, animal welfare standards, and costs.

The National Farmers Union (NFU) president, Tom Bradshaw, criticised the tax changes, warning that they may force family farms to sell off assets, threatening the next generation’s ability to sustain farming operations. Bradshaw expressed concern over long-term food security, adding that “every penny saved by the Chancellor comes directly from the next generation having to break up their family farm.”

ABF, the parent company of British Sugar, echoed these sentiments, with CEO George Weston calling the tax a blow to the farming community. He urged policymakers to place greater importance on food security and UK agricultural production. The NFU is pressing for discussions with Sir Keir Starmer and Rachel Reeves, with members of the Labour Party also encouraging dialogue to address farmers’ concerns.

Recent data highlights the vulnerability of UK cereal production to extreme weather, underscoring the importance of agricultural resilience. Previously, agricultural land enjoyed inheritance tax exemptions to promote generational continuity in farming. However, Reeves’s new rules, effective from April 2026, will impose a 20% tax on farming assets over £1 million, affecting asset-rich but cash-poor farms that may struggle to meet the tax liability without selling parts of their estates.

The Treasury maintains that the policy will impact only a minority of farms, but the NFU estimates the tax could affect up to 75% of British food production. The government argues that the new tax structure balances support for family farms with funding for critical public services.

In addition, Labour’s budget quietly closed a vehicle tax loophole for pickup trucks, impacting agricultural workers who depend on vehicles like the Ford Ranger for their operations. With tax bills on these vehicles expected to rise sharply, farmers like Jon Watt in Suffolk report adjusting their investment plans amid growing uncertainty over agricultural policy.

The policy changes have sparked a national debate on food security, with some industry leaders claiming that the tax risks driving closures among Britain’s estimated 140,000 family businesses. Family Business UK chairman Sir James Wates criticised the tax as “economic illiteracy,” cautioning that it could lead to business closures and job losses, while the Treasury argues that only a small number of businesses will be affected.

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Suppliers warn farming inheritance tax will jeopardise UK food security

Donald Trump is set to return to the White House as America’s 47th president after securing a projected 266 electoral votes, narrowly edging out his Democratic opponent, Kamala Harris.

Trump celebrated what he called a “magnificent victory,” calling it the start of a “golden age of America.”

In a defining moment of the election, Pennsylvania, a key battleground state with 19 electoral votes, was projected in Trump’s favour. This victory, along with wins in other swing states like North Carolina and Georgia, has placed him within striking distance of the 270 electoral votes needed to win. Trump is also leading in several remaining swing states, including Michigan, Wisconsin, Arizona, and Nevada.

This marks a significant comeback for Trump, the first former president to return to office despite facing multiple legal challenges over the past four years. His legal troubles, including civil cases for sexual assault and business fraud, have loomed over his campaign but appear to have had limited impact on his support base.

Voters appeared to favour Trump’s positions on key issues like the economy and immigration, with polls showing his strong lead in these areas. His America First platform resonated particularly with rural and working-class voters, allowing him to overcome Harris’s support in urban centres. Harris’s campaign focus on reproductive healthcare may not have resonated broadly enough, with critics suggesting she could have addressed economic concerns more prominently.

In a further setback for Democrats, Republicans are projected to gain control of the Senate, winning key seats in West Virginia, Ohio, and possibly Montana, which would give Trump significant legislative support in his new term.

The Democratic Party is expected to enter a period of reflection, with scrutiny on President Biden’s decision to step aside relatively late in the process, potentially limiting the party’s chances to field a candidate more competitive than Harris. Analysts are also likely to review Harris’s campaign strategy and her choice of Tim Walz as running mate, which some have suggested may not have strengthened her appeal.

Looking ahead, Trump’s agenda includes strict immigration policies, potential tariffs on foreign imports, and his pledge to quickly end the conflict in Ukraine—a stance that has raised concerns among his critics, who worry about the impact on global alliances and stability. With his projected return to the Oval Office, the next four years are likely to be as contentious and closely watched as his first term.

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Trump hails ‘magnificent victory’ as projected winner of 2024 US election

Asos has expressed confidence in its recovery strategy despite reporting a £380 million pre-tax loss for the past financial year.

The online fashion retailer has halved its inventory levels since 2022 and shifted focus to full-price sales, aiming to improve profitability. Chief Executive José Antonio Ramos Calamonte described recent changes as “medicinal,” with measures such as stricter return criteria and streamlined marketing starting to show positive signs.

The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached £80.1 million, down from £124.5 million the previous year, with a £100 million write-off in old stock and a £141.8 million loss due to the closure of its Lichfield warehouse. However, Asos is targeting a 60% EBITDA growth in the coming year, projecting figures between £130 million and £150 million.

With reduced discounts, average basket values are up 2% year-on-year, though active customer numbers have fallen 16% as a result of less aggressive marketing. Calamonte noted that competition from fast-fashion and second-hand platforms like Shein and Vinted is not a concern, emphasising Asos’s focus on delivering the right products at the right time.

Additionally, Asos’s recent sale of a 75% stake in Topshop to Bestseller, a group owned by major shareholder Anders Povlsen, and a £250 million bond refinancing have strengthened its balance sheet. The company reported a positive cash flow of £37.7 million this year, up £250.7 million from the previous year.

Looking ahead, Asos is considering the possibility of opening a standalone London store to increase customer engagement. Calamonte indicated this would be a strategic move to enhance brand connections, not a shift towards omnichannel retailing.

Shore Capital upgraded Asos’s rating from “sell” to “hold,” citing the retailer’s improved balance sheet and profit outlook, while Peel Hunt praised the company’s inventory management and cash flow improvement.

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Asos optimistic about turnaround despite £380m loss

Electric car sales surged by 24% in October, capturing over 20% of the new vehicle registrations market, thanks to extensive discounting by manufacturers eager to meet government zero-emission targets.

According to the Society of Motor Manufacturers and Traders (SMMT), new car registrations dropped from 153,000 in October 2023 to 144,000 last month, with petrol and diesel sales declining as manufacturers prioritised electric models.

The sale of pure electric vehicles climbed to nearly 29,000 in October, up from 24,000 a year earlier, making zero-emission vehicles the only category to show growth. To clear stock and encourage EV adoption, manufacturers have slashed prices, with electric models now selling for around 12% less than last year.

The SMMT highlighted the “unsustainable discounting” as manufacturers absorb costs to hit targets under the UK’s zero-emission vehicle (ZEV) mandate, which fines manufacturers £15,000 per car if they fall below a 22% electric sales threshold in 2024.

Ian Plummer, commercial director of Auto Trader, noted the shift towards EVs, adding that “subdued petrol and diesel sales” reflect manufacturers’ efforts to meet these requirements. Despite Tesla’s leading position in the UK market, it saw a 63% drop in October sales, making way for other brands like BMW, Mercedes-Benz, and Audi, which are rapidly gaining ground in EV sales.

Richard Alvin, Managing Editor of Electric Vehicles magazine EV Powered, underscored the country’s strong position in the EV market, projecting that one in five cars sold next year could be electric. With the ZEV mandate tightening further in 2025, the UK is positioned to be a leader in Europe’s zero-emission vehicle market, supported by competitive pricing and no tariffs on electric models.

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Electric car prices slashed as manufacturers push to meet zero-emission targets

Experts from the National Institute of Economic and Social Research (NIESR) have cautioned that the recent increase in employers’ national insurance contributions (NICs), announced in Chancellor Rachel Reeves’ budget, will likely lead to higher unemployment.

NIESR has described the NICs increase as a “tax on jobs,” warning that it will curb job creation and slow vacancy growth.

The budget, which raised employer NICs by 1.2 percentage points to 15% and lowered the threshold for employer NICs liability to £5,000, is expected to generate £26 billion for the government. However, economists suggest that reduced wage growth and job opportunities could cut the anticipated tax yield to around £16 billion.

Stephen Millard, NIESR’s deputy director for macroeconomic modelling and forecasting, highlighted that the NICs hike would “reduce job creation,” contributing to rising joblessness over the next few years. Lower-income households are expected to feel the greatest strain, as inflation remains high and tax threshold freezes impact their disposable income. Adrian Pabst, NIESR’s deputy director for public policy, suggested that raising income tax for top earners rather than freezing personal tax thresholds would better support the living standards of lower-income families.

The budget’s tax changes and increased borrowing by £28 billion annually have triggered volatility in the UK bond market, with the latest 10-year government bond auction seeing its weakest demand in nearly a year. Despite a higher yield of 4.475%, investors showed limited interest, reflecting anxiety over rising government debt levels.

NIESR predicts inflation will rise to over 3% early next year, leading the Bank of England to take a cautious stance on rate cuts, with a predicted 0.25% reduction at its upcoming meeting. The Bank is anticipated to implement a few quarter-point cuts through 2025, with interest rates stabilising at around 3.25%.

As inflation and economic uncertainty continue to weigh on UK growth, the think tank projects minimal growth of 0.9% in 2024, increasing slightly to 1.2% in 2025 and 1.4% in 2026. Unemployment, currently averaging 4.2%, is expected to edge lower before rising steadily over the coming years, reflecting the challenging economic landscape.

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Jobless rate set to rise’ as experts warn of National Insurance hike impact

Are you sure your computer is really secure? With cyber threats increasing, improving your computer’s security is more important then ever.

In this article, we’ll explore essential steps you can take to protect your system from hackers, malware, and other online dangers.

Install Antivirus Software

One of the first lines of defense for your computer is reliable antivirus software.

Why You Need Antivirus Software

Antivirus programs protect your computer against viruses, malware, spyware, and other malicious threats. They scans your system for known threats and monitor your files for unusual activity.

Choosing the Right Antivirus

There are many antivirus solutions available, both free and paid. It’s crucial to select one that offers real-time protection and regular updates to defend against new threats.

Use Strong Passwords

Creating strong, unique passwords is essential for securing your accounts and personal informations.

Characteristics of a Strong Password

A strong password should be at least 12 characters long and include a mix of uppercase and lowercase letters, numbers, and special symbols. Avoid to use easily guessable information like birthdays or common words.

Password Managers

Consider using a password manager to generate and store complex passwords securely, so you don’t have to remember them all.

Enable Your Firewall

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A firewall acts as a barrier between your computer and the internet, monitoring traffic and blocking suspicious activity.

Built-in Firewalls

Most operating systems come with a built-in firewall. Ensure it’s enabled and properly configured to provide an extra layer of security.

Third-Party Firewalls

For enhanced features, you might opt for a third-party firewall solution that offers more advanced settings and controls.

Keep Your Software Updated

Regularly updating your software and operating system is crucial for security.

Why Updates Matter

Updates often include patches for security vulnerabilities that have been discovered. Delaying updates can leave your system exposed to threats.

Automatic Updates

Enable automatic updates where possible to ensure you’re always protected with the latest security patches.

Use a VPN or Proxy

Securing your internet connection prevents hackers from intercepting your data.

Benefits of a VPN

A Virtual Private Network (VPN) encrypts your internet traffic, making it unreadable to anyone who might intercept it.

Consider Using Proxies

Proxies can also help hide your IP address and encrypt your connection. If you need a faster solution, you might want to buy fast proxy services that offer high-speed connections without compromising security.

Be Wary of Phishing Attempts

Phishing is a common method hackers use to steal personal information.

How to Recognize Phishing

Be cautious of emails or messages that ask for personal information or direct you to suspicious websites.

Protective Measures

Never click on unknown links, and verify the authenticity of requests before providing any sensitive data.

Use Two-Factor Authentication

Adding an extra step to your login process can significantly improve security.

How It Works

Two-factor authentication (2FA) requires a second form of verification, such as a code sent to your phone, in addition to your password.

Implementing 2FA

Enable 2FA on all accounts that offer it, especially for email and banking services.

Backup Your Data Regularly

In case of a security breach, having backups ensures you don’t lose important information.

Backup Solutions

Use external hard drives or cloud services to backup your data regularly.

Automate Backups

Set up automatic backups to ensure your data is consistently saved without manual effort.

Conclusion

Improving your computer’s security doesn’t have to be complicated. By taking these steps—installing antivirus software, using strong passwords, enabling your firewall, keeping software updated, using a VPN or proxy, being cautious of phishing, enabling two-factor authentication, and backing up data—you can significantly reduce the risk of cyber threats. Stay proactive and keep your system protected.

Read more:
Is Your Computer Really Secure? How to Improve Your Security

Personal injury claims allow victims of negligent acts to obtain fair compensation when injured in a car accident, workplace accident, or product injury.

Personal injury claims help cover essential costs such as medical bills and lost wages as well as ongoing care should it become necessary, but personal injury litigation goes further by holding those at fault accountable so victims can recover without bearing financial strain alone.

The Idea of Negligence: Who’s at Fault?

In personal injury cases, “negligence” is a fundamental concept. Still, what does it indicate really? Simply put, negligence is the absence of care that an average person would have, thus endangering another person. Negligence might be shown in a driver texting, resulting in an accident. Proving negligence in a personal injury claim involves showing how harm was caused by another individual’s actions—or lack thereof. To receive compensation from them, an injured party must show that one party was at fault and could have prevented damage by acting sensibly during any crucial moments in their injury process.

Types of Personal Injury Claims: From Workplace Injuries to Car Accidents

Personal injury claims arise when negligence on another’s part results in damage. One such occurrence involves car accident claims Glasgow—accidents involving cars, bikes, and motorcycles colliding and pedestrians hit by negligent drivers that result in physical harm to them or another party.

Still another common category are workplace injuries. These claims emerge when weak health and safety policies or insufficient training cause an injury in the workplace – a worker can slip on a wet floor, fall from a height or get injured using faulty equipment.

Another kind of personal injury claim is medical malpractice. This occurs when a nurse or doctor makes a major error—such as a surgical blunder or a misdiagnosis—that causes injury.

Slip-and-fall accidents at supermarkets, pavements, and restaurants are another common type of accident. If a corporation fails to provide a safe workplace and an accident occurs, the victim may have a claim.

Industrial illnesses vary somewhat; they often result from long-term exposure to dangerous compounds, generally at work. For years, someone who regularly breathed in asbestos dust, for instance, may develop illness later.

Finally, there is product liability—that which covers accidents brought about by defective goods. This might be anything from a food product making someone ill to faulty equipment causing burns.

Each of these kinds of claims has particular rules and difficulties. Having an experienced lawyer from the HDClaims panel can be really beneficial, particularly in terms of establishing who is responsible.

Steps to Take After an Injury: Building a Strong Case

Get Medical Assistance Right Now:

First, ensure your health—see a doctor even when you believe your damage is minor. Specific injuries may not exhibit symptoms immediately; hence, having medical documents can also help prove your case later.

Record the accident:

Share with the appropriate individuals what occurred. If it was a car collision, call the police. If it occurred in the office, tell your supervisor—having proper accident records can help your claim.

Gather Evidence:

Get as much proof as you can if at all feasible. Photographs of the accident site, your injuries, and any property damage are outstanding records. Ask witnesses who observed what occurred for their contact information; their comments might be helpful later.

Consider carefully what you say:

Though you feel horrible about the circumstances, try not to admit fault or offer apologies. Sometimes, saying phrases like “I’m sorry” could seem like an admission of guilt used against you. So, stick to the truth of what transpired.

The Role of Evidence: Proving Your Case

In no win no fee compensation claims, the proof is absolutely critical. It confirms the effects of the harm on your life and helps demonstrate that someone else was to blame. Your chances of a just result increase with the strength of your evidence.

Medical records are among the most crucial forms of evidence available. This data reveals your degree of damage, required treatments, and potential length of recovery times. Crucially for your case, medical records might also contain doctor notes linking your injury to the car accident.

The accident report is also significant proof. If you were injured on the job, this may be an accident report from your company or a police record from a car accident. Official reports are often very helpful in court or settlement talks and provide a consistent, objective view of what transpired.

If there are CCTV cameras nearby, the footage can be really strong proof. If the video shows precisely how the accident transpired, the opposite side might find it considerably more difficult to dispute liability.

Witness statements can also prove invaluable in strengthening your case. People who witnessed an accident could provide important details, helping support your narrative of what transpired and any potentially dangerous situations they saw or observed first-hand.

Partial Fault and Contributory Negligence: What If You’re Partly to Blame?

Sometimes, you could share some of the blame for an accident. We term this kind of negligence contributory negligence. You can still get compensation even if you share some blame; the payout will be less depending on your degree of responsibility. For example, in a vehicle collision where each driver had some responsibility, one driver can be deemed 30% liable. In that instance, they would get 70% of the whole compensation. Being partially at fault does not mean you lose out completely; your payout is changed to show your contribution.

Deadlines & Time Limits: Don’t let your claim expire

Usually, in personal injury claims, there is a strict deadline for claiming damages. Usually, you have three years to start the claims procedure from the date of the injury. Should you wait too long, your claim could be “time-barred,” thus depriving you of your right to claim compensation. Certain exceptions exist, including those involving minors or industrial diseases, where the time restriction might be varied—to be safe, you should act fast.

Dealing with a Personal Injury Lawyer: Why Experience Counts

Regarding personal injury cases, a specialised lawyer can make a significant impact. Strong evidence—such as medical records and witness statements—which might support your case—can easily be gathered by a lawyer. They also know how to negotiate with insurance companies, who often attempt to pay less than you are due.

Beyond that, personal injury law can be confusing, with numerous difficult-to-manage laws and deadlines on your own. A lawyer’s knowledge guarantees you won’t overlook anything crucial and guides you toward the best compensation. A competent lawyer from the HD Claims panel can let you focus on your rehabilitation. At the same time, they try to get you a fair result by addressing the problematic aspects of the procedure.

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What is a Personal Injury Claim?