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At the CBI's annual conference, Rain Newton-Smith criticized the government's recent tax increases, particularly the rise in national insurance contributions, stating they undermine business investment and growth. Chancellor Rachel Reeves defended the measures, asserting they were necessary for public spending and economic stability.
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Recent financial updates from major UK retailers reveal a mixed performance. Sainsbury's reported a revenue increase, while Primark faced challenges due to weather. Domino's showed growth in sales and store openings, indicating resilience in the fast-food sector. Overall, the retail landscape remains dynamic as companies adapt to changing consumer behaviors.
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Chancellor Rachel Reeves announced plans to consolidate the UK's 86 local government pension schemes into 'megafunds' during her first Mansion House speech. This reform aims to unlock £80 billion for investment in infrastructure and businesses, mirroring successful models in Australia and Canada.
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As Black Friday approaches, UK retailers anticipate a cautious Christmas due to high energy costs and a recent budget impacting consumer confidence. Sales have declined, particularly in clothing and gifts, with JD Sports reporting lower-than-expected profits amid increased competition and mild weather. Analysts predict modest growth in holiday sales.