24. Weekly Newsletter
Concerns for the US over rising costs in the UK
BAB chief executive, Duncan Edwards has stated this week that “there’s concern about a potential rise in the cost of doing business in the UK”. The Conservative and Labour party have been fighting for the upper hand in the last few weeks as the general in July looms. Some US companies are concerned about rising operational costs under a Labour government with Edwards stating that there was “scepticism” amongst companies. Edwards represents over 400 companies in the UK and US including the likes of Amazon and Delta.
Some of the concerns include tax, rising employment costs and regulation in competition law. Edwards has also added that the UK election pales in comparison to the US one and that it is “not exercising the minds” of most US CEOs “in a big way”. This is mostly due to the policies declared by both parties are seemingly not that far apart.
Newspapers
Some of the British headlines from the past week are:
- Financial Times- ‘Labour to pledge better deal for Port Talbot steelworks’
- Financial Times- ‘UK households face £800 annual tax rise after election, warns think-tank’
- Financial Times- ‘UK ended Palantir post-Brexit border deal over ‘budget pressures’
- Financial Times- ‘UK election draws a veil of silence over bitter economic truths’
- Financial Times- ‘Oil and gas jobs dominate Scotland’s election battle’
Sunak looks to gain ground in election race
Earlier this week, Rishi Sunak made a very controversial decision to leave early from the D-Day commemoration on Omaha Beach which sparked a lot of outrage, forcing Sunak to apologise. Sunak is looking to find a way back in the race with Labour being heavy favourites at the moment and the Reform Party being close in the polls to the Conservatives. Sunak made the announcement that the Conservatives would make it their “moral mission” to keep as many people as possible in work and off benefits which would save £12 billion to be invested in the country elsewhere.
