Tesco is facing a £1billion increase in national insurance after Rachel Reeves raised employer contributions by 1.2 percentage points, with the bill based on an analysis by Morgan Stanley. The move is part of Chancellor Rachel Reeves’ plan to raise an extra £25 billion through the hike, leading to concerns in the industry about rising costs, potential job cuts, and companies trying to avoid passing the additional expenses onto consumers. From next April, employers will pay NI at 15 per cent on salaries above £5,000, significantly impacting major retailers like Tesco, Sainsbury’s, Asda, and Morrisons.
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US stocks jump as Trump touts ‘positive’ progress on EU trade talks
US stocks surged following President Trump's positive remarks on trade talks with the EU, coinciding with the postponement of proposed 50% tariffs. The S&P 500 climbed 1.6%, led by consumer cyclicals and tech companies, while consumer confidence rebounded in May after five months of decline. Trump's engagement with the EU, which included a call for quick meetings, and the anticipation of a trade deal contributed to market optimism, with analysts suggesting the tariff threats may...
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