The morning papers are alight with speculation about today’y budget. The most significant piece of news trailled by chancellor Rachel Reeves ahead of today’s statement is perhaps the increase in the National Living Wage to £12.21 an hour for over 21s, equal to a raise of £1,400 per year for full time workers.
Younger employees aged 18-20 and apprentices are also set to see their minimum wages rise.
Reeves is also expected to announce significant tax rises, leading some industry bodies to speak out about the hit to their bottom lines as they brace for wage bill and tax bill increases.
Mondelez International beat third-quarter revenue and profit estimates, Reuters reported on Tuesday. It noted the Cadbury parent’s efforts to provide its products at different price points drove a sequential improvement in sales volumes while demand held steady. (Reuters)
On the other hand, Campari missed forecasts on Tuesday with an 18.2% drop in third-quarter operating profit, according to Reuters. The Italian spirits maker warned its fourth-quarter results would be hit by lower production volume and an unfavourable sales mix. Spirits makers have been struggling with lacklustre demand in the key markets of China and the United States after a post-pandemic boom, it said. (Reuters)
The BBC reports that a woman from Northern Ireland, has settled claims of sexual harassment and victimisation against Tesco for £45,000. Lara Store was a Dotcom Personal Shopper for Tesco when she says she was sexually harassed by a colleague. The case was settled without admission of liability. (BBC)
Milk alternative brand Rude Health has been acquired by Oddlygood, a food and drink company that was spun out of Valio, the Finnish dairy giant, reported The Times. Co-founder Camilla Barnard was rumoured to make a seven-figure deal from the sale, it said. (The Times)
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