Families are at risk of being priced out of local vacations due to a proposed ‘tourist tax’, according to government warnings. This levy, suggested by the Labour party, would allow regional mayors in England to impose a “visitor levy” on overnight stays, similar to practices in some European countries. The specifics of this tax are yet to be finalized, but it could be a per-head charge or a percentage of the accommodation cost.
Critics argue that this tax could substantially increase the expenses for families on holiday. For instance, a family of four on a two-week summer break might see an additional cost of over £100. In a more extreme scenario, a family of six staying in Blackpool for four nights at £49 could witness their expenses almost doubling to £97.
Expressing concerns about the implications, trade body UKHospitality, alongside 200 businesses, has penned a joint letter to Chancellor Rachel Reeves. In other news, Zoopla’s latest research has identified Sunderland as England’s most affordable city for property buyers. The average monthly mortgage payments in this city amount to merely 17% of the typical monthly salary, with an average property price of £106,700 for one or two-bedroom homes.
Additionally, Greene King has disclosed plans to inaugurate 30 new franchise pubs this year, following the establishment of 100 franchise Hive and Nest concept pubs. The company aims to expand its franchise operations into Wales and the Southwest of England by 2026. On the mortgage front, data from UK Finance reveals a decrease in the number of home owners falling behind on repayments, despite the ongoing cost of living crisis and multiple Bank of England interest rate cuts.
Moreover, the FTSE 100 has achieved a new record high in early trading, benefitting pension savers and investors. The index surged by around 34 points to over 10,500, with similar record highs observed in other European markets. Notably, the biggest gainer was Schroders, rising over 28% following a near £10 billion takeover agreement with US investment firm Nuveen.
Furthermore, Côte Brasserie is offering a special half-term deal for kids, where children aged 12 can enjoy a two-course meal for £1 with every full-price adult main course. M&S has also been recognized as Britain’s top in-store supermarket for customer satisfaction, per a recent Which? survey. However, Asda and Morrisons ranked at the bottom for in-store shopping satisfaction.
Lastly, the UK economy experienced minimal growth of 0.1% in the final quarter of last year, lower than experts’ predictions. Nonetheless, the overall economic growth for the year saw an improvement from 1.1% to 1.3%. Chancellor Rachel Reeves attributed this growth to the government’s economic strategies aimed at reducing the cost of living, national debt, and fostering growth and investment nationwide.