Retail Sector Anticipates Tax Raising Measures in Rachel Reeves’ Budget Announcement

Retailers in the UK are on edge as they await the upcoming Budget announcement from Chancellor Rachel Reeves. The British Retail Consortium has reported that companies are holding back on investments in anticipation of potential tax raising measures.

Meanwhile, a think tank has warned that Britain is set to experience the biggest exodus of millionaires in the world due to high taxes and changes to non-dom rules. In other news, Saudi Arabia has acquired a 40% stake in Selfridges, adding to its growing portfolio which includes stakes in Newcastle United and Heathrow Airport.

Despite rising debt pressures, Southern Water plans to pay out £275 million in dividends to shareholders. The Confederation of British Industry is urging Reeves to introduce a net zero tax break for electric car makers and heat pump companies to promote green innovation.

Overnight, mainland Chinese stocks saw a strong start after an extended break, but regional markets were not as optimistic due to a lack of details on stimulus measures from Beijing. Hong Kong stocks tumbled, leading to losses in other Asian markets as well.

In the US, major indices like the Dow Jones Industrial Average and the S&P 500 experienced losses, while the yield on 10-year US Treasury bonds rose. The global market is facing uncertainty as investors react to the latest economic developments. Stay tuned for more updates on this evolving story.