Tag: Press Release

  • PRESS RELEASE : Sammy Wilson challenges Chancellor about £400 payments for NI [November 2022]

    PRESS RELEASE : Sammy Wilson challenges Chancellor about £400 payments for NI [November 2022]

    The press release issued by the DUP on 15 November 2022.

    The DUP’s East Antrim MP Sammy Wilson has said that no-one should use energy payments to Northern Ireland households as political leverage.

    He was commenting after calling for the Government to deliver the £400 payments to Northern Ireland customers before Christmas. He made the call at Treasury Questions in the House of Commons today.

    Speaking afterwards the DUP MP said,

    “There have been repeated claims, including this morning on Radio 4, that the £400 energy payments to Northern Ireland will be delayed because the NI Assembly and Executive are not fully functioning. These claims however are not substantiated with detail as to why the Government’s commitment that payments will be made before Christmas cannot be met.

    I know that Ministers in Whitehall have worked with the Economy Minister to process the scheme and issues relating to some energy companies have been ironed out. The money is also there and indeed the Government has taken out advertisements here in Northern Ireland trumpeting the delivery of this very help.

    It is welcome that the Chancellor repeated the previous Government commitment that people in all parts of the United Kingdom would have these payments to help before the Christmas period. It is also right that he investigates whether any Minister or civil servant has been deliberately holding up these payments to use them as political leverage. Such an act would be an abuse of power.

    No-one should use fuel poverty as a political pawn. The ultimate way to prove that this has not been happening is for the Government to issue the payments as quickly as possible.”

  • PRESS RELEASE : Those seeking joint authority should focus on restoring devolution [November 2022]

    PRESS RELEASE : Those seeking joint authority should focus on restoring devolution [November 2022]

    The press release issued by the DUP on 14 November 2022.

    DUP Lagan Valley MLA Paul Givan has said anyone pursing joint authority would be better to harness their energy and replace the Protocol with arrangements that unionists can support so devolution can be restored.

    Mr Givan said,

    “A poll where a vague question about ‘consultative role’ is asked, ignores the reality that the Republic of Ireland has no legal basis for the governing of Northern Ireland. Indeed, it would also be a breach of the Belfast and successor agreements.

    Most people want to see the restoration of devolution. It is the Protocol alone that is stopping the formation of an Executive immediately. The warning that devolution and the Protocol could not co-exist was sounded 14 months ago by Sir Jeffrey Donaldson, long before the last Assembly election.

    The Protocol is harming Northern Ireland, and this is when we are not yet feeling its full effects. The ongoing grace periods being challenged by the EU and UK Government support have insulated us from those most devastating consequences. However, even this insulation comes at a cost with the Trader Support Service costing £365,000 per day to administer – that is £15,000 per hour. The cost of operating this scheme for a single day should be judged against the number of nurses salaries it could pay for a year.

    The focus should be on replacing the Protocol with arrangements that can receive the support of unionists. That will provide a solid foundation for the restoration of devolution and we can get on with the task of reforming our Health Service through recruiting additional nurses and GPs.”

  • PRESS RELEASE : Gordon Lyons – deal with the Protocol and then we can restore Stormont [November 2022]

    PRESS RELEASE : Gordon Lyons – deal with the Protocol and then we can restore Stormont [November 2022]

    The press release issued by the DUP on 11 November 2022.

    DUP East Antrim MLA Gordon Lyons has briefed an American congressional delegation in Belfast alongside Party colleagues Emma Little Pengelly MLA and Phillip Brett MLA.

    Speaking afterwards Mr Lyons said,

    “This was a useful briefing where we emphasised that there is no solid basis for an Executive and Assembly until the Protocol is replaced with arrangements that unionists can support. Northern Ireland’s place in the U.K. internal market must be restored and our constitutional arrangements must be respected.

    We operate powersharing not majority rule. Powersharing can only work with the consent of unionists and nationalists. Not one unionist MLA supports the Protocol.

    We published our seven tests more than twelve months ago so that Brussels and London could understand what was needed. Those tests were based on promises made by the Government to the people of Northern Ireland but were never delivered.

    The Government has made commitments both in New Decade New Approach and in the House of Commons, these must now be turned into actions. We tried to deal with the Protocol for two years whilst devolution was functioning but no action was taken. This was time that was squandered.

    Deal with the Protocol and then Stormont can be restored.”

  • PRESS RELEASE : Phillip Brett – “NI Protocol’s TSS costing £15k per hour” [November 2022]

    PRESS RELEASE : Phillip Brett – “NI Protocol’s TSS costing £15k per hour” [November 2022]

    The press release issued by the DUP on 11 November 2022.

    DUP North Belfast MLA Phillip Brett has challenged the parties who called for the ‘rigorous implementation’ of the Protocol to justify the current spending of £375,000 per day on a Trader Support Service which would multiply many times over if the Protocol was fully implemented.

    Mr Brett said,

    “Treasury has confirmed to my colleague Gregory Campbell MP that the Trader Support Service which helps companies deal with NI Protocol generated paperwork, cost £63m for the first six months of this year. That’s £375k per day or £15k per hour.

    Those parties, namely Sinn Fein, SDLP and Alliance, who called for the full implementation of the Protocol must accept that the ending of the grace periods and full implementation would mean this cost would multiply many times over. Indeed, our main transport companies in Northern Ireland have said the full implementation of the Protocol would lead to a collapse of our supply chain within 48 hours. They even warned that people ‘better have their freezer full’.

    Rather than the rigorous implementation of the Protocol, we need the Protocol replaced with arrangements which restore Northern Ireland’s place in the U.K. internal market and which ensure our constitutional arrangements are respected.”

  • PRESS RELEASE : Sir Jeffrey Donaldson – A return to cross-community consensus can provide foundation for restoration of devolution [November 2022]

    PRESS RELEASE : Sir Jeffrey Donaldson – A return to cross-community consensus can provide foundation for restoration of devolution [November 2022]

    The press release issued by the DUP on 10 November 2022.

    DUP Leader Sir Jeffrey Donaldson has called for a return to the principle of consensus and cross community support in order to see the restoration of devolution in Northern Ireland. His comments come as the British Irish Council is due to meet in Blackpool.

    Sir Jeffrey said,

    “As the Prime Minister and the Taoiseach meet in Blackpool there should be a recommitment to the key issue of consensus and the need for cross-community support in Northern Ireland. If the main aim of both the UK and the EU is to protect the Belfast Agreement then any solution must be built on that key foundation upon which the Agreement itself is based.

    Increasingly we hear some parties in Northern Ireland claim to uphold the Agreement on one hand whilst on the other they seek to exclude and sideline unionism. Notably, the desire to exclude one political tradition was not expressed by these same parties at any point during the three years that Sinn Fein prevented the formation of an Executive.

    The DUP has set out 7 tests by which new arrangements will be judged. These are not a unionist wish list, but are based on promises that have already been made to the people of Northern Ireland and that should be honoured. It is not too much to ask that the government stands over those promises.

    I hope the Prime Minister and the Taoiseach are as keen to see devolution restored as I am. That can only happen however when there is a stable foundation through the provision of cross-community consensus. Restoring Northern Ireland’s place within the United Kingdom and removing the barriers to trade created by the Protocol in a way that can receive unionist support will put that foundation in place.”

  • PRESS RELEASE : Jeffrey Donaldson – Protocol is key to restoring Stormont [November 2022]

    PRESS RELEASE : Jeffrey Donaldson – Protocol is key to restoring Stormont [November 2022]

    The press release issued by the DUP on 9 November 2022.

    Sir Jeffrey said,

    “The Secretary of State has announced he is amending legislation which emanates from the New Decade New Approach agreement yet one of the NDNA commitments from the Government which is not being implemented is the restoration of Northern Ireland’s place within the United Kingdom internal market.

    If the Secretary of State wants to restore Stormont, then he must ensure the Government replaces the Protocol with arrangements that unionists can support.”

    Mr Donaldson continued,

    “Whilst people speak about their desire to protect the Belfast Agreement, they fail to recognise the core element of the Agreement was consensus, yet every unionist MLA and MP opposes the Protocol.

    Progress is only made in Northern Ireland when there is a foundation based on the consent of unionists and nationalists. Indeed, some of those seeking to now abandon consent were silent for 1044 days when Sinn Fein blocked devolution over the Irish language.”

  • PRESS RELEASE : PwC comments on Oct 2022 retail sales figures [November 2022]

    PRESS RELEASE : PwC comments on Oct 2022 retail sales figures [November 2022]

    The press release issued by PWC on 18 November 2022.

    Commenting on the Office of National Statistics retail sales index for Oct 2022, Lisa Hooker, Industry Leader for Consumer Markets at PwC, said:

    While headline retail sales increased slightly in October on both a volume and pound note basis compared with the previous month, this was entirely due to the loss of a trading day in September for the Queen’s funeral.

    Worryingly, on an annual basis, the 2.9% increase in overall retail sales excluding petrol was accounted for by the record inflation that was reported earlier this week. On a volume basis, shoppers were actually buying 6.7% less than last October.

    Supermarkets were particularly hard hit last month, as shoppers bought less, wasted less and traded down to cheaper alternatives in the face of 16.4% inflation, a 45 year high. But, even apart from groceries, non-food sales continued to fall behind pre-pandemic levels as consumers started to cut back as the impact of higher energy and food bills hit and more is spent on second hand goods.

    One saving grace for the high street is the return of shoppers from online into physical stores. The proportion of retail sales online, while higher than before the pandemic, continued to fall back, helped by both the mild weather and a growing preference for physical shopping among younger generations.

    With little over a month to go until Christmas, retailers will be hoping that the picture improves. Particularly compared with the disappointment of last year when the Omicron variant cancelled many festive plans at the last minute. We think there is a good chance of one last hurrah before the tax rises announced in the Autumn Statement hit. For example, shoppers already tell us that they’ll be spending £0.5 billion more in the Black Friday sales next week.

    However, with the country facing the biggest decline in real disposable income since the end of World War II, and continued cost headwinds in the form of higher energy and input costs and National Living Wage increases, there is no question that the retail sector will face unprecedented challenges in 2023.

  • PRESS RELEASE : 1 in 4 consumers set to spend on Black Friday despite economic downturn [November 2022]

    PRESS RELEASE : 1 in 4 consumers set to spend on Black Friday despite economic downturn [November 2022]

    The press release issued by PWC on 17 November 2022.

    Despite the cost-of-living crisis, interest in Black Friday has held up. PwC unveiled its annual Black Friday research which gives a glimpse of how shoppers are kicking off the festive rush for retail.

    Interest has maintained from last year, with 37% of consumers interested and may buy (up 2% from 2021) and 24% of consumers stating they will definitely buy – matching 2021 levels. This is in contrast to 2020 levels where only 16% of consumers planned to purchase in the Black Friday period.

    With almost half of under 35s definitely spending (48%), interest from male shoppers sits 10% higher than than females. Amongst men, 29% plan to definitely purchase with 34% interested opposed to 19% of women definitely spending and 35% interested.

    Kien Tan, Retail Director at PwC comments:

    “With the World Cup approaching and the first opportunity to browse high streets without pandemic restrictions in three years, it may not be a surprise that almost two-thirds of men will be shopping over the Black Friday period, with the majority of them (57%) looking for new tech or electrical products.

    By comparison, female shoppers intend to spend half as much as men (£168 vs £310), and are mostly using Black Friday to get a head start on Christmas shopping, with 71% planning to buy for their family.

    Meanwhile, interest in Black Friday is highest amongst under 25s: 9 out of 10 Gen Zers say they’ll be looking for a bargain, and three-quarters of them are planning to buy a treat for themselves.”

    PwC estimates the average spend per consumer to be around £238 which will add £0.5billion extra to the retail economy this year taking the overall spend on Black Friday bargains to £7.5billion.

    Shoppers will predominantly be shopping for electricals (51%), fashion (32%) and Christmas stocking fillers (28%). Interest in homewares (25%) and beauty (24%) have increased slightly from 2021. Shoppers are also showing a renewed interest in shopping in store for a bargain rather than online, with 19% planning to hit the high street and 12% planning to click & collect – a 2% increase in both arenas from 2021. 69% plan to shop online – a 4% decrease from 2021.

    Lisa Hooker, Industry Leader for Consumer Markets at PwC comments:

    “There has been a lot of commentary that shoppers are less interested in Black Friday this year, but that is not what consumers are telling us, with expected spend estimated to be £0.5bn higher than last year as people look for treats and bargains or try to spread the cost of Christmas over a longer time period.

    Consumers have been closely monitoring their favourite brands in anticipation of big ticket electronics, more pricey winter wear or Christmas stocking fillers being discounted, and they’re in search of bargains more than ever given rising inflation.

    Despite the consumer spending headwinds, many retailers have held their nerve this year, with the lower levels of promotional activity we saw last Autumn continuing into 2022. However, many retailers will still see Black Friday as an opportunity to engage with their customers, clear excess stock, and offer value for money, so we are expecting the usual ramp-up in sales and discounts as we approach the end of November.”

  • PRESS RELEASE : Autumn Statement – PwC comments on the Triple Lock and Lifetime Annual Allowance (LTA) [November 2022]

    PRESS RELEASE : Autumn Statement – PwC comments on the Triple Lock and Lifetime Annual Allowance (LTA) [November 2022]

    The press release issued by PWC on 17 November 2022.

    Raj Mody, global head of pensions at PwC comments on the triple lock and state pension:

    “The Chancellor’s decision to retain the triple lock will ensure the state pension does not lose value in real terms. Based on September’s inflation rate of 10.1%, it will take the basic rate from £142 to £156 and the new state pension up from £185 to £204 a week. For the 12.5 million pensioners who fully rely on the state pension this will be welcome news.

    “Looking forward, if the triple lock continues, then it’s likely that the state pension will catch up with the tax-free Personal Allowance by the end of the 5-year period that the Personal Allowance has been frozen for. That will create an interesting policy situation for future Governments, which may be better tackled earlier than later. To end up in the situation where the state pension itself is taxed seems odd, for the Government to give out with one hand and then take back with another.”

    Roshni Patel, DC pensions and benefits lead at PwC comments on the lifetime allowance:

    “There was no further news on the Lifetime Allowance or Annual Allowance, suggesting they will continue to remain frozen for two more years. People’s pensions savings will start catching up with the frozen Allowance. It equates to £53,000 per annum for a Defined Benefit (‘DB’) scheme member, and would deliver less than that for a Defined Contribution (‘DC’) member, maybe around £45,000 depending on the going rate for annuities at the time of retirement. Apart from the disparity between DB and DC savers, these amounts might seem a lot but won’t feel like that in real terms at the end of the frozen period.

    “With the reduction in dividend and capital gains tax allowances, it does make saving into a pension or ISA more desirable, instead of holding investments directly.”

  • PRESS RELEASE : Autumn Statement – PwC comments on business rates support [November 2022]

    PRESS RELEASE : Autumn Statement – PwC comments on business rates support [November 2022]

    The press release issued by PWC on 17 November 2022.

    Phil Vernon, head of ratings at PwC, says:

    “The Chancellor has correctly identified that one of the core issues with business rates is that the tax rate is too high and so freezing the rates multiplier in 2023/4 and the introduction of a package to reduce the burden will be welcomed by many businesses. However, these announcements will have to dovetail with the effects of the revaluation next year, and so properties facing an increase in their rateable value will still see an increase in their rates bills.

    “This package continues the focus on retail, leisure and hospitality businesses relief, upping the relief to 75% of rates payable. But with the relief being capped at £110,000 per business, larger retailers and other sectors will be facing full business rates bills.

    “Confirmation that the rates revaluation will proceed alongside a transitional relief scheme that will focus only on those rate bills that are increasing, will provide some reassurance that the highest rises in business rates will be curtailed. But as with all revaluations we will see winners and losers. The new rateable values for 2023 are due to be released imminently and so we should soon have a much clearer idea of the effect on business from next year.”