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The Daily Telegraph
Councils across England are forecasting a record-breaking £23.5bn income from business rates, just days after the Confederation of British Industry warned that the system risks undermining the economic recovery. Figures released by the government today showed the amount raised by rates will increase by £400m in 2016/17, which local government minister Marcus Jones attributed to a rise in the number of new businesses across the country. But the CBI said on Monday that the burden of rates payments, coupled with the apprenticeship levy and the living wage, could cripple companies over the next five years.
A first UK interest rate rise since the financial crash appears to be even further away after official figures showed that wages growth last year dipped to 1.9%. Wages growth, which is watched carefully by the Bank of England for signs of inflation, lost momentum in December from a high of 3.3% last summer as the global slowdown in trade and turmoil on world stock markets hit the previously buoyant UK economy.
The Daily Mail
Town hall chiefs yesterday threatened to hike parking charges to fill what they say is a hole in their finances.
They also warned of major increases in the fees charged to families for everything from care for the elderly and disabled to taking away garden rubbish. The leap in the charges and fees levied by councils comes as the great majority of local authorities prepare to raise their council tax by the greatest amounts allowed by the Treasury.
Parking, both outside homes and in car parks, makes English councils of £700million a year more than they need to run their parking regimes. Fees charged for all the services for which town halls can send out bills rake in more than £11 billion a year.
Petrol prices could soar by almost 19p a litre if Britain votes to leave the European Union, the AA warns today. Such a huge hike would add more than £10 to the cost of filling up the family car. The doomsday warning was described as a ‘worst case scenario’ by the AA, caused by the value of the pound falling in the event of Brexit along with an increase in oil prices.