Thursday newspaper round-up: Business rates, air fares, house prices
The owner of the UK’s biggest poultry supplier has warned that the cost of chicken is expected to rise by more than 10%, adding that food in Britain is “too cheap.” In a strongly worded intervention, Ranjit Singh Boparan, the owner of Bernard Matthews and 2 Sisters Food Group, called for a “reset” on pricing to reflect the true cost of producing food. “How can it be right that a whole chicken costs less than a pint of beer? You’re looking at a different world where the shopper pays more,” he said on Wednesday. - Guardian
Employers’ groups representing more than a quarter of jobs in Britain have called on Rishi Sunak to cut business rates in the budget later this month to unlock billions of pounds of investment in the economy. In a joint statement ahead of the chancellor’s post-lockdown budget, the Confederation of British Industry (CBI) and 41 other leading trade groups are demanding fundamental changes to the system, which taxes companies based on the premises they occupy. - Guardian
Holidaymakers will face higher ticket prices as a result of EU plans to force airlines to use more biofuel, the industry's top lobbyist has warned. Willie Walsh, director general of the International Air Transport Association, said new quotas for sustainable aviation fuel will allow suppliers to hike prices - a cost that would be passed on to passengers through increased fares. - Telegraph
Interest rate rises risk bringing house price growth to a shuddering halt and causing turmoil in government finances around the world, reports by the International Monetary Fund and UBS have warned. In its study which covered 25 major cities across the world, UBS found that the risks of a bubble had increased over the past year and that increases to interest rates would rapidly dampen frothy global property markets. - Telegraph
The Bank of England has warned that cryptocurrencies need to be regulated as a “matter of urgency” because of the “plausible” risk of a collapse in the market. Sir Jon Cunliffe, a deputy governor of the Bank, said that the risk of contagion from a potential crash in digital currencies was limited at present, but he added that there were “very good reasons” to fear that this could change soon. - The Times
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