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UK pay growth accelerates in boost for workers, but vacancies fall – business live

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Rolling coverage of the latest economic and financial news

A new rail watchdog will give passengers a voice and hold the railway to account, the government has promised, as it launched a public consultation ahead of legislation to create Great British Railways.

Ministers intend it to have a beefed-up role in the future nationalised railway, with train operators having an obligation to consult the watchdog – which will replace the current Transport Focus – ahead of major decisions affecting passengers.

“We’re giving passengers a powerful voice with a new watchdog dedicated to addressing their biggest concerns, building railways people can trust, improving our services and boosting the economy in the process.”

“GBR will fundamentally change our railways, delivering growth, connections and opportunities across the country. The plans set out today will mean a better railway for everyone that uses it, allowing industry to work closer together, putting passengers and customers first and providing better value for money for taxpayers.

“We will need to see what this means in practice, and whether this new watchdog will have any teeth to hold GBR to account when it needs to.”.

“The cumulative impact of recent employment reforms, coupled with upcoming increases to employer National Insurance Contributions and the National Living Wage, is significantly weakening the business case for hiring. Our latest data indicates that firms’ headcount expectations remain at historically low levels, comparable to those seen during the early stages of the COVID-19 pandemic in 2020.

“Immediate action is needed to address the mounting pressures on businesses and to restore confidence in the labour market. As the Employment Rights Bill approaches its Report stage, we urge the government to introduce targeted changes that will support employers and stimulate job creation. Our data shows that 41% of business leaders believe that such changes would do most to boost business confidence in 2025.”

Continue reading…Rolling coverage of the latest economic and financial newsA new rail watchdog will give passengers a voice and hold the railway to account, the government has promised, as it launched a public consultation ahead of legislation to create Great British Railways.Ministers intend it to have a beefed-up role in the future nationalised railway, with train operators having an obligation to consult the watchdog – which will replace the current Transport Focus – ahead of major decisions affecting passengers.“We’re giving passengers a powerful voice with a new watchdog dedicated to addressing their biggest concerns, building railways people can trust, improving our services and boosting the economy in the process.”“GBR will fundamentally change our railways, delivering growth, connections and opportunities across the country. The plans set out today will mean a better railway for everyone that uses it, allowing industry to work closer together, putting passengers and customers first and providing better value for money for taxpayers.“We will need to see what this means in practice, and whether this new watchdog will have any teeth to hold GBR to account when it needs to.”.“The cumulative impact of recent employment reforms, coupled with upcoming increases to employer National Insurance Contributions and the National Living Wage, is significantly weakening the business case for hiring. Our latest data indicates that firms’ headcount expectations remain at historically low levels, comparable to those seen during the early stages of the COVID-19 pandemic in 2020.“Immediate action is needed to address the mounting pressures on businesses and to restore confidence in the labour market. As the Employment Rights Bill approaches its Report stage, we urge the government to introduce targeted changes that will support employers and stimulate job creation. Our data shows that 41% of business leaders believe that such changes would do most to boost business confidence in 2025.” Continue reading…