Here are the business stories making the headlines across Scotland and the UK this morning.
Reeves warned of ‘tsunami of care home closures’ in wake of tax raid
Rachel Reeves will trigger a “tsunami of closures” across Britain’s care home sector, a leading operator has warned, after her tax raid forced it to shut one of its sites.
Robert Kilgour, the founder of Renaissance Care, said he had been left with no choice but to close one of his 19 care homes in Scotland last week as a direct result of the Chancellor’s Budget, which sparked an increase in running costs.
He attacked the Government over its “profound lack of support and understanding of the care sector”, as he warned that the closure is just the “tip of the iceberg” across the UK’s strained social care sector.
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Asking prices for homes hit a new high
Sellers are demanding record prices for their homes as the UK housing market presses on despite the lowering of stamp duty thresholds and the global trade war started by President Trump.
Economists had fretted that the changes to stamp duty, which in some cases have added more than £11,000 to the cost of buying a house, coupled with the economic uncertainty sparked by Trump would weigh on Britain’s housing market.
However, the average price of a property coming to market has risen by 1.4% this month to a new record of £377,182, according to Rightmove, the property search website.
Viagogo failing to prevent potentially unlawful practices, say campaigners
The ticket resale platform Viagogo has been accused of failing to prevent “misleading and potentially unlawful” practices on its platform.
Ministers are weighing up plans to cap the price at which tickets can be resold, after Labour pledged in its election manifesto to tackle ticket touts using platforms such as Viagogo and StubHub to charge fans huge mark-ups for in-demand shows.
The plans, which could include a cap of 10% above face value, pose a significant threat to resale platforms, which make a commission on every ticket sold.