Here are the business stories making the headlines across Scotland and the UK this morning.
SNP wealth tax plan targets property, pensions — and jewellery
The Scottish government plans to impose a wealth tax that could force people to pay an annual sum based on the value of assets such as homes, savings, pensions and even jewellery.
The SNP is exploring options linked to the move and has appointed a market research company to assess “opportunities, challenges and practical considerations associated with introducing wealth taxation in Scotland”. The private firm will examine academic research and expert evidence to provide “analysis of relevant international examples of wealth taxation”.
The details of the possible tax comes after the Scottish budget last month, which pushed thousands more people into paying higher rates of income tax, and proposed a tax on higher-value homes.
Union Street jeweller says roadworks ‘getting worse’ and devastating trade
A Union Street jeweller struggling with a 70% drop in sales has pleaded for faster progress on Aberdeen city centre roadworks after construction teams completely blocked his shopfront.
Simon Balaban, owner of Northern Diamond, said contractors jammed fencing up against his entire window display, leaving only the front door accessible just days before Valentine’s weekend – a crucial trading period.
Mr Balaban said confusing access routes, fencing, and ‘no access’ signs are deterring customers, particularly elderly shoppers who struggle with the maze of temporary walkways.
Nadhim Zahawi joins firm investing £1bn in Mayfair hotels
A new Middle Eastern fund that plans to invest more than £1billion in two luxury hotels in London’s Mayfair has appointed Nadhim Zahawi, a former chancellor, as a director.
Evolution Investment Fund has acquired a leasehold interest in both London Marriott Hotel Grosvenor Square and a development site with full consent near New Bond Street. It has made a total capital commitment of approximately £1.1billion including development costs.
The family-backed investment fund, based in the British Virgin Islands, said that it marked a “significant vote of confidence in London’s long-term growth prospects and as a destination for world-leading experiences”. It has appointed Zahawi as director of the acquisition entities.
Youth jobless crisis as AI and rise in national insurance bite
Job vacancies in Britain have fallen to their lowest level in five years as businesses freeze graduate recruitment amid rising national insurance costs and the growing use of artificial intelligence, new data shows.
Figures from Adzuna, the job-matching platform, showed that the number of advertised roles dropped to 694,940 in January, down 16% year on year and 3% month on month. It marks the first time since January 2021 that vacancies have slipped below 700,000 and leaves hiring volumes only marginally above pandemic-era lows.
The downturn was especially acute for young people. Fewer than 10,000 graduate jobs were advertised last month, the first time the figure has fallen below that threshold since Adzuna began tracking it in 2016.
KFC, Nando's, and others ditch chicken welfare pledge
Major restaurant chains, including KFC, have ditched a commitment to improve chicken sourcing standards in the UK as poultry demand soars.
Eight restaurant groups, which also include the owners of Burger King and Nando's, have left the Better Chicken Commitment (BCC), in which they pledged to stop using fast-growing chickens, for an industry-led plan without that commitment.
Animal welfare groups say fast-growing "franken-chickens" mature quicker but also have higher rates of premature death and muscle disease.