Here are the business stories making the headlines locally and across the country this morning.

Aberdeen sports facilities on the line if ‘catastrophic’ budget cuts are made

Pools could be drained or sports halls boarded up if a “catastrophic” budget cut is approved, Aberdeen councillors are being warned.

They will meet on Wednesday to agree next year’s spending plan.

And new Sport Aberdeen chief executive Keith Heslop has shared the reality of the proposals with The Press and Journal.

City accountants are pressing for a 25% cut to his charity’s funding from April as they look to close a £25.3m budget black hole.

Any tax cuts will need to be 'undone' after election, economist claims

Any tax cuts made during this budget will "one way or another be undone after the election", according to one economist.

Speaking to Sky News, Paul Johnson, the director of the Institute for Fiscal Studies, explained that - if it were not an election year - it is unlikely that Chancellor Jeremy Hunt would be looking to trim the tax burden.

Speaking to Sunday Morning with Trevor Phillips, Mr Hunt said his budget would be "prudent and responsible" - but added that he wanted to "make some progress" on the "journey" started by the two pence cut to National Insurance announced in the autumn statement six months ago.

The chancellor is facing pressure to cut taxes to try and shift the polls in favour of his own party, which is languishing well behind Labour.

Retailers suffer longest slump in sales since 2020 lockdown

Retailers are suffering from the longest slump in sales since the pandemic, as shoppers cut back for the fifth successive month.

New figures from BDO show that sales across fashion, homewares and lifestyle dipped by 1.3pc in February, as the consultancy firm warned of an “almost unprecedented” downturn.

Sales in the fashion sector were hit the hardest, BDO said, as sales dropped 8.2pc compared to last year.

February’s data marked the first time retail sales contracted for five straight months since 2020, when the majority of non-essential shops were forced to close amid lockdown restrictions.

Banks placed on alert over 'rogue' Companies House filings

Britain's biggest banks have been placed on alert over hundreds of 'rogue' filings which appear to have been lodged at Companies House, the UK’s central corporate register.

Sky News has obtained a note issued by UK Finance, the banking trade association, which warned its members that approximately 800 forms relating to the discharging of financial liabilities were submitted at Companies House late last month.

In the notice to banks - marked as "Urgent" when it was circulated last week - UK Finance said it had alerted both Companies House and the Department for Business and Trade to the issue.

Industry executives pointed to the possibility of an attempted fraud or hacking of the Companies House register, although the circumstances remained unclear on Sunday.

More like this…

View all