50,000 Civil Service jobs at risk in the UK

The UK has the highest property taxes among advanced economies, according to a recent analysis. Last year, property taxes made up 3.7% of the country’s GDP. Households and businesses are preparing for a tax increase next week. In other news, Labour's Rachel Reeves announced plans to cut Civil Service running costs by 15%. She denied that this move signals a return to austerity. However, unions warn that this could put 50,000 jobs at risk, along with vital public services. Retailer Next is expected to report a significant profit increase this week. Despite a shaky economic environment, the company has seen strong sales. They will share their full results on Thursday. S4 Capital, run by Sir Martin Sorrell, reported wider annual losses. The marketing firm faced challenges due to reduced tech spending and global tariff issues. They posted a pre-tax loss of £330.9 million for the last year and cut their workforce by 7%. Lastly, the investment firm Prosus is making progress on its €4 billion acquisition of Just Eat. The two companies released a joint update today, confirming that they are on track with preparations for the deal. Prosus has submitted a request for regulatory approval, and the acquisition is expected to close by the end of the year, leading to Just Eat’s removal from public markets.