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The Swindon-based firm’s shares fell on the news

Smiths News has been warned it could face a financial claim over the underfunded pension scheme of collapsed firm Tuffnells Parcels Express. The UK Pensions Regulator told the Swindon-headquartered business at the end of last week it was considering issuing a so-called financial support direction against the firm, which would give it the power to require financial backing for an underfunded pension scheme, even where there has been no wrongdoing.

Smiths News, the UK’s largest wholesaler of newspapers and magazines, owned Tuffnells Parcels Express for nearly six years until May 2020, before Tuffnells called in administrators in June 2023, with its pension scheme left with a large deficit.

Smiths News said a number of other parties connected to Tuffnells are also identified in the warning notice as potential targets of the regulator’s powers. The regulator can seek up to £3.5m from the firms to help plug the funding hole in the Tuffnells pension scheme.

Shares in Smiths News fell three per cent in Monday morning trading.

The firm said: “The board is reviewing the warning notice with its advisers and will have an opportunity to make submissions to the Pensions Regulator in response.

“These will be considered by the Pensions Regulator’s case team and then referred to a determinations panel before any decision is made as to whether a financial support direction should be issued against Smiths News, and if so, in what form or for what value.”

It added: “The board maintains the view that Smiths News acted reasonably throughout its time as parent of Tuffnells and that it was an overall net contributor of funding to Tuffnells during its period of ownership.”

The European Commission has called on the United States to honor the terms of a transatlantic trade deal reached last year, after new tariffs were announced following a ruling by the US Supreme Court.

The request signals rising tension between two of the world’s largest trading partners as officials seek clarity on how the new measures will be applied.

The court struck down former President Donald Trump’s earlier global tariffs on Friday. In response, Trump introduced temporary tariffs of 10% across the board, raising them to 15% a day later, Reuters reported.

The European Commission said Washington must provide “full clarity” on its next steps and whether the new levies comply with the existing agreement.

“The current situation is not conducive to delivering ‘fair, balanced, and mutually beneficial’ transatlantic trade and investment,” the Commission said, adding, “A deal is a deal.”

The statement was stronger than the bloc’s initial response, which had simply noted it was reviewing the court’s decision.

Under last year’s trade arrangement, most European Union goods entering the US face a 15% tariff, while certain sectors—such as steel—are governed by separate rules.

Some items, including aircraft and spare parts, were granted zero tariffs. In exchange, the EU reduced duties on many US products and stepped back from plans to impose retaliatory measures.

European Commission Warns New US Tariffs

Officials say it remains unclear whether the newly announced tariffs override those terms. If they do, products currently enjoying zero duties could lose that status.

There is also concern that the new tariffs might be added on top of existing US import duties, something the earlier agreement avoided.

Economic estimates suggest the impact could be significant.

According to the NYPost, trade policy monitor Global Trade Alert projects the EU could be about 0.8 percentage points worse off overall, with Italy facing an additional 1.7 percentage points in tariffs.

The Commission warned that unpredictable tariff policies risk shaking business confidence and disrupting global markets.

It emphasized that European products should continue to receive the competitive treatment promised under the agreement, with no increases beyond the agreed ceiling.

EU Trade Commissioner Maros Sefcovic has already raised the issue with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick, underscoring the urgency of the situation.

Originally published on vcpost.com

The cost of supporting children with special educational needs and disabilities (SEND) is set to continue rising for much of the decade, despite a sweeping overhaul of the system unveiled in the government’s long-awaited schools white paper.

Ministers have confirmed that education, health and care plans (EHCPs), the legally binding documents that guarantee tailored support, will gradually be scaled back for many pupils as a new system of specialist provision is introduced. However, while the reforms are phased in, the number of EHCPs is expected to keep climbing.

EHCP numbers have doubled over the past ten years, pushing annual SEND spending to around £12bn. Government forecasts suggest that by 2029–30 more than 8 per cent of children could hold an EHCP before numbers begin to decline. After that point, the total is projected to fall by around 270,000, returning to roughly today’s level of 640,000. Officials expect spending to stabilise at current levels by 2035, though they have cautioned that longer-term projections remain uncertain.

Bridget Phillipson said the reforms are designed to reduce the adversarial nature of the current system, which often sees families locked in lengthy disputes with local authorities. While the government initially appeared to signal that EHCPs might be scrapped entirely, ministers have now clarified that families will still be able to request them, particularly for children with the most complex needs. However, mediation will replace tribunal proceedings in most cases where support levels are contested.

Under the new framework, schools will be legally required to publish inclusion strategies setting out how they will support SEND pupils and will be assessed on their performance by Ofsted. By the end of the decade, children with additional needs are expected to receive individual support plans, described as a digital “passport”, intended to reduce reliance on formal EHCP applications.

The revised model will introduce three layers of additional support on top of a universal offer available to all SEND pupils. Most children will remain in mainstream schools, receiving either targeted classroom support or additional professional input such as speech and language therapy. Only those with the most complex needs will be directed towards specialist placements, with EHCPs retained primarily for this group.

The reforms will cost £4bn overall, including £1.6bn allocated to help mainstream schools strengthen provision. Yet the Department for Education has acknowledged that EHCP numbers may not fall below their current level and that rising demand could continue to place strain on local authority budgets.

Alongside changes to SEND provision, the white paper proposes tighter oversight of private specialist schools, including the possibility of capping fees and restricting expansion where deemed unnecessary. Ministers have criticised what they describe as excessive charges and have raised concerns about private equity involvement in the sector.

The paper also reiterates the government’s ambition for all schools to join or form multi-academy trusts, while warning against excessive executive pay and calling for clearer expectations between families and schools.

A three-month public consultation on the proposals is now under way. While ministers argue the overhaul will ease pressure on families and improve early intervention, critics warn that without deeper structural reform to assessment thresholds and accountability, rising demand may continue to drive costs higher before any savings materialise.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Behind Florida’s fine sand beaches and bright green palm trees, a roaring and thriving economy isn’t just running on sunshine; it’s a direct result of a “secret sauce” that combines aggressive private-sector growth with a stark fiscal contrast to the policies of high-tax, Democratic-led states.

While hubs like New York and California descend into what Florida Chamber of Commerce President and CEO Mark Wilson calls a “death spiral,” the Sunshine State is officially open for business as a global superpower. With more than $4 million in wealth flowing across its borders every single hour, Florida has leapfrogged Spain to become the 15th-largest economy in the world — and Wilson says the state is just getting started.

“Part of the secret sauce in Florida is that we’re all on the same page,” Wilson told Fox News Digital. “The business community, our elected leaders, we understand that economic growth — growing the private sector and shrinking the public sector — that’s good for everyone in Florida. So we have 23.5 million people here, and we want to create economic opportunity and good jobs for everyone who wants to be in Florida.”

“I always say, if Florida was a stock, I’d be investing everything I had in it. It’s because of our economic diversification strategy and our focus on growing business and growing jobs,” he continued.

A.I. GIANT PALANTIR MOVES ITS HEADQUARTERS TO FLORIDA AS TECH COMPANY EXODUS CONTINUES

Wilson provided the most current statistics around Florida’s population and wealth migration, which began in the early post-pandemic period. The number of new residents moving to the state every day has decreased from a peak of 1,000 to between 500 and 600 people, while the amount of income has remained the same at just over $4 million, “24 hours a day, nights, weekends, holidays included.”

Through 2030, Florida is expected to welcome 500 to 600 new residents per day. (Getty Images)

The Chamber’s 2030 blueprint aims to raise Florida’s economy to a top-10 spot by that landmark year, and Wilson remained confident in the state’s ability to accomplish that goal, noting the state is reportedly close to surpassing Australia for 14th place.

“Florida leads the nation by a country mile [in income migration],” Wilson said. “States like New York, Illinois, and California are losing over 1 million dollars an hour of income. And so, if you look at the death spiral that New York is right now, for example, New Yorkers are looking at increasing income taxes, they’re looking at increasing property taxes. Of course, Florida doesn’t have an income tax.”

“The big economics lesson in America right now is Florida’s tax revenue’s up… our tax rates have gone down. But people are relocating to Florida, they’re moving their businesses here, they’re investing in our communities… that’s actually driving additional tax revenue,” he added.

Specific failures of these high-tax states go beyond the economics, as Wilson also responded to numerous reports in the new year that many prominent California billionaires and business leaders — Larry Page, Sergey Brin, Mark Zuckerberg and others — have moved to Florida, and critics of wealthy movers.

“A lot of people ask us, what’s the secret to Florida’s success? And at the Florida Chamber, we believe that no one else is responsible for Florida’s success except for Florida,” Wilson noted. “We have to look at everything from kindergarten readiness to, how do we cut childhood poverty in half? How do we make sure we have the best education system in the nation, the best legal climate, tax climate, regulatory climate, and the best quality of life of anywhere on the continent? And that’s exactly what Florida’s done.”

MARK ZUCKERBERG BECOMES LATEST CALIFORNIA BILLIONAIRE TO RELOCATE TO FLORIDA AMID TAX CONCERNS

“People of all incomes, of all different backgrounds are relocating to Florida to work, to retire, to learn, to take advantage of our education system… Florida is literally a land of opportunity where everyone can succeed. We’re so grateful to have all of these billionaires moving into Florida because they bring their businesses with them, they invest in communities,” he explained.

“Florida’s actually delivering on the promise of freedom and free enterprise. If you’ve got a family that wants to thrive or a company that wants to thrive, I think people are realizing Florida’s not just this idea and experiment. We’re actually doing it and it’s working, and I think that’s what’s most gratifying to me.”

– Mark Wilson

“These billionaires believe that Florida can do this, and they want to be here to take advantage of the innovation, the creativity, the resiliency, the growth opportunity that we have here in Florida. And states like California, Illinois, New York, New Jersey — they’re literally killing innovation. They’re literally putting a lid on these types of opportunities that really make America as good as it is.”

Wilson also touted fiscal sanity, running the state truly like a business, staying within budget while utilizing the synergy between Florida’s public and private sectors.

“New York’s been in the news a lot lately. Florida has more people than the state of New York, but New York’s state budget is twice the state budget of Florida,” the CEO detailed, “and so as they look to raise property taxes and income taxes in New York, we look to cut them.”

“Something that doesn’t get a lot of notoriety is Florida has the lowest debt per capita of any state in America. Not just compared to the big states of any state in America. It’s only about $1,000 per resident. We literally pay cash for things. And when Florida does borrow money, we’re paying lower interest rates than almost any other state in the country.”

Looking ahead to 2030, Wilson says it’s easy to imagine what success looks like in Florida aside from the rising GDP and income migration.

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“We found out that even though we were creating about one out of every 10 jobs in America, we have over 700,000 children living in poverty,” he said. “What we discovered is, over half of our kids in poverty live in just 15% – or 150 – of our ZIP codes. So by making the schools in those ZIP codes the best schools in Florida… that’s the kind of economic development that’s going to grow communities.”

“We cannot become the 10th largest economy in the world if we don’t have our kids reading at grade level and if we don’t cut childhood poverty in half. So it all is part of one big puzzle and there’s no silver bullet… and I think it’s why Florida is the example of where the rest of the country can go.”

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JPMorgan Chase has admitted in a new court filing that it closed accounts belonging to Donald Trump and his companies following the Jan. 6, 2021 breach of the US Capitol.

The disclosure comes as Trump pursues a $5 billion lawsuit against the bank and its CEO, Jamie Dimon, claiming he was “debanked” for political reasons, TheHills reported.

In documents filed in Miami state court, Dan Wilkening, the bank’s chief administrative officer for global banking at the time, confirmed that in February 2021 JPMorgan notified Trump and several of his hospitality businesses that certain accounts would be closed.

Copies of letters dated Feb. 19, 2021, were included in the filing.

One letter to The Trump Corporation stated, “JPMorgan Chase Bank, N.A. (‘we’) has decided to close its banking relationship with The Trump Corporation and its affiliated entities.”

A separate letter sent directly to Trump said the bank may decide “a client’s interests are no longer served by maintaining a relationship” and informed him it would end their current relationship.

Trump Claims Political Bias in JPMorgan

According to the filing, Trump and his companies were given until April 19, 2021, to transfer hundreds of millions of dollars before the accounts were shut down.

Wilkening said the bank worked with Trump’s team to move the remaining funds to other financial institutions, following standard account agreements.

According to FoxBusiness, Trump’s lawsuit alleges the accounts were “unlawfully closed due to political discrimination” and claims he was placed on a “blacklist.”

His attorneys argue that the decision caused major financial and reputational harm.

They also claim other banks, including Bank of America, later refused to accept large deposits when Trump tried to open new accounts.

In response, JPMorgan said the lawsuit “has no merit.” The bank stated, “JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company.”

It added that it respects Trump’s right to sue and will defend itself in court.

Account agreements submitted to the court show that JPMorgan can close accounts with or without cause, as long as written notice is given.

The agreements also allow closures if there are concerns about legal, regulatory, or policy violations.

The bank says its policies focus on anti-money laundering rules, anti-terrorism standards, government sanctions, and other compliance requirements.

Originally published on vcpost.com