What is the row between Wes Streeting and pharmaceutical companies about?

Wes Streeting, the health secretary, has accused pharmaceutical companies of being “shortsighted” and undermining their relationships with the government after the two sides failed to come to an agreement last week, but what is the row all about?The dispute is over the financial terms for drug companies to provide medicines to the NHS, including potentially life-saving cancer drugs. In 2023, the government, NHS England and the Association of the British Pharmaceutical Industry (ABPI) made a five-year deal that included drug companies paying a percentage of their income on sales to the NHS above a certain threshold. This was about 15%, but this year it rose unexpectedly to almost 23%.It has been called a “clawback tax” and was intended to “promote innovation and access to cost-effective medicines … while also supporting the sustainability of NHS finances”, the agreement states. It essentially prevented drug companies from making runaway profits

‘Reinvention is the secret ingredient’: food brands harness 90s nostalgia with retro revamps

Nostalgia for the 1990s might have reached its peak with Oasis back on tour this summer, but several of Britain’s best-known brands are also trying to make a comeback, reinventing themselves with new flavours, packaging or names.Walkers, Nik Naks and Bacardi Breezer are among some of the brands that are adapting to try to stand out in the food and drink market.This week, the crisps brand Walkers launched its first new permanent flavours in two decades – Masala Chicken and Sticky Teriyaki. It follows Nik Naks, a snack staple for many 90s children, which recently added Tangy ’N’ Cheesy to its lineup, its first new flavour in 40 years. Cadbury is also refreshing its Bournville range with a salted caramel twist, while Bacardi Breezer, once synonymous with the alcopop era, has undergone a rebranding and will relaunch this summer

Coca-Cola in talks about cut-price £2bn sale of Costa Coffee

Costa Coffee could change hands again after it emerged that Coca-Cola has met potential buyers to discuss a cut-price deal to off-load the chain.The American soft drinks company is said to be working with bankers on a review of Costa, Britain’s biggest coffee chain, that could lead to it being sold.Coca-Cola had high hopes for the Costa brand when it bought it in 2018 from Whitbread, owner of the Premier Inn hotel chain, for £3.9bn. However, the chain has struggled with rising costs, not least the rise in coffee bean prices, and increased high street competition

With tax speculation festering, Rachel Reeves needs to show her hand | Richard Partington

The cruel summer of speculation is here. Barely a day passes without the chancellor, Rachel Reeves, waking to another newspaper headline about possible tax-raising options for her autumn budget.After the bonanza of June’s spending review, Reeves had been warned that uncertainty about the public finances would set tongues wagging. Britain’s economy has far from shot the lights out since, the global backdrop remains fairly bleak, borrowing costs are high, and inflationary pressures are building.This week marks the point at which November becomes the earliest date the chancellor can hold her budget, given the 10 weeks’ notice she must provide the Office for Budget Responsibility (OBR) to prepare its forecasts

UK carmakers claimed leaving EV sales rules unchanged would cost jobs and investment

Carmakers claimed that leaving electric car sales rules unchanged would threaten British jobs and cost them hundreds of millions of pounds, according to documents that show the private lobbying for a slower transition away from fossil fuels.BMW, Jaguar Land Rover, Nissan and Toyota claimed that rules forcing them to sell more electric cars each year would harm investment in the UK, according to responses to proposed changes submitted to the government. The responses were obtained by Fast Charge, a newsletter covering electric cars, and shared with the Guardian.JLR, the Land Rover maker, said leaving the rules unchanged would “materially damage UK producers’ ability to invest in vehicle lines”.The last Conservative government said last year that automotive manufacturers must sell an increasing proportion of electric cars each year, or else face steep fines, under rules known as the zero emission vehicle (ZEV) mandate

More than 200,000 UK workers switch to four-day week since 2019

More than 100,000 workers in the UK have switched to a full-time four-day week since the pandemic, in a further sign of the revolution in the world of work inspired by Covid, according to an analysis.Nearly 1.4 million people said they worked full-time on four days of the week between October and December 2024, an increase of more than 100,000 compared with the same period in 2019, when 1.29 million reported this work schedule, according to figures from the Office for National Statistics (ONS).Campaigners and some economists say a four-day week benefits workers by giving them more time to relax and putting less strain on their mental health, while helping businesses by making their staff more motivated and facilitating recruitment and retention