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An online marketplace which counts one of Britain’s most prominent retail executives among its backers is to join rush of technology companies listing on the London Stock Exchange.

Sky News has learnt that Fruugo, which was founded in 2006, is preparing to launch an initial public offering (IPO) as soon as this autumn.

Bankers from Panmure Gordon have been hired to work on the flotation, according to City sources.

Fruugo’s technology enables small and medium-sized retailers as well as international brands to market themselves globally by acting as a platform in 28 languages and more than 30 currencies.

The company, which is run by Dominic Allonby, is one of a growing number of marketplaces, such as Etsy and Farfetch, deciding to tap public markets.

In London, companies such as THG Holdings, owner of The Hut Group, Revolution Beauty and Deliveroo have all floated in the last 12 months.

It was unclear this weekend how much Fruugo might seek to raise from an IPO, although one insider suggested it was likely to be valued at “several hundred million pounds”.

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Total transaction volumes on its platform more than doubled last year to nearly £100m, according to sources close to Fruugo.

The company’s early investors include Lord Rose, the former Marks & Spencer boss who recently stepped down as chairman of Ocado, the online grocer.

A spokesman for Fruugo declined to comment on Sunday.

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First rise in rate of shop inflation in 17 months – British Retail Consortium

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First rise in rate of shop inflation in 17 months - British Retail Consortium

The trend of shop prices falling may be reversing as businesses face higher costs, according to industry data.

The pace of price drops slowed this month, according to figures from the British Retail Consortium (BRC).

November was the first time in 17 months that the inflation rate was higher than a month earlier.

While shop prices dropped 0.8% in October compared to a year earlier, the fall slowed 0.6% in November, according to BRC figures.

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The figures may signal the end of falling inflation given cost pressures being placed on big businesses, according to BRC chief executive Helen Dickinson.

Retailers face a barrage of costs which the BRC forecasts will amount to an extra £7bn for retail businesses next year.

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Budget measures such as the increase in employers’ national insurance contributions and a higher minimum wage form part of those costs as does the forthcoming packaging tax to fund recycling efforts.

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CBI chief’s approach to budget tax shock

These extra costs will just push up consumer prices, Ms Dickinson said.

“Retail already operates on slim margins, so these new costs will inevitably lead to higher prices.”

The official measure of inflation is already on the up with the first rise in three months recorded in October as energy bills rose. The rate of price rises rose sharply to 2.3% from 1.7% recorded a month earlier as the energy price cap was hiked.

If the government wants to prevent higher shop prices it must reconsider the April 2025 timeline for the new packaging levy and reduce the commercial property tax known as business rates “as early as possible”, Ms Dickinson added.

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Chancellor Rachel Reeves promises she will not raise taxes again

The minimum wage uplift will bring pay for people over 21 to £12.21 an hour and take effect in April. People aged 18 to 20 will have to earn at least £10 an hour – something the TUC (Trades Union Congress) said could benefit 420,000 young people – as part of the government’s goal of paying the same minimum wage to all workers, regardless of age.

Also from April, employers will have to pay more national insurance for their staff.

Businesses’ national insurance contributions will increase from 13.8% to 15% with the current £9,100 threshold at which employers start to pay the tax on employees’ earnings lowering to £5,000.

Chancellor Rachel Reeves has defended the increase saying half of all businesses – roughly a million firms – are paying either less or the same national insurance contributions as they were before the budget due to the uprated employment allowance, a tax credit for some employers.

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Chancellor Rachel Reeves promises she will not raise taxes again

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Chancellor Rachel Reeves promises she will not raise taxes again

There will be no more tax rises or borrowing for the duration of this government’s term, Chancellor Rachel Reeves has said.

She told business leaders there will not be another budget like her maiden announcement, which included a rise in employers’ national insurance contributions and the national minimum wage.

“I’m not coming back with more borrowing or more taxes. And that is why at this budget, we did wipe the slate clean to put public finances and public services on a firm footing,” she told attendees at the Confederation of British Industry (CBI) conference.

“As a result, we won’t have to do a budget like this ever again.”

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Ms Reeves’ budget has faced sharp criticism from major UK businesses who have said the policy measures will cost them millions, forcing them to raise prices and cut jobs.

Analysis from independent forecasters the Office for Budget Responsibility said the budget would cause inflation to be higher than originally predicted, adding to the disquiet.

But Ms Reeves has insisted there is no alternative to her policies.

“I’ve heard a lot of feedback but what I haven’t heard is a lot of alternatives,” she said on Monday afternoon.

The £22bn “black hole” in public finances needed to be plugged, which necessitated “difficult decisions”, Ms Reeves reiterated.

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CBI chief’s approach to budget tax shock

Full consultation on the employer taxes could not take place with firms, she added, because budgets are supposed to be made to MPs in the Commons and not leaked to industry or the media.

“It is the nature of budgets that you can’t announce or consult in the way over tax rates that you can with other policies,” she said.

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Earlier on Monday, the head of the CBI, one of the UK’s most prominent business groups, said the budget business tax rises will hit firms rather than encourage growth.

A key goal of the Labour government is to grow the economy.

Kingfisher, the owner of Screwfix and B&Q, also said on Monday that the national insurance changes alone would force up its costs by £31m in the next financial year.

Meanwhile, the boss of McVitie’s, Jacob’s and Carr’s said the UK was losing its appeal for his business.

“We would like to continue to be a major investor going forward,” said Salman Amin, chief executive of snack food company Pladis.

But, he warned: “It’s becoming harder to understand what the case for investment is.”

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Barclays fined £40m over ‘reckless’ financial crisis capital raising

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Barclays fined £40m over 'reckless' financial crisis capital raising

Barclays has been fined £40m over capital raising that averted its need for taxpayer aid during the 2008 financial crisis.

The Financial Conduct Authority (FCA) found that the bank should have disclosed more details to the stock market about the £11.8bn in funding, from Qatari and other sovereign investors, that it had previously described as “reckless” and lacking integrity.

The penalty followed a protracted investigation that began in 2013 but was held up by criminal proceedings brought by the Serious Fraud Office that led to the acquittal of all defendants charged, including Barclays.

A decision by the bank not to refer the FCA’s enforcement case to an Upper Tribunal meant that the watchdog’s planned fine could be imposed.

Its regulatory action concerned Barclays’ navigation of the events of 2008 when the-then Labour government took huge stakes in major lenders, including Lloyds and RBS – now NatWest – to prevent a collapse of the banking system.

The FCA said of its action: “The events in 2008 were of national importance as banks sought emergency recapitalisation.

“The FCA has a primary objective to ensure market integrity. Banks should treat their obligations to the market and shareholders seriously.”

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Barclays was yet to comment.

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