Money blog: Many readers back James Watt's comments about British workers (2025)

The increase in the minimum wage could mean more graduates in low-paying jobs could be hit by student loan repayments.

Tax advisers at Blick Rothenberg are warning that the increase of 6.7% this coming April will mean more people fall into repayment brackets.

Graduates pay nothing upfront and only have to begin making student loan repayments when they start earning a certain amount after university.

These thresholds rise each year in line with RPI - the current applicable RPI figure is 4.3%, far below the imminent minimum wage hike.

Robert Salter, a director at Blick Rothenberg, said: "It is inevitable that more and more graduates in non-graduate jobs will become liable to student loan repayments, even those in the lowest paying jobs."

He gave an example of a graduate on a "plan 1" repayment structure, who works 42 hours per week on the NMW.

Plan 1 graduates pay 9% of their monthly income over the threshold.

"They would earn approximately £26,660 per annum, and this figure ignores any extra payments they might receive such as overtime, which would also be earnings for student loan purposes," he said.

"Student loan repayments, which are in effect a graduate tax, mean that those students earning in excess of the threshold will have an effective marginal tax rate of 37% on their earnings above the threshold.

"That is an income tax of 20%, employee NIC of 8% and the 9% student loan charge."

A pint will cost 20p more after the increase in national insurance contributions (NIC), a major pub chain boss has warned.

Young's chief executive Simon Dodd plans to raise prices by up to 3.5% after Rachel Reeves's budget.

That means the price of a pint in the capital would cost some £6.50 - an increase of around 20p.

Mr Dodd said: "We'll mitigate as much as we can of the NI contribution - we'll do that through efficiency, we'll do that through investing in our pubs. But there will be some price passed on to the consumer."

His warnings of price increases came as the chain celebrated major success over the festive period - telling stockholders it had "traded exceptionally well".

Sales across Christmas Eve, Christmas Day and Boxing Day were up 10.5% year-on-year, the business reported.

Total managed revenues were up 30.4% for the five weeks to 13 January, with like-for-like sales up 11.6%.

BySarahTaaffe-Maguire, business and economics reporter

There has been a surprise contraction in retail sales in December, despite the month being key for many retailers due to Christmas shopping, official figures show.

Retail sales fell 0.3% last month, according to the Office for National Statistics (ONS).

No drop at all was expected, not least a 0.3% drop. Sales growth of 0.4% had been forecast by economists.

The figures are of significance as they measure household consumption, the largest expenditure across the UK economy.

Low household consumption can mean economic growth is harder to achieve. The government has repeatedly said growth is its top priority.

Read our full report here...

The City watchdog is considering a formal proposal to increase Britain’s £100 contactless spending limit as part of a response to the prime minister's order for regulators to tear down barriers to economic growth.

Sky News has learnt that the Financial Conduct Authority's response to a Christmas Eve letter from Sir Keir Starmer, chancellor Rachel Reeves and business secretary Jonathan Reynolds includes potential reforms to contactless payments among its ideas.

The £100 limit has been in place since the autumn of 2021, and any move to increase it could be controversial among retailers and consumer debt groups.

Read my full story here...

Our post yesterday on BrewDog co-founder James Watt saying Britons are among the least work-oriented in the world, and that they need to end their "obsession with work-life balance", elicited more comments than any we've ever published here in Money.

Despite the fact he's faced a backlash on social media, a good number of readers backed the millionaire...

He's absolutely right. Far too many subscribe to the culture of doing as little as possible at work for the most personal gain. Our low GDP history shows this. Whatever happened to the idea of doing a fair day's work for a fair day's pay?

Labarbe

James is completely correct. I have been running an electrical contracting company for 30 years and my staff are getting lazier every year. We used to work 8am-5pm every weekday but now people don't want to work past 3pm. We are a nation of lazy moaners.

Mike

Absolutely agree, even if you're not totally happy in the work you do, we have to work to pay the bills and use the money to enjoy what free time we have. This way we appreciate it and enjoy more - but sadly I think we are becoming an "expectant" and "entitled" society.

Paul Mccunnell

I totally agree with James Watt. I work in a global role which sees me seeing different perspectives of the working environment. The UK are very lazy compared to other countries, the work ethic is very impressive in some places I've worked with.

Kent

I agree with James Watt that Britain is the least productive country and people have taken work-life balance out of context and use it to languish than work with passion and dedication.

Ali

I am a 76-year-old businessman who retired reluctantly about four years ago, if only I could turn the clock back. Watt and Toffolo are beacons of hope that these stay-at-home-idlers should look at, respect and copy. The world is yours... if you are willing to work for it.

Anthony

Absolutely spot on. Have been self-employed since the age of 24. Built up and sold two successful businesses and about to retire at age 66, but probably won't. Most people are too lazy to be self-employed. It isn't generational. It's down to decades of people being told they're entitled.

Generation Jones

Other readers couldn't disagree more with Watt, accusing him of being an out-of-touch "cheeky sod".

Some spoke of a newfound approach to life after surviving cancer, while others spoke of what they had sacrificed to make their employers richer.

James Watt needs to understand the concept of "frame of reference". Having been blessed with some wisdom after surviving cancer, during my treatment and subsequent recovery I have never once thought "I wish I had spent more time at work".

Muttoncyborg

It's always wealthy folk who make these claims, who want more profits and to do so while paying wages others can't live on. Many Britons have two or three jobs struggling to make ends meet. No idea of how ordinary folk are struggling, and also often taking care of elderly relatives.

Mary H

James Watts comments don't reflect reality. I suggest he visits any public sector organisation, where overworking, increasing workloads and a distinct lack of work-life balance are commonplace. Perhaps refrain from making insulting statements about working people in Britain.

Full-time working mum

So, we Brits are lazy yet again? He should look at himself. British management only understands big sticks, low pay, and chaotic organisation. I worked so lazily for 40 years that I have two carpal tunnel and a shredded thumb tendon surgery scar from all the hours on a computer.

Keith L

Yes, Britain is less work-orientated than the US, but can we debate if that is so bad? If we're lucky, we have got 80 years - why must we waste our youth and middle-age on maximising the profits for someone else? Let people choose how they live.

Samuel

What does James Watt know! I am 62 and have worked since leaving school. I have brought my three children up around working hard and all of my three children work very hard to have a good life. So please don't tar us with the same brush. Cheeky sod!

Sophie

Is it not just the case that Britons realise that their hard work only lines the pockets of millionaires like James Watt? Are we not supposed to want balance in our lives? Are we not allowed to enjoy life?

Claire

Would "work-life balance" still be a "benefit" if corporations hired enough people to fulfil each role? Why are we reducing headcount and expecting the same quality of output among those remaining without changing the job spec or remuneration?

Mrs G

What a load of twaddle! People have different requirements and expectations. Once you have what you need, or want, why would you want to keep on working? Everyone is different. Not all people have a massive ego to feed. For some, quality of life is the most important thing.

Luker

Maybe the guy with over £200m in his account would like to work my job for minimum wage and see why people don't want to work for rich employers.

Jack Fiend

James Watt of BrewDog may well find in later years that his view of work life integration backfires on him when he discovers he has essentially isolated himself from everything but work. It is often the case that people retire, then realise they have nothing else in their life.

Kenny

Unless you own your business or it has a culture like being in the armed forces/emergency services, why would I put the interests of a multi-billion dollar company before my family? It's alright for a billionaire who owns his company to say this as his businesses is his life.

TPCG251

James Watt is out of touch. As a business owner, he will benefit far more than your average person. The payoff for being a slave to your workplace isn't there for a standard employee. You might get a small raise or bonus, but after deductions it's not worth the trade-off.

Anonymous

By Jess Sharp, Money blogger

Car boot sales might seem to some like a relic of the '90s, but with the opportunity to nab a bargain or make a bit of money on the side, people are still hunting for them.

Groups on Facebook advertising car boot sale locations have hundreds of thousands of members, and some social media influencers have made careers showcasing their thrifted treasures.

One of those influencers is Becky Chorlton.

What started as a side hustle for the 26-year-old has since grown into her full-time business, Becky's Bazaar, where she sells her thrifted finds and other vintage goods.

So what are her top tips for making money - and finding hidden gems - at a car boot sale?

When it comes to selling, she says there's a lot to consider. What does your stall look like? What should you bring with you? When do you stop bartering with customers?

Her first tip is to make sure you're prepared.

"Load the car up the night before and get there as early as possible to set up. Have a bit of a system and plan how you want your stall to look," she says.

Pricing your items is one way to attract a buyer's attention.

"It means they don't have to ask, they can just hand over the money if they like something," Becky says.

Make sure you have change and bring bags, is her next top tip.

"I'm sure we all have that cupboard in our house that's full of plastic bags so might as well take some along, clear them out and recycle them," she adds.

Setting your own limits is also important, Becky says, explaining that it's good to know how much you would like to get for an item ahead of time.

"If people negotiate below that, then perhaps don't accept it," she says, noting that a seller also needs to be able to "adapt" their pricing.

If you are just trying to clear your house out, she says it is better to accept a fair price for an item instead of throwing it away.

"The negotiation, the haggling, chatting to stall owners, is part of the culture really," she adds.

How to deal with a tough negotiator?

Part of setting your price boundaries is being firm when a buyer is trying to negotiate, Becky says.

She explains that it is important to be "firm but also polite" when turning down an offer.

"Maybe just tell them why you aren't willing to accept lower. If they don't understand, then just get security or something," she laughs.

Six top tips for buyers

From a buyer's perspective, Becky urges people to do some research before they arrive.

"I join lots of Facebook groups from around my local area. This is particularly important with car boots because they are quite often cancelled or rearranged and there is quite often a lot of information that you can find out on the Facebook pages," she says.

Bring plenty of cash and lots of bags to carry home any purchases.

"You don't want to run out of money. You'll hate seeing something you want and not being able to buy it," Becky adds.

Make sure you arrive as early as possible, she says, adding that the best items can be bought up quickly.

But she did note that if you go later on, sellers might be willing to accept lower prices just because they want to get rid of their items.

Don't be afraid to rummage.

"Me and my mum love going through big piles of clothes, which other people look at and think 'oh I can't be bothered', but we know there will be a hidden gem in there," Becky says.

"We love that rummage and the adrenaline rush of it."

She says it's good to keep your eyes peeled for all seasons, because items are usually cheaper and more readily available out of season.

Lastly, she says buyers should keep an open mind.

"Don't go into them with a specific item you're looking for, the joy of shopping second hand is finding unique pieces you love, see the potential in items you may not like at first glance," Becky says.

BT has abandoned its electric car charging scheme,having only installed one of the thousands of charging points it had set out to.

In 2023, the telecoms company said that as many as 60,000 roadside green cabinets would be converted into electric car chargers.

The aim was to help the country cope with the growth in the number of electric vehicles on British roads.

But, after converting one cabinet in East Lothian, Scotland, it has scrapped the scheme entirely.

To add insult to injury, the sole charging point will also be decommissioned next month.

The company has said it will instead focus on providing "wifi connectivity" from cabinets instead.

Yorkshire Building Society has launched a new savings account which could help you put away £1,500 before Christmas.

TheChristmas Regular eSaver comes with a variable interest rate of 5% and allows savers to put away between £1 and £150 each month until October 2025.

How does it compare?

We asked savings expert forThe Private Office, Anna Bowes, who also pointed to Principality Building Society's Christmas 2025 Regular Saver.

The account enables you to deposit up to £125 a month and has a 12-month fixed interest rate of 7%.

"You can't make any withdrawals with the 12 months, which means that if you opened it today, it would mature after Christmas next year, but you can close the account without penalty and any interest earned up to that day will be added to your account balance," Bowes said.

There's also the Principality Building Society's 6-Month Regular Saver, which pays 8% AER.

"Once again, this rate is fixed for the six months, and you can close the account at any time, but you can't make withdrawals," Bowes said.

"It's always good to see new accounts that encourage people to save, and Christmas is a good goal as it can help stop people just piling all their festive spend onto a credit card."

By James Sillars, business and economics reporter

Finally, some movement in the oil market after a lacklustre initial reaction to news of the looming Israel Hamas ceasefire.

Analysts have credited a 1% decline in costs with the prospect of a halt to attacks on shipping in the Red Sea.

Yemen's Houthi militia have been targeting vessels since October 2023 in sympathy with the plight of Palestinians in Gaza.

It forced the bulk of cargo vessels heading towards Europe to divert from the usual Red Sea Suez Canal transit and go around Africa instead, adding up to 14 days sailing time.

In addition to the extra fuel bills for shipping firms, the attacks also forced up insurance costs.

These were all passed on to customers through higher prices.

The leader of Yemen's Houthis cautioned that the Iran-aligned group would closely monitor the implementation of a ceasefire deal.

As far as the cost of Brent crude is concerned, it remains elevated on the year at $81 a barrel.

Upside price pressure is being applied by stronger US demand and fears that new US sanctions against Russia will hurt supplies.

A restaurant owner and chef has warned of the "bloodbath" waiting for the hospitality industry when the budget kicks in.

Speaking to Sky News' business and economics correspondent Paul Kelso, Andy Jones, founder of the London's Jones and Sons, said December had been the worst for his business in its 12-year history.

"With what's going to happen this year, especially in hospitality, there is going to be a bloodbath which is going to ensue when that budget kicks in," he said.

He said businesses in the hospitality sector were walking a "tight rope on a balance sheet all year round" and this would lead to "all your favourite places closing down".

More than 200 bosses in the hospitality industry have warned Rachel Reeves that the rise to employers' national insurance tax increases will lead to job cuts and business closures.