Business News: 50,000 Civil Service jobs at risk and UK property taxes among highest in world

Hello, and welcome to the latest business bulletin on Monday, March 24.

First. The UK has the highest property taxes of any advanced economy in the world. That's according to new analysis, released as many households and businesses are bracing for a bills hike next week.

The country’s property tax burden was 3.7 per cent as a proportion of GDP last year.

Rachel Reeves to cut Civil Service costs by 15%

Rachel Reeves has denied that Labour's heading towards austerity as she confirmed plans to cut Civil Service running costs by 15 per cent. Unions have warned 50,000 people could lose their jobs and vital services could be damaged.

Next is set to reveal a jump in profits for the past year this week. The retailer's seen robust trading despite a fragile consumer backdrop. They've been among the high street’s strongest performers in recent years despite uncertain economic conditions. They release their full results on Thursday.

S4 Capital losses

Sir Martin Sorrell’s marketing firm S4 Capital has posted widened annual losses. They've said trading conditions would remain tough amid a pull-back in tech spend and global tariff concerns.

The group reported a pre-tax loss of £330.9 million for last year. The company slashed its workforce by 7 per cent and says it will continue to focus on the cost base to support profitability”.

And The deal for investment firm Prosus to acquire Just Eat for more than 4 billion euros has taken a step forward.

The two companies published a joint update this morning . They've confirmed they're making good progress on the preparations for the Offer. And today, Prosus submitted a request for review and approval of the Offer Memorandum to the AFM. The deal is expected to complete by the end of the year, with Just Eat de-listing from public markets'

That's all for today. More tomorrow.