Businesses face extra £1 billion in taxes and more bad news for Rachel Reeves - Daily Business Briefing

Good morning reader, and welcome to the latest business bulletin on Monday, March 10.

First, shops, restaurants and pubs across England are facing an extra £1 billion in taxes when their discount is cut next month. The changes were announced in last year's autumn budget and we'll see the discount on business rates for retail, leisure and hospitality businesses reduced from 75% to 40%.

Rachel Reeves faces new woe

There's more bad news for Chancellor Rachel Reeves, too. UK firms are pausing or paring back hiring plans thanks to a poor economic outlook and rising payroll costs. A survey of 400 recruitment agencies suggested a marked fall in candidates being placed in permanent and temporary positions.

A couple of deals-related stories this morning. The property and GP surgery owner Asura looks set to agree a takeover worth £1.61 billion. It follows a possible offer from the US PE firm Kohlberg Kravis Roberts and Stone Peak Partners, and the rejection of a rival proposal.

The shares are valued at 49.4 pence and if they make a firm offer Asura says the board is likely to accept.

NWF Group has acquired a fuel distributor that operates five sites in North Yorkshire, Northumbria and Lincolnshire for £8.3 million.

The acquisition of Northern Energy Oil increases the Cheshire-based group's presence in the north-east of England, which is where it's currently under-represented.

House builder profits boost

And finally, house builder Persimmon is expected to report a rebound in profits this week. It follows two years of steep declines, but the housing market made a minor recovery last year. Persimmon, which is a FTSE 100 company, is posting its results tomorrow. That's it from the latest Business Bulletin. More on Tuesday.