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Business News

November 2023

Businesses still struggling to understand net zero target
Autumn Statement spending plans represent 'very big fiscal risk', OBR warns
Utility bills 'main drivers of rising costs' for many small firms, FSB finds
Report finds HMRC has 'lost sight of putting taxpayers first' in relation to MTD
Autumn Statement cuts 'won't stop tax revenues rising to highest ever levels'
Autumn Statement national insurance changes 'ease burden on strivers'
2023 Autumn Statement - what to expect
Chancellor delivers tax cuts with Full Expensing made permanent
2023 Autumn Statement - the economic picture
2023 Autumn Statement - the business reaction
2023 Autumn Statement - the political reaction
Cutting inheritance tax 'not as simple as its proponents suggest', warns IFS
Chancellor unveils Back to Work plan
Nearly 100,000 taxpayers use HMRC's app to pay self assessment tax bills
Small firms facing 'sky rocketing business rates bills', warns FSB
Inflation falls to two-year low of 4.6%
Government agrees 'historic' commitment to crack down on crypto tax evasion
UK economy stagnates in third quarter of 2023
UK requires 'more certain tax system', says CIMA
UK growth 'in the doldrums', warns think tank
Business groups respond to policies announced in 2023 King's Speech
Real Living Wage increases by 10%
Business group calls for AI training for new skills to be made tax deductible
Interest rates held at 5.25%
'Digital revolution' priorities for SMEs outlined by BCC
Insolvencies on track for worst year since 2009

October 2023

Private sector growth prospects freeze over this winter
SMEs involved in banking disputes have 'nowhere to turn', FSB warns
Government report warns AI could increase risk of cyber-attacks
HMRC responds to Treasury Committee's call for review into tax reliefs
Chancellor must use Autumn Statement to 'cement commitment to small firms'
Government 'considering extending mortgage guarantee scheme'
Self assessment deadline nears for paper filers
Chancellor in a 'fiscal bind' ahead of Autumn Statement, says IFS
Scams warning issued to 12 million self assessment taxpayers
Rate of inflation remained steady in September, data shows
Online platforms should sign up to Prompt Payment Code, says FSB
Hybrid and remote working here to stay, says IoD
FRC outlines reporting expectations amidst cost-of-living crisis
UK economy grew in August, official data shows
IMF rejects criticisms of its latest UK growth forecast
UK set for biggest tax rise in at least 50 years
Many firms still facing recruitment problems, BCC finds
HMRC tax error sees thousands overcharged on student loans
Chancellor urged to 'unleash green markets to deliver prosperity'
FSB responds to government's proposals to tackle late payments
Chancellor confirms rise in National Living Wage from April 2024
UK economy 'grew faster since start of Covid pandemic than originally thought'

September 2023

BCC unveils proposals aimed at creating a more efficient business investment system
Less than 1% of small firms receiving net zero help
Chancellor planning ISA 'overhaul', reports suggest
Firms 'will look to Autumn Statement for measures to help with rising operating costs'
IoD outlines 'top five policy recommendations' to help drive economic growth
Interest rates held at 5.25%
HMRC urges nearly 430,000 young people to claim Child Trust Fund cash
UK inflation rate falls to 6.7%
Autumn Statement to be a 'watershed moment' for small business support
IoD reacts to changes to Corporate Governance Code
Number of cash transactions rises for first time in a decade
Government slow to recover over £1 billion Covid grant fraud
UK economy shrank in July, official data shows
Run-up to General Election to be marred by 'continued stagnation' of living standards
SMEs 'struggling to access finance', says ACCA
Business group calls for 'urgent' new legislation to safeguard workers against AI
'Fragile' UK economy 'stuck in first gear', BCC warns
Government confirms 2023 Autumn Statement date
Individuals warned scammers are impersonating finance watchdog
BCC calls for government to 'unlock power of British business'
FSB makes Christmas wish list for UK tourism, hospitality and retail

August 2023

Cyber security centre warns businesses about cyber chatbot risks
Business needs an 'integrated transport plan' from government
Half a million pound pay rise given to FTSE 100 CEOs, research shows
Over a third of households across England will pay higher energy bills this winter
Deadline for extending Child Benefit claims for teenagers is 31 August
HMRC should increase rewards for whistleblowers, says law firm
More than 550,000 SMEs 'struggling to pay tax bills'
Three 'key changes' need to be made to reach net zero, says BCC
Government launches Business Climate Hub
Another million savers to be hit with tax on interest
Inflation falls to 6.8% in July
UK wages grow at record rate
UK importers feeling geopolitical pressures
UK economy grows by 0.2% in second quarter of 2023
UK set for five years of lost economic growth, warns think tank
HMRC revises late payment interest rates
Support for small businesses 'must not be left to fall through cracks', warns FSB
HMRC collects record CGT receipts totalling £16.7 billion
Bank of England raises UK interest rates to 5.25%
Recruitment key to fixing inflation, says BCC
Tax down on pints but up on wines and spirits in Alcohol Duty overhaul
MPs call for UK tax system to be overhauled

July 2023

Interest rate hikes cause business confidence to fall
Rapid scam response scheme prevented over £55 million of fraud, data shows
Almost a million Child Trust Funds not yet accessed, MPs warn
Government debt reaching 100% of GDP creates 'tough economic inheritance'
More than £50 million in overpaid pensions tax repaid by HMRC
UK firms finding trading with EU 'as challenging as they did a year ago'
HMRC gives £1.8 million a year to charities to help excluded taxpayers
South Yorkshire named as first UK Investment Zone
UK inflation rate falls to 7.9%
Interest rate rise causes household wealth to fall by £2.1 trillion
'Vast majority' of UK businesses offer flexible working, research finds
UK economy shrinks in May
Economic uncertainty causing hiring to slow, report finds
Mothers 'may have been underpaid £1 billion in State Pension payments'
Wages rise at record rate as unemployment jumps unexpectedly
Older workers who retired at start of Covid much poorer, says IFS
Alcohol Duty set for August overhaul
Business confidence plummets in June
HMRC increases late payment interest rate to 7.5%
CMA scheme will force retailers to publish live fuel prices
Private sector activity stabilised in June, says CBI

June 2023

Britain needs 'better taxes' to boost economic growth, says think tank
Government must show how it plans to steer economy towards net zero, says BCC
Falling oil and gas prices 'will lead to drop in Windfall Tax revenue'
1.4 million people 'could lose 20% of disposable income' due to interest rate hikes
More than 200 companies named and shamed for minimum wage breaches
Bank of England raises UK base interest rate to 5%
Pension funds urged to hold late paying companies they invest in to account
UK inflation rate plateaus at 8.7%
Tax avoidance promoters ordered to stop or face heavy penalties from HMRC
Post-Brexit trade plan must be replaced with 'ambitious strategy', says think tank
MTD expected to cost £1 billion more than originally forecast
HMRC closes self assessment helpline for three months
UK economy 'grew marginally' in April, data shows
HMRC extends deadline for voluntary NICs to April 2025
£3.2 million in money laundering penalties issued by HMRC
ESG 'helps business leaders make better decisions', survey finds
Industrial strategy required to 'focus on innovation', says IoD
'Road Duty' needed to ensure electric vehicles 'don't put pressure on public finances'
Nearly £9 billion in old banknotes and coins not cashed in, says Bank of England
Women 'more than twice as likely' to miss out on pensions auto-enrolment
Business confidence in economy 'stabilised' in May
SMEs planning 'significant investment' in technology this year, research suggests

May 2023

Economic Advisory Council launched by BCC to 'power up growth'
HMRC increases late payment interest rate to 7%
Tax-Free Childcare helps 650,000 families save on their childcare costs
Typical energy bill to fall under new price cap
UK rate of inflation fell sharply in April, data shows
Don't miss out on a tax refund for work expenses, HMRC urges
HMRC seeks views on changes to Construction Industry Scheme
Small businesses 'see no progress on the barriers to growth', BCC warns
Number of early self assessment filers doubles in five years
One in five workers will be higher rate taxpayers by 2027, says IFS
Small business owners' mental health 'affected by financial concerns'
'Fresh thinking' needed in regard to MTD for ITSA
Interest rates raised for 12th time in a row
Energy suppliers urged to renegotiate fixed contracts for small businesses
Business confidence rises for the fifth consecutive month
77% of financial scams originating on social media, banks warn
CMA launches review into AI foundation models
Unsolicited calls selling financial products set to be banned in UK
No sign of hiring difficulties easing, says BCC
Confidence amongst small businesses has rebounded, says FSB

April 2023

47% of workers have had a late or incorrect wage on pay day, research suggests
Tax take rises by 10% to reach £786.6 billion, official data shows
High trading costs 'deterring UK SMEs from expanding internationally'
HMRC urges companies that file VAT returns annually to use compatible software
Economic growth adversely affected by 'shrinking workforce', committee warns
Workers must be protected from decisions made by AI, TUC says
£177.6 million lost to impersonation scams in 2022
UK inflation falls to 10.1% in March
UK economy is 'back on the right track', says Chancellor
Confidence amongst CFOs has risen at sharpest rate since 2020
Rising childcare costs 'keeping parents from returning to work', report suggests
Demand for banknotes at lowest level in 20 years, research suggests
Interest rates expected to fall to pre-COVID levels
Large tech companies may be able to bypass Digital Services Tax, committee warns
Men 'still earning more than women', research suggests
Size of six-year tax threshold freeze has trebled to £25 billion, research finds
UK firms require energy support contingency plan, says BCC
State pension age rise will not be brought forward, government confirms

March 2023

UK economy avoided recession at end of 2022, data shows
HMRC issues guidance on abolition of pensions lifetime allowance
UK firms 'being held back' from international trade by new customs procedures
Small businesses at risk as energy costs rise
Two freeports confirmed for Wales
Bank of England raises UK interest rates to 4.25%
US tops list for UK businesses to trade with outside Europe
Rate of inflation jumped to 10.4% in February, data shows
Treasury estimates MTD for Income Tax deferral will cost over £1.75 billion
Wage stagnation leaving workers £11,000 worse off per year, data finds
Budget boosts employment but living standards falling, says Resolution Foundation
Chancellor 'pulled a range of policy levers' to stimulate growth, says IFS
View our 2023 Spring Budget Report
Capital allowances reformed in 'Budget for growth'
2023 Spring Budget - the economic picture
2023 Spring Budget - the business reaction
2023 Spring Budget - the political reaction
2023 Spring Budget - what to expect
HMRC fails to tackle £2.3 billion furlough fraud
Chancellor to use Budget to get people 'back to work'
UK economy grew by 0.3% in January, official data reveals
Childcare 'crisis' hurting economy, warns FSB
Taxpayers given more time for voluntary national insurance contributions
DWP backs proposals to expand Automatic Enrolment
Government delays pensions dashboard plans
Corporation tax could be 'tool to incentivise net zero', says IoD
The Pensions Regulator increases focus on climate and ESG reporting
Fuel duty hike 'could have big consequences for small firms' says FSB

February 2023

Ofgem announces energy price cap as bills set to rise
Firms stick to four-day week after trial ends
Spring Budget must ease cost pressures on businesses, says BCC
HMRC sounds warning on new VAT penalties as filing deadline nears
FSB urges government to 'change course' on decision to slash R&D tax support
'Arithmetic intricacies' of Investment Allowance could catch firms out, ATT warns
Planning for net zero has 'slipped down list of priorities' for businesses, says BCC
Budget must 'support a UK-wide economic recovery', says FSB
HMRC urges eligible couples to claim Marriage Allowance
Official data shows inflation remains close to 40-year high
Spring Budget 'must hit four key targets', warns BCC
CBI urges Chancellor to 'deliver action that will drive economic momentum' in Budget
UK economy narrowly avoided recession last year
UK 'likely to avoid technical recession in 2023', says think tank
FSB calls for introduction of apprenticeship incentive for under 25s
'Digital pound' likely to launch this decade, says Treasury
HMRC urges families to make use of Tax-Free Childcare scheme
Bank of England raises interest rates to highest level in 14 years
Record 11.7 million tax returns received on time
IMF warns UK economy set to shrink in 2023

January 2023

UK business confidence plummets to 13-year low
Chancellor rules out tax cuts ahead of Spring Budget
CBI survey finds retail sales volumes down in January
More than three million still to file self assessment returns
Tax receipts total £553 billion, HMRC data reveals
Large cost-of-living gap between rich and poor households persists, think tank warns
BCC warns SME exporters 'under tightening pressure'
HMRC introduces automated text system to help with self assessment queries
Inflation passed its peak, but cost-of-living crisis continues, says CBI
Government launches consultation on R&D relief
WEF warns businesses and households facing a 'polycrisis'
Pensioners outnumber young people for filing self assessment tax returns
Official data shows UK economy grew in November
Fewer firms investing in training despite skills shortage
Economic indicators have 'stabilised at concerningly low levels', BCC finds
Energy bill support for firms to be reduced from April
FSB calls for clarity on support with energy costs for small firms post-March
Food price inflation hit record high in December
Small firms 'facing challenges when applying for financing', FSB finds
Tax non-compliance during pandemic cost UK £9 billion
HMRC urges taxpayers to get self assessment wrapped up early

December 2022

Have you made your financial New Year's resolutions?
ONS data suggests festive food sales rose in November
Ensure your business is protected against winter weather
UK economy shrank more than first thought in three months to September
Government extends mortgage guarantee scheme
Chancellor announces Spring Budget date
MTD for ITSA delayed for two more years
MTD for ITSA should be delayed, say tax advisers
Bank of England raises base rate to 3.5%
Consumer group calls for victims of push payment scams to be refunded
Mortgage payments to surge, says Bank of England
Plymouth and South Devon freeport gets go ahead
UK economy returns to growth in October
Chancellor launches financial sector reforms
Petrol and diesel prices dropping too slowly at the pump
EBRS has 'removed serious risk for quarter of businesses', IoD finds
UK in recession until end of next year, warns CBI
UK house prices see biggest fall for two years
£4.5 billion lost to COVID-19 fraud
CBI survey reveals continued deterioration in business confidence

30 Nov 2023

Businesses still struggling to understand net zero target

Almost half of UK small and medium-sized enterprises (SMEs) don't know any details about the government's net zero target, according to research carried out by the British Chambers of Commerce (BCC).

29 Nov 2023

Autumn Statement spending plans represent 'very big fiscal risk', OBR warns

The Office for Budget Responsibility (OBR) has warned the government that the spending plans outlined by Chancellor Jeremy Hunt in the recent Autumn Statement represent a 'very big fiscal risk'.

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