Bank of England raises base rate to 3.5%
Posted on Tuesday, January 10th, 2023
The Bank of England (BoE) has raised UK interest rates by half a percentage point to 3.5%. It is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank... Read Full Article...
Brexit deal not delivering for businesses
Posted on Tuesday, January 10th, 2023
Over half of UK companies currently face difficulties in adapting to the new rules for trading goods with the EU, according to a British Chambers of Commerce (BCC) survey. The survey also found that 77% of respondents... Read Full Article...
Plymouth and South Devon freeport gets go ahead
Posted on Tuesday, January 10th, 2023
The Plymouth and South Devon freeport has received final government approval. It will now receive up to £25 million in seed funding to help boost investment and support the growth of regional businesses. Freeports benefit from a... Read Full Article...
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Chancellor launches financial sector reforms
Posted on Tuesday, January 10th, 2023
Chancellor of the Exchequer Jeremy Hunt is set to unveil over 30 regulatory reforms to the UK’s financial sector, the government has announced. The Chancellor will set out plans to repeal, and replace, EU retained laws governing... Read Full Article...
OECD warns UK on course for biggest economic downturn
Posted on Tuesday, December 6th, 2022
The UK economy is to suffer the biggest hit of all the G7 nations next year, according to a report from the Organisation for Economic Cooperation and Development (OECD). The OECD forecasts that the UK’s GDP will reduce... Read Full Article...
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UK businesses anticipate growth in exports
Posted on Tuesday, December 6th, 2022
A significant number of UK businesses that trade internationally expect to see an increase in their exports over the coming year, according to an Institute of Directors (IoD) survey. The survey showed that 42% of UK international... Read Full Article...
Digital Services Tax has raised £358 million
Posted on Tuesday, December 6th, 2022
The UK’s Digital Services Tax (DST) raised £358 million from large digital businesses in the 2020/21 tax year, according to data published by the National Audit Office (NAO). The DST was introduced in April 2020 to combat the... Read Full Article...
Government pushes back economic statement
Posted on Thursday, November 17th, 2022
Chancellor of the Exchequer Jeremy Hunt has delayed the announcement of the government’s economic plan until 17 November. The Medium-Term Fiscal Plan was due to be delivered by the Chancellor in the Commons on 31 October, along... Read Full Article...
New PM must restore confidence, say business groups
Posted on Thursday, November 17th, 2022
The UK’s new Prime Minister Rishi Sunak must restore confidence in the country’s economy, say business groups. Mr Sunak will have to deal with a range of issues stemming from inflation and the cost-of-living crisis. Business groups... Read Full Article...
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Inflation returns to 40-year high
Posted on Thursday, November 17th, 2022
The rate of inflation rose to 10.1% in September as the economy felt the effects of rising prices and the fallout from the Mini Budget, according to the Office for National Statistics (ONS). The ONS said the... Read Full Article...