Category: Business

The Government has announced a new energy bills discount scheme (EBDS) for UK businesses, set to replace the current energy bills relief scheme (EBRS) once it ends in March. The new support package will last from 1 April 2023 to 31 March 2024, giving organisations a discount on high wholesale prices instead of capping energy … Continued

One in four business leaders (24%) believe the Government’s energy bill relief scheme (EBRS) has removed a “serious risk” to their business, according to a poll by the Institute of Directors (IoD). Of the surveyed 500 or so directors whose energy bills made up more than 5% of their costs, 11% stated they have been … Continued

Large businesses owe their small suppliers £23.4 billion in late payments, according to the Government, sparking a review by the Department for Business, Energy and Industrial Strategy (BEIS). Business Secretary Grant Schapps said he would launch the review to scrutinise payment practices and “prevent small firms from being ripped off by larger companies”. The review … Continued

Monthly GDP grew by around 0.5% in October 2022, following 0.6% drop in September, according to the Office for National Statistics (ONS). Despite the recovery in monthly figures, the UK economy nevertheless contracted by 0.3% in the three months to October. The rise in GDP in October follows a 0.6% fall in September, which “was … Continued

The Bank of England (BoE) decided to increase the base interest rate from 2.25% to 3% last month in a bid to curb inflation. The 0.75 percentage point rise is the largest hike since 1989 and the eighth consecutive increase since December 2021. Updated projections from the Bank’s Monetary Policy Committee (MPC) indicated that the … Continued

A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. Of the 5,200 firms that took part in the BCC’s quarterly economic survey, nearly four in ten (39%) businesses believe they will see a fall in profits over the next 12 … Continued

Prime Minister Rishi Sunak announced that the statement on the Government’s fiscal plan, originally planned for 31 October, will be delayed until 17 November. The PM said the delay is in an effort to ensure the tax and spending plans “stand the test of time”. The statement will also be released alongside a full economic … Continued

The inflation rate hit 10.1% in the 12 months to September, according to new data from the Office for National Statistics (ONS). This is up from 9.9% in August and sees a return to the recent 40-year high witnessed in July. One of the biggest contributors to the rise in the inflation rate in September … Continued

The Government is joining forces with lenders and agencies to tackle the high level of bounce-back scheme fraud cases. A new report shows that £1.1 billion worth of loans provided through the Government’s bounce-back loan scheme (BBLS) have been marked as suspected fraud. The Department for Business, Energy and Industrial Strategy (BEIS) released a document … Continued

The Government’s ‘help to grow: digital’ scheme has now expanded to include businesses with fewer than five employees. Over a million more businesses will now be eligible for the scheme, which has also been expanded to include one-to-one advice and additional software. Launched in January this year, the scheme was established to help small to … Continued