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Comments Off on Bank of England holds interest rates steady

Bank of England holds interest rates steady

Bank of England holds interest rates steady

The Bank of England (BoE) announced it would maintain its interest rate at 5.25% for the second consecutive time, following a series of 14 rate hikes. The Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain the bank rate on 2 November, with three members preferring to increase the Bank Rate by … Continued

Comments Off on UK accountants demand HMRC service improvements

UK accountants demand HMRC service improvements

UK accountants demand HMRC service improvements

A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services. Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas. The survey, which involved 207 ACCA members, uncovered significant concerns within the … Continued

Comments Off on Treasury task force details carbon reporting rules

Treasury task force details carbon reporting rules

Treasury task force details carbon reporting rules

A Treasury task force explained on the 9 October how listed companies and financial firms will have to outline plans to cut carbon emissions in the transition to a 2050 net-zero economy. The plans dovetail with pre-existing mandatory climate standards, which are set to be replaced by new measures from the International Sustainability Standards Board … Continued

Comments Off on Industry backlash at HS2 U-turn

Industry backlash at HS2 U-turn

Industry backlash at HS2 U-turn

Leading business organisations have criticised the Government’s decision to scrap the northern leg of HS2, despite its promises to divert £36 billion into new transport in the Midlands and north of England. High-Speed Rail Group, which represents rail and engineering firms, described the move as the “biggest and most damaging U-turn in the history of … Continued

Comments Off on Insolvency up by 16.5% compared to last year

Insolvency up by 16.5% compared to last year

Insolvency up by 16.5% compared to last year

The number of company insolvencies in September 2023 was 16.5% higher than the same month last year, according to official data published in October by the Insolvency Service. Corporate insolvencies decreased to a total of 1,967 compared to August’s total of 2,319, but compared to September 2022’s figure of 1,688, they increased by 16.5%. Nicky … Continued

Comments Off on UK economy recovery slows in August

UK economy recovery slows in August

UK economy recovery slows in August

Britain’s economy partially recovered in August, with a marginal growth of 0.2% following a sharp fall in July. This slow growth has fuelled expectations that the Bank of England’s (BoE) Monetary Policy Committee will vote to maintain its base interest rate at 5.25% next month. The BoE halted its run of interest rate increases in … Continued

Comments Off on Chancellor announces date for Autumn Statement 2023

Chancellor announces date for Autumn Statement 2023

Chancellor announces date for Autumn Statement 2023

The Chancellor of the Exchequer, Jeremy Hunt, has announced that he will present the Autumn Statement to Parliament on 22 November. Hunt will use the Statement to set out future tax plans and departmental spending plans, although he may hold back on serious plans amid inflationary pressures. The Chancellor may also decide against favourable announcements … Continued

Comments Off on ONS revises its findings and says economy actually grew in 2021

ONS revises its findings and says economy actually grew in 2021

ONS revises its findings and says economy actually grew in 2021

The UK is no longer a global economic outlier after a huge revision to its post-pandemic economic performance by the Office for National Statistics (ONS). GDP, the size of the country’s economy, climbed back above pre-pandemic levels by the end of 2021, the ONS said last week — much higher than previously thought. The ONS … Continued

Comments Off on Employers ramp up counter-offers to retain staff

Employers ramp up counter-offers to retain staff

Employers ramp up counter-offers to retain staff

Employers are turning to generous counter-offers in a bid to retain staff as skills shortages persist, new research suggests. According to the Chartered Institute of Personnel and Development (CIPD), 51% of employers who make counter-offers to keep employees have offered a higher number over the last 12 months. A quarter of employers who have made … Continued

Comments Off on HMRC reopens self-assessment helpline

HMRC reopens self-assessment helpline

HMRC reopens self-assessment helpline

HMRC has reopened the self-assessment tax helpline from 4 September after it was closed for three months over the summer. Between 12 June and 3 September, callers were redirected to digital services to give HMRC staff time to deal with other phone enquiries and handle the postal backlog. This was not the first time HMRC … Continued