US multinationals underpaid £5.6bn in tax in the UK last year, HM Revenue & Customs believes, according to a national accountancy firm.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
UK insolvencies rising due to high interest rates, says Begbies Traynor
Higher interest rates are pushing an increasing number of companies into insolvency, according to one of the UK’s biggest insolvency practitioners.
Carmakers lead UK economic growth in November as output accelerates
The number of sectors in the UK economy that ramped up production in November reached its highest level in five months, according to a survey out today.
Rishi Sunak’s ‘eat out to help out’ scheme to come under scrutiny at Covid inquiry
Rishi Sunak’s “eat out to help out” scheme will come under scrutiny at the Covid inquiry on Monday, with the prime minister facing the committee while fighting off increasing hostility from his own MPs.
Interest rates won’t be cut until 2026, predicts CBI
The Bank of England will not cut interest rates until 2026, according to projections from the CBI, which predicts sluggish economic growth for the next three years.
FSB calls out banks’ use of harsh personal guarantees to regulator
The Federation of Small Businesses (FSB) has issued a super-complaint to the Financial Conduct Authority (FCA) to highlight the harsh lending practices of banks that excessively demand personal guarantees for business loans.
UK Recruiters warn Bank of England of permanent hiring dip due to economic uncertainty
UK recruiters have warned the Bank of England of a dip in permanent hiring across UK businesses as organisations grapple with ongoing economic turbulence, according to a new report.
UK house prices rise again as easing of mortgage rates tempts more buyers
UK house prices rose for the second month in a row in November, according to a leading index, as a slight easing in mortgage rates helped coax more buyers into the market.
Frasers Group CEO Michael Murray warns of ‘softening’ in global luxury market as sales fall
Mike Ashley’s Frasers Group has warned of “softening” in the global luxury market as underlying sales at its upmarket division, which includes the House of Fraser department stores and Flannels chain, dived more than 11%.
Next CEO Lord Wolfson says planning rules are stifling economy and society
The chief executive of Next has called for an overhaul of Britain’s planning rules as he warned that the current system is “holding back industry and society”.
Bank of England set to examine risks posed by artificial intelligence
The Bank of England will examine the financial stability risks posed by artificial intelligence in an effort to keep regulators’ eyes open to the technology’s threats.
UK’s energy supply needs over £900 billion investment to reach net zero by 2050
The UK’s energy supply could require more than £900 billion in capital expenditure to achieve net zero by 2050, opening up a significant opportunity for public and private capital in enabling a successful transition, according to a new report published by NatWest and Boston Consulting Group (BCG) today.
UK firms to deliver €415 million sustainable development scheme in coastal Angola
Support from UK Export Finance means that British firms have secured contracts to upgrade critical infrastructure in Benguela Province and protect the region against future flooding.
Boardroom veteran Rupert Soames to lead scandal-hit CBI
The boardroom veteran Rupert Soames is to become the next president of the CBI, the business lobby group that is trying to recover from an existential workplace misconduct scandal.
DWP errors leave more than 200,000 pensioners £1.3bn out of pocket
More than 200,000 pensioners were left out of pocket by a total of £1.3bn last year and many will never be repaid because of lax record keeping, according to parliament’s spending watchdog.
