The Bank of England has raised interest rates for the seventh consecutive time to 2.25 per cent, the highest since 2008, in an attempt to contain near double-digit inflation.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Shipping costs from Asia continue to fall as demand weakens
Importers bringing goods into the UK from Asia should see the cost of shipping continue to fall steeply before stabilising next spring, industry experts predict.
HMRC offers month long extension over new customs system
HMRC has granted importers a one-month stay of execution from adopting a new computer system for customs declarations over concerns that too many businesses are unprepared.
UK manufacturers predicting biggest fall in growth since the depths of Covid
Manufacturers expect a sharp fall in their output over the next three months in the weakest forecasts for growth since the depths of the pandemic.
UK SMEs owed an annual average of nearly £150,000 – almost double compared to 2019
Britain’s SMEs are owed on average £147,141 in late payments – nearly £74,000 more than in 2019.
Pound hits fresh 37-year low against dollar
The pound has hit a new 37-year low against the dollar after Russia accused the West of “nuclear blackmail” raising fears the Ukraine war could escalate.
Stamp duty cut will benefit UK’s wealthier and raise inflation, say experts
Cuts to stamp duty will hurt first-time buyers and stoke an inflationary bubble in the property market as house prices rise at the fastest rate for almost 20 years, the government has been warned.
‘A big moment’: Wales expected to ban single-use plastic carrier bags
Wales has moved a step closer to becoming the first country in the UK to ban thin plastic single-use carrier bags, with anyone caught supplying them facing prosecution in a magistrates court and a fine.
Government announces plan to cap business energy bills which could see some bills halved
The government has announced plans to introduce a cap on wholesale energy bills for businesses.
Joe Biden to tell Liz Truss the UK must negotiate with EU to solve Brexit tensions over NI
Joe Biden will tell Liz Truss she must work with the EU to find a negotiated outcome to solve post-Brexit tensions over the Northern Ireland Protocol, the White House has said.
Ministers to cap firms’ energy bills amid calls for longer-term support
Jacob Rees-Mogg is expected to announce a cap on energy prices for businesses that would cut the rates they pay by up to half this winter.
Former owners buy back Butlin’s from private equity in £300M deal
The media-shy billionaire family which owned Butlins for 21 years until last year has bought the holiday resorts business back from its private equity owner in a £300 million deal.
Liz Truss to cut stamp duty in push for prosperity
Liz Truss will announce radical plans to cut stamp duty in the government’s mini-budget this week in an attempt to drive economic growth.
Current economic climate is worse than during the pandemic, say UK SMEs
New research has shed further light onto the cost of doing business emergency unfolding for the UK’s small and medium sized businesses as they fight for survival.
Train drivers at 12 firms will strike on 1 and 5 October
Train drivers at 12 key operating firms will walk out on 1 and 5 October after ASLEF union confirmed members backed a strike today.
