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Below you'll find a list of all posts that have been tagged as “economics”
A report published by the Federation of Small Businesses (FSB) has revealed that the costs associated with going green have impacted small firms’ plans for becoming more sustainable. The FSB’s report found that the majority of UK small firms are concerned about climate change but just one in three has …
The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will ‘feel real pain’ due to a rise in the cost of …
Research carried out by property group Savills has found that half of first-time buyer home purchases are financed by the so-called ‘bank of mum and dad’. Parents’ contributions towards buying a first home are likely to top £9.8 billion this year, Savills found. It said that rising house prices have …
A study carried out by the Federation of Small Businesses (FSB) has showed that small firms are losing £25 billion per year as compliance costs and time lost to dealing with tax admin soar. The FSB study found that the government’s Making Tax Digital (MTD) initiative has ‘significantly increased costs …
Chancellor Rishi Sunak will have ‘little room for manoeuvre’ in this month’s Budget and Spending Review, according to the Institute for Fiscal Studies (IFS). The IFS says that this year’s historic announcements of tax rises will increase the UK’s tax take to its highest sustained level in peacetime. The think …
A survey carried out by the Institute of Directors (IoD) has found that three in ten businesses plan on employing fewer people as a result of the increase in national insurance contributions (NICs). Last month Prime Minister Boris Johnson announced plans to supply an additional £12 billion per year for …
Business groups have warned Prime Minster Boris Johnson that the UK economy is fragile and the recovery from the coronavirus (COVID-19) pandemic remains on shaky ground. The Prime Minister’s speech at the Conservative Party conference outlined his vision for an optimistic UK, buoyed by higher wages and improved opportunity for …
Changes to the off payroll rules, commonly known as IR35, that were introduced earlier this year are the forgotten factor driving the HGV crisis, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE has urged the government to repeal the changes to IR35 and at the very …
The government’s Coronavirus Job Retention Scheme (CJRS) ends today (30 September) after supporting millions of workers during the pandemic. The government said the wages of more than 11 million people were subsidised for at least some of the scheme’s duration at a cost of around £70 billion. There is now …
Chancellor Rishi Sunak will deliver the 2021 Autumn Budget on 27 October. The Budget will follow the Spending Review and is expected to set out how the government will deliver on its promises to the British public. These include leading the transition to net zero across the country; ensuring strong and …
The Institute of Directors (IoD) is urging the government to use the upcoming Budget to reduce the planned level of business tax rises. The IoD believes that the Office for Budget Responsibility (OBR) will revise its GDP growth forecasts up for 2021, potentially resulting in stronger tax receipts. It stated …
A survey carried out by the Confederation of British Industry (CBI) has revealed that three quarters of UK businesses are concerned about the impact of labour shortages on competitiveness. The survey found that 87% of firms are planning on recruiting this year, and seven in ten businesses are planning to …
Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS). The review considers the high-level implications of moving the tax year end date to 31 December, and a …
A survey carried out by the Federation of Small Businesses (FSB) has suggested that the UK unemployment rate could rise by 50,000 as a result of the increase in national insurance contributions (NICs) for employers, sole traders and employees. The FSB carried out an assessment of the potential impacts of …
Inflation rose to 3.2% last month from 2% in July – its largest ever recorded increase, according to the Office for National Statistics (ONS). The Consumer Prices Index (CPI) measure of inflation for August was the highest since March 2012, though the ONS said much of the effect was likely to …
The UK government faces big choices this autumn if it wants to stimulate economic growth, the Confederation of British Industry (CBI) has said. Following the recent government announcement on plans to increase national insurance contributions (NICs) to support social care, UK business is clear that the time for further business …
At the end of July, 1.6 million people were still on furlough, the lowest level since the start of the pandemic and 340,000 fewer than a month earlier. But older people and the travel sector did less well, with half of eligible travel workers still on the scheme. Since the …
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and …
Labour supply problems could last for up to two years and will not be solved by the end of the Coronavirus Job Retention Scheme (CJRS), the Confederation of British Industry (CBI) has warned. The CBI said that although a lack of HGV drivers has dominated the headlines, the challenge extends to many other skilled professions. Marrying skills policies …
The Federation of Small Businesses (FSB) has stated that the current business rates system in England serves to ‘disincentivise businesses to invest in net zero and employee wellbeing measures’. In a letter to the government, the business group said that small firms should not be penalised with higher business rates …
Staff and supply shortages have taken their toll on the UK’s economic recovery this month, according to the latest IHS Markit/CIPS Purchasing Managers’ Index (PMI). August’s PMI hit a six-month low of 55.3, down from 59.2 in July. A score above 50 indicates growth, however the post-pandemic recovery appears to …
The Federation of Small Businesses (FSB) has warned that rising prices and rail fare hikes threaten to stifle small firms’ recovery from the coronavirus (COVID-19) pandemic. Responding to data published by the Office for National Statistics (ONS) that showed that the Retail Prices Index (RPI) reached 3.8% and the headline …
Employers have warned that businesses may be required to raise prices as a result of wage hikes. A survey carried out by job board Caterer.com revealed that many employers have experienced staff shortages since coronavirus (COVID-19) lockdown restrictions eased. The survey also found that 93,000 EU workers have lost their …
The number of cash payments made in the UK fell by 35% during 2020, according to the latest figures from banking trade body UK Finance. However, cash remains the second most frequently used payment method behind debit cards, accounting for 17% of all payments. During 2020 the number of contactless …
An analysis carried out by the Trades Union Congress (TUC) has suggested that the UK’s green jobs and economic recovery plans lag behind the plans of most G7 countries. The UK currently ranks sixth for investment in net zero climate infrastructure, the TUC found. The business group stated that the …
