Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices. Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is ‘entering the stratosphere’ and could reach 18.6%. Predictions outlined by the Bank of England… Read more…

Trade body Offshore Energies UK (OEUK) has stated that the Energy Profits Levy, also known as the ‘windfall tax’, on UK energy firms should be scrapped by 2025 or it could risk having a ‘detrimental impact’ on investment in the sector. OEUK said that a new round of windfall taxes would ‘leave the UK facing… Read more…

The Trades Union Congress (TUC) has called on the government to increase the National Minimum Wage (NMW) rates ‘immediately’ in order to guarantee decent living standards for families. Research carried out by the TUC found that UK poverty levels are ‘likely to get worse’ if ministers continue to hold down pay. Additional financial support for… Read more…

Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased. A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the… Read more…

New company car advisory fuel rates have been published and took effect from 1 September 2022. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

There are many different types of investment, all with their own potential strengths and weaknesses. Whilst some prefer the high stakes of stocks and shares, others want more stability and less risk. Property investment can provide a stable and lucrative source of income, with many different options to choose from. However, as we know, the… Read more…

More than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI). Around 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous… Read more…

The government has introduced legislation to Parliament, which it says will enhance the competitiveness of the UK financial services sector and unlock tens of billions of pounds of investment. The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to deliver a ‘comprehensive model of regulation for the UK’. The government… Read more…

Insurer Zurich UK has stated that there has been a significant increase in the number of fraudulent claims as a result of the cost-of-living crisis. Zurich found that between 1 January and 31 May 2022, the number of fraudulent property claims rose by 25% compared to the same period in 2021. It also stated that… Read more…

The Institute of Directors (IoD) has called on the government to extend the capital allowances super-deduction. Data published by the IoD found that the super-deduction has had ‘a positive and measurable impact’ since it was introduced at Budget 2021. The data showed that 13% of firms reported that the super-deduction had had a direct impact… Read more…