Failed housing transactions cost consumers and the economy at least £1.5 billion every year, according to research published by Santander. The research says that over 530,000 transactions fall through every year due to the UK’s antiquated homebuying process. The economic analysis shows that the direct cost to consumers of this through expenditure on elements such… Read more…

Artificial intelligence (AI) could boost the value of cross-border flows of goods and services by nearly 40% by 2040 thanks to productivity gains and lower trade costs, according to a World Trade Organization (WTO) report. However, the report says that for AI and trade to contribute to inclusive growth policies need to be in place… Read more…

Lowering the threshold for VAT registration in the Autumn Budget would breach Labour’s manifesto, IPSE, the Self-Employed Association has warned. IPSE says that the government is in a bind both politically and economically. Having ruled out tax rises on ‘working people’ and hiking employer National Insurance contributions (NICs) the Chancellor’s options are limited. IPSE asks,… Read more…

Companies could be prosecuted and face unlimited fines if they fail to prevent fraud that their firm profits from under a new corporate offence. The offence will hold large organisations to account if they profit from fraud. It forms part of wider measures introduced by the government to tackle fraud and protect the UK economy.… Read more…

The government has launched a voluntary repayment scheme to allow recipients of financial Covid support to repay outstanding money they were not entitled to or did not need with ‘no questions asked’. The government says that over £10 billion was lost to pandemic fraud, flawed contracts and waste under the previous government’s pandemic era procurement… Read more…

Chancellor Rachel Reeves will look at fixing the cliff edges in business rates that can discourage small business investment and growth, according to a report from HM Treasury. Currently when a business opens a second property, they will lose access to all Small Business Rates Relief (SBRR) unless they meet specific conditions, holding businesses back… Read more…

The government’s Budget Board must focus on easing the cost of doing business, says the Institute of Directors (IoD). The board has been created to link top ministers and 10 Downing Street officials with the Treasury in the run up to the Autumn Budget on 26 November. The board will meet weekly and will be… Read more…

Chancellor Rachel Reeves has been urged to cut National Insurance contributions (NICs) and increase Income Tax to create a ‘level playing field’ and protect workers’ pay. The Resolution Foundation said the Chancellor should make a 2p cut to NICs as well as a 2p rise in Income Tax in the Autumn Budget. The think tank… Read more…