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Recovery Loan Scheme to be relaunched |
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The Recovery Loan Scheme (RLS) will be relaunched during August 2022 as the government aims to continue supporting recovering small businesses. The RLS launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made… Read more… |
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National insurance threshold rises |
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The level at which people start paying national insurance rose from £9,880 to £12,570 from 6 July. According to the government, 30 million people across the UK will benefit from this tax cut. It says the increase will lift 2.2 million people out of paying any personal tax. The threshold change means that 70% of… Read more… |
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IMF warns UK is set for slowest rate of growth of G7 countries |
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The International Monetary Fund (IMF) has warned that the UK faces the slowest rate of growth in the G7 next year. The IMF predicts that UK economic growth will fall to 0.5% in 2023, which is considerably lower than its previous prediction of 1.2%, which was forecast in April. Russia’s invasion of Ukraine and the… Read more… |
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Reform required to combat staff shortages, says BCC |
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The British Chambers of Commerce (BCC) has called for action to help firms employ more staff amidst recruitment difficulties. A survey carried out by the business group revealed that 61% of firms are looking to recruit more employees, but many are facing difficulties in doing so. According to the BCC, the construction sector is facing… Read more… |
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IoD calls for extension of capital allowances super-deduction |
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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… |
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Insurer warns of rise in fraudulent claims amid cost-of-living crisis |
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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… |
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New finance legislation aims to unlock investments |
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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… |
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Pandemic-born businesses could add £20.4 billion to UK economy |
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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… |
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