Category: Business News

A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year. Having criticised HMRC’s phone service last year, the committee said the service was worse again since it’s last report. It said HMRC had “damaged trust in the tax system” as a result.

A new scheme administrator tasked with helping businesses reduce packaging usage was unveiled last week. PackUK (called PecynUK in Wales) will also promote more sustainable packaging alternatives. As part of the UK’s four nation Extended Producer Responsibility for Packaging (pEPR) scheme, PackUK is being used to apply the ‘polluter pays’ principle. It will shift the cost of managing household packaging waste from taxpayers and local authorities to businesses that use and supply the packaging.

HM Treasury has confirmed that the Chancellor will be hosting a series of Industry Forums in January and February with the aim of seeking views about the best way to deliver long-term growth in the sector and across the country. Financial services have been identified as a key growth-driving sector in the government’s Modern Industrial Strategy.

A new agreement between the UK and Switzerland was announced last week that means UK-qualified business people will now find it easier to work in Switzerland and vice versa. The agreement applies to a wide range of professions including lawyers, auditors, driving instructors, cabin crew and anaesthesia associates.

The latest figures reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November. While the drop is marginal, however it has sparked discussion in the press as to whether this easing of inflation might prompt the Bank of England to consider cutting interest rates when it meets next month. However, there is also talk of many businesses raising prices over coming months due to payroll cost increases set for April.

The government launched an AI opportunities action plan last Monday that aims to ramp up AI adoption across the UK. The Secretary of State for Science, Innovation and Technology, Peter Kyle, believes that the plan shows how the application of AI can be shaped within a modern social market economy.

Following confirmation of a case of Foot and Mouth Disease (FMD) in Germany, a ban has been put on the import of cattle, pigs and sheep from there. It is hoped that this action will help to protect UK farmers and their livelihood. While FMD poses no risk to human or food safety, it is highly contagious to cattle, sheep, pigs and other cloven-hoofed animals.

The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes. A new rule is proposed that will cap advance rent payments at one month’s rent. Currently, there is no limit on the upfront rent a landlord can ask for. This is being used to exploit potential tenants in some places and particularly disadvantages renters on lower incomes.