Category: Business News

Immediately following the US election results and Donald Trump’s win, the dollar made gains against other currencies. The FTSE 100 index also went up on Wednesday afternoon by 1%. The positive moves appear to be based on Trump’s plan to cut taxes and raise tariffs, as these will cause inflation to increase and reduce the speed at which interest rates are cut. US interest rates staying higher for longer will mean that investors get a better rate of return on savings and investments they hold in dollars.

The Competition and Markets Authority (CMA) have provisionally concluded that with certain commitments the proposed merger of Vodafone and Three would not be a competition concern. Vodafone and Three first proposed merging in June last year, however the CMA have been investigating the proposed deal because of concerns that the merger would lead to higher prices for customers as well as harming mobile virtual network operators.

The Competition and Markets Authority (CMA) have provisionally concluded that with certain commitments the proposed merger of Vodafone and Three would not be a competition concern. Vodafone and Three first proposed merging in June last year, however the CMA have been investigating the proposed deal because of concerns that the merger would lead to higher prices for customers as well as harming mobile virtual network operators.

As use of artificial intelligence (AI) tools to help with employee recruitment increases, the Information Commissioner’s Office (ICO) has published guidance on key data protection considerations. While AI tools can help you improve efficiency in the hiring, there is need for caution. AI tools can unfairly exclude jobseekers from roles or compromise their privacy. ICO recently audited a number of providers and uncovered several areas where improvement is required leading to almost 300 recommendations being made.

Last week was Stress Awareness Week 2024. The Health and Safety Executive (HSE) used the occasion to remind employers of their need to carry out their legal duty to prevent work-related stress and support good mental health at work. According to HSE figures, 17.1 million working days were lost to work-related stress in 2022/23. An average employee suffering from work-related stress, depression or anxiety takes an average of 19.6 days off work a year, almost the equivalent of a working month.

As has been widely expected in the last few weeks, the Chancellor, Rachel Reeves, made some significant changes to the Employers National Insurance (NI) rate and threshold in the Autumn Budget. From 1 April 2025, the rate for Employers National Insurance (NI) will increase from 13.8% to 15%. At the same time, the level at which employers start paying national insurance on each employee’s salary will be reduced from £9,100 per year to £5,000. The combination of these two changes means a potentially significant increase in payroll costs for businesses.

The government has announced the new National Minimum Wage (NMW) rates that will apply from 1 April 2025. The National Living Wage rate paid to those who are aged 21 and over has increased by 6.7%. This is a relatively modest increase in comparison to the last 2 years but is still expected to equal two-thirds of median earnings and in real terms be the highest minimum wage has been in its history in the UK.

Two days before the Budget, the Prime Minister announced that the cap for single bus fares would be increased to £3 from its current £2. The current fare cap is due to expire at the end of 2024. Without intervention, prices for some routes looked set to rise significantly. The new £3 cap will run until the end of 2025. The cap means that no single bus fare on routes that are included in the scheme can exceed £3. Routes where the fare is less than £3 can only increase in line with inflation.

From 26 October 2024, employers were given a new legal duty to take “reasonable steps” to prevent sexual harassment of employees. This duty requires employers to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment has already taken place, then an employer would need to take action to stop it from happening again.