Category: Business News

The Chancellor, Rachel Reeves, gave an important speech at the Labour Party conference last week, in which she appeared to shift tone to speak more positively about the economy. Recently she spoke about the upcoming Budget being a “painful” one. As a result, there has been speculation on where spending will be cut and tax raised, which may have affected consumer confidence. However, the Chancellor’s speech at the party conference concentrated on the positive results she expects to bring to the economy.

The government has announced some reforms to the apprenticeship system in England, which could bring some exciting opportunities for business owners. These reforms, aimed at boosting young people’s access to apprenticeships, come with a new “growth and skills levy” that will replace the existing apprenticeship levy. Here’s what you need to know, and how this could benefit your business.

If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally! More than 670,000 young people, aged 18-22, have yet to claim their Child Trust Fund, with HM Revenue & Customs calculating that the average fund is worth £2,212. That’s a decent chunk of money, so it’s worth checking to see if you’re one of those with unclaimed funds.

The government has announced new measures designed to improve the warmth of homes for renters and lower heating costs. As things currently stand, a private rented home can be rented out if it meets Energy Performance Certificate (EPC) E. Social rented homes have no minimum standard at all. A consultation will shortly be launched on proposals for both private and social rented homes to have to meet EPC C or its equivalent by 2030.

Amazon has announced the end of its hybrid work policy, with corporate staff expected to be back in the office five days a week starting in January. Previously, staff had the flexibility to work from home two days a week. The decision has apparently been made to help staff work together more effectively and help reduce bureaucracy. Last year, Amazon tightened the full remote work allowance that had been put in place during the pandemic and this resulted in staff staging a protest. The new decision is unlikely to be popular with many.

The latest figures released by the Office for National Statistics last week show that inflation for the year to August 2024 remained steady at 2.2%. Increases in air fares compared to last year made the biggest upward contribution to the rate. However, falls in the price of motor fuels and restaurants and hotels offset this. The Bank of England met last Thursday to review the base rate and decided to hold the rate at 5%.

The government has announced a delay to the start of the Procurement Act 2023, moving the commencement date to February 2025. The Procurement Act aims to simplify and improve transparency in public sector procurement and open opportunities for small businesses. While the Act’s goals remain unchanged, the government has decided to develop a new National Procurement Policy Statement before the Act comes into force. In short, Labour don’t like the Policy Statement that the Conservatives previously wrote and want to write their own.

HM Revenue and Customs (HMRC) has recently reminded people to check and make sure they are not missing out on valuable State Pension entitlements due to gaps in their National Insurance (NI) record. The issue mainly affects parents, particularly women, who claimed Child Benefit before 2000. During that time, Home Responsibilities Protection (HRP) was designed to reduce the number of NI qualifying years needed to receive the full basic State Pension.