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.
The Chancellor of the Exchequer, Rachel Reeves, has pledged her support to the Invest in Women Taskforce, a new initiative aimed at increasing funding for female-founded businesses. The Taskforce aims to create a £250 million investment pool, making it one of the largest of its kind worldwide. This move follows the Rose Review, which highlighted a £250 billion economic boost if women started and scaled businesses at the same rate as men. Despite women making up over half the UK’s population, they currently own only 21% of businesses.
The government has announced plans to address the rising number of young people out of work due to long-term sickness. There has been a 29% increase in sickness amongst 16-24 year olds since the pandemic. Government statistics indicate that nearly 900,000 young people are now not in education, employment, or training (NEET). This raises concerns, not just for their well-being, but also about the future workforce.
The British Chamber of Commerce has officially launched in Uganda, offering UK businesses new opportunities to expand into the region. The Chamber aims to strengthen trade links between the UK and Uganda by providing a range of services, including networking events, trade delegations, and business advocacy. For UK businesses, this could be a valuable opportunity to explore new markets in Uganda, particularly in sectors like energy, agriculture, and infrastructure.
Kiverco, a family-owned business from County Tyrone in Northern Ireland, has secured multi-million-pound contracts to export recycling machinery to Saudi Arabia with the support of UK Export Finance (UKEF). UKEF has provided a £350,000 export insurance package that will help Kiverco to install new plants in Saudi Arabia. Kiverco designs and installs recycling plants that process and recover waste across various sectors, including construction, municipal waste, and dry mixed recyclables.
Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June. However, looking at the three months ending in July, Gross Domestic Product (GDP) – a measure used to assess the economy – has grown by 0.5% when compared to the quarter ended in April.
As HMRC intensifies its crackdown on National Minimum Wage (NMW) noncompliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant.
The Risk Reduction Through Design Awards 2024/25, sponsored by the Health and Safety Executive (HSE) and the Chartered Institute of Ergonomics and Human Factors (CIEHF), are open for nominations. These awards aim to highlight employers in the UK who have successfully reduced workplace risks, particularly those related to musculoskeletal disorders (MSDs).
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