The government has announced plans to lay legislation that will end the Payment Systems Regulator (PSR). The PSR currently looks after payment systems such as Faster Payments and Mastercard. However, its role will be consolidated into the Financial Conduct Authority.
News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments. At the time of the 2024 Autumn Budget, the Office for Budget Responsibility (OBR) said that there was a £9.9 billion buffer available against the Chancellor’s own self-imposed borrowing rules.
The Public Procurement Act 2023, originally set for implementation on 28 October 2024, has now officially come into force. This legislation introduces new rules designed to make it easier for smaller businesses to compete for and win public sector contracts.
The Future of Roads Minister, Lillian Greenwood, has confirmed that the plug-in van grant will be extended for another year. The plug-in grant means that businesses can obtain grants of up to £2,500 when buying an eligible small van up to 2.5 tonnes and up to £5,000 for an eligible larger van up to 4.25 tonnes.
A new deal for GPs has been agreed between the government and the British Medical Association (BMA). Proposed reforms that were accepted by the BMA include an overall funding uplift of £889 million for the 2025/26 GMS contract. This represents a 7.2% boost to the contract, which is higher than the increase to the NHS budget as a whole.
The UK government has announced a major funding boost for rural areas, with up to £38 million allocated to support infrastructure, essential services, and business growth in the countryside. The aim is that the funding will help to create jobs and drive economic growth while improving quality of life for rural communities.
The government has announced its plans for new policies that it expects will make farming more profitable. Steve Reed, the Secretary of State for Environment, Food and Rural Affairs, said: “The underlying problem is that farmers do not make enough money for the hard work and commitment they put in.” He went on to say that his focus “is on ensuring farming becomes more profitable.”
A tragic incident at the Tamworth Snowdome has highlighted the critical need for businesses to properly assess and manage health and safety risks. Twelve-year-old Louis Watkiss tragically lost his life during a tobogganing birthday party at the indoor skiing venue on 24 September 2021.
The National Cyber Security Centre have published new guidance for organisations on network security fundamentals. Using networks has become fundamental to many businesses, ensuring they continue to operate and stay secure.
Pulpex, a sustainable packaging company, has received £43.5 million from the National Wealth Fund in exchange for an equity share of the business. The Scottish National Investment Bank is also investing £10 million with a further £8.5 million coming from existing investors. This investment will help Pulpex build its first commercial-scale manufacturing facility near Glasgow. You might wonder why there is so much interest in Pulpex!
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