Welsh Budget announcement
The Welsh budget was announced on 10 December. The key decisions for Welsh businesses and individuals were as follows.
2nd January 2025
The Welsh budget was announced on 10 December. The key decisions for Welsh businesses and individuals were as follows.
Rachel Reeves, the Chancellor of the Exchequer, has confirmed 26 March 2025 as the date for the Spring Forecast. The Office for Budget Responsibility is required to produce two forecasts each financial year by the Budget Responsibility and National Audit Act 2011.
The Office for National Statistics’ (ONS) latest official figures for October show that the economy shrank for the second month in a row, while pay growth increased for the first time in more than a year. The official figures show that Gross Domestic Product (GDP) – often used as a measure of the economy as a whole – fell by 0.1% in October. This follows a similar reduction in September of 0.1%.
The EU’s General Product Safety Regulation (GPSR) came into force on 13 December. Many small businesses have ceased exports to the EU and Northern Ireland as a result. The GPSR replaces the EU’s General Product Safety Directive (GPSD). Because of the growth in digital commerce and drop-shipping, there has been an increase in selling substandard or even dangerous goods.
The UK government has struck a deal with Czech billionaire Daniel Křetínský’s EP Group to secure the future of Royal Mail, a move that could have significant implications for the postal service in the UK. The agreement, announced on 16 December, includes legally binding commitments aimed at maintaining Royal Mail’s services, workforce protections, and its headquarters in Britain.
The Competition and Markets Authority (CMA) has started a consultation on draft guidance on the protection from unfair trading provisions in the Digital Markets, Competition and Consumers (DMCC) Act 2024. Chapter 1 of Part 4 of the DMCC Act includes provisions on unfair commercial practices that replace and update the Consumer Protection from Unfair Trading Regulations 2008.
Additional import controls have been introduced to protect UK sheep and goats against ‘peste des petits ruminants (PPR)’. As from 18 December 2024, commercially produced and packaged sheep and goat milk and milk products are not permitted from Bulgaria. This is because of an outbreak of PPR in Bulgaria last month.
Domestic trade marks can now be partially replaced by international registrations. Even where only some of the goods and services are listed in the domestic registration, this will still be possible. Previously, the regulations only allowed replacement when the international registration covered all the goods and services listed in the domestic registration.
Last week, the UK joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a move designed to grow the UK economy. Estimates suggest that it could add £2 billion to the economy in the long run. The CPTPP is a trade bloc that includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The UK joining brings the combined GDP of the bloc to £12 trillion.
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you concern. Did you know that HM Revenue & Customs (HMRC) provides an option to spread the cost of your tax bill with their Time to Pay system?
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