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Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 20th January 2025
Please contact us if you want to talk with out team of experienced Stoke-on-Trent accountants about how these updates affect your business. We are here to support you!
THIS WEEK…
Change in the air?
The latest figures reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November.
While the drop is marginal, however it has sparked discussion in the press as to whether this easing of inflation might prompt the Bank of England to consider cutting interest rates when it meets next month. However, there is also talk of many businesses raising prices over coming months due to payroll cost increases set for April.
Here, we explore some of the key issues you should be aware of.
AI opportunities up for grabs
The government launched an AI opportunities action plan last Monday that aims to ramp up AI adoption across the UK.
The Secretary of State for Science, Innovation and Technology, Peter Kyle, believes that the plan shows how the application of AI can be shaped within a modern social market economy.
The plan details how the government intends to lay the foundations that will further enable AI.
Protecting UK farmers
Following confirmation of a case of Foot and Mouth Disease (FMD) in Germany, a ban has been put on the import of cattle, pigs and sheep from there. It is hoped that this action will help to protect UK farmers and their livelihood.
While FMD poses no risk to human or food safety, it is highly contagious to cattle, sheep, pigs and other cloven-hoofed animals.
An FMD outbreak can be very bad news both for the animals and economically, so livestock keepers are being encouraged to be vigilant to symptoms and rigorous about their biosecurity.
Protecting tenants
The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes.
A new rule is proposed that will cap advance rent payments at one month’s rent. Currently, there is no limit on the upfront rent a landlord can ask for. This is being used to exploit potential tenants in some places and particularly disadvantages renters on lower incomes.
Landlords will still be able to take a security deposit of up to 5 or 6 weeks rent alongside a one month’s rent in advance.
Search under the magnifying glass
The new digital markets competition regime came into force on 1 January 2025 and the Competition and Markets Authority (CMA) has now launched its first investigation on Google under its new powers.
Under the new digital markets competition regime, the CMA can designate certain businesses as having strategic market status (SMS) in relation to a particular digital activity. The designation means the CMA can then impose conduct requirements or propose pro-competition interventions that benefit UK consumers and businesses.
The designation can only take place after an investigation, and the CMA has announced that its first SMS designation investigation will be to assess Google’s position in search and search advertising services.
£7 million funding initiative aimed at helping small businesses
The UK Government has announced a £7 million funding initiative aimed at helping small businesses enhance their productivity and efficiency through artificial intelligence (AI).
This funding, distributed across 120 projects, is part of the Innovate UK BridgeAI programme under the UK Research and Innovation (UKRI) Technology Missions Fund. The initiative seeks to harness AI technology to address real-world challenges and support economic growth in sectors such as agriculture, transport, construction, and more.
Celebrating exceptional achievements in international trade
Small businesses across the UK are invited to enter the Department for Business and Trade’s (DBT) Made in the UK, Sold to the World Awards, which celebrate exceptional achievements in international trade.
The awards are open for entries until 9 March and provide a platform for SMEs to showcase their success in exporting British goods and services across the globe.
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