Business News Roundup – 22nd July 2024

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Business News England

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Welcome to the DPC round up of the latest business news for our clients for 22nd July 2024.

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!

 

Highlights from the King’s speech: What impact may they have on your business?

The governments plans are set out

Last week King Charles delivered the King’s Speech. This is a speech traditionally delivered at the State Opening of Parliament and it sets out the government’s plans and priorities for the coming year.

The Speech outlines the legislation that ministers of the new government aim to pass and while it’s delivered by the King, it’s actually drafted by the government of the day.

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Inflation stable staying at 2%

Things settling down?

The Office of National Statistics has released the latest inflation figures for June, and the good news is that the Consumer Prices Index (CPI) has stayed at 2.0%.

The largest upward contribution to inflation came from restaurants and hotels, where hotel prices in particular have increased on a year ago. Taylor Swift’s Eras tour in the UK may have been a factor in this.

The largest downward contribution came from clothing and footwear as the prices of garments have fallen since a year ago.

As ever, attention turns to how this may affect interest rate policy. The Bank of England next meet to discuss this on August 1st.

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Lessons for businesses from a cyber attack on the London Borough of Hackney

Lessons worth learning!

The London Borough of Hackney (LBoH) has been reprimanded by the Information Commissioner’s Office (ICO) following a cyber attack made on them in October 2020.

The breach, which saw hackers access and encrypt 440,000 files, disrupted services for months and exposed sensitive data. LBoH acknowledged that the attack “posed a meaningful risk of harm” to 230 data subjects.

LBoH have taken remedial steps since the attack and due to their positive actions, ICO have taken the decision to issue a reprimand rather than impose a fine. However, there are several lessons businesses can learn from this breach that will help to protect their own digital assets and customer information.

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How to avoid fraudulent websites and shop safely online

Five handy tips to stay safe online

The National Cyber Security Centre (NCSC) have refreshed their guidance on shopping and paying safely online. Whether for our business or personally, online shopping is now a normal feature of our daily routine. What tips do NCSC provide that can help us stay safe?

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Landmark Moment for the IPO: First Patent Filed on New Digital Service

New digital service dramatically speeds up patent filing

The Intellectual Property Office (IPO) have been celebrating the first patent application being filed on its new fully digital ‘One IPO’ patents service. This is part of an effort to provide a more streamlined and efficient service.

The IPO are also making use of a new AI-powered patent allocation tool which means that a patent application should now reach the right team within a matter of seconds, instead of the previous 14 days.

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Making HMRC pay for poor service

You don’t have to put up with poor service

Dealing with HM Revenue & Customs (HMRC) can sometimes be challenging. Long wait times when phoning for help, incorrect refund amounts, errors in tax codes and other issues can cause frustration. In recent months and years the decline in service standard from HMRC has been notable, but did you know that it is possible to complain about HMRC and even receive compensation?

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