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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 25th November 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!
THIS WEEK…
Rises mean that Bank of England unlikely to reduce rates any further when they meet in December
The latest inflation figures from the Office for National Statistics (ONS) reveal that the Consumer Prices Index (CPI) for October 2024 rose to 2.3%, up from 1.7% in September. This marks the first increase in inflation since July, and it has sparked interest among business owners, economists, and policymakers alike.
The rise in inflation was widely anticipated, and as a result the Bank of England have already signalled that any future cuts to the base rate will happen gradually. However, the latest CPI figures make it unlikely that the Bank will reduce rates any further when they meet in December.
Making UK expertise more attractive to overseas buyers
UK Export Finance (UKEF), the UK’s export credit agency, has launched a new initiative aimed at helping British engineering, design, and technical services firms secure international contracts.
The Early Project Services Guarantee (EPSG) is designed to make UK expertise more attractive to overseas buyers while filling a key financing gap for the early stages of major projects.
Making escaping unwanted subscription services easier
The UK Government has launched a consultation to tackle so-called “subscription traps,” aiming to make it easier for consumers to cancel unwanted subscriptions and secure refunds. These proposals are designed to simplify cancellation processes and improve transparency, potentially saving UK families up to £1.6 billion annually.
“Subscription traps” occur when consumers are misled into signing up for subscriptions, often via free trials or introductory offers, only to find themselves locked into costly plans due to unclear terms or complex cancellation procedures.
Online criminals targeting the Black Friday shopping spree
The National Cyber Security Centre (NCSC) has reported that shoppers lost over £11.5 million to online criminals between November 2023 and January 2024. Each victim lost an average of £695. A total of £10.6 million was lost the previous year.
The Black Friday season can be a good time to find bargains for businesses as well as individual shoppers. However, it’s evident that online criminals are doing their best to take advantage of the increased shopping activity.
It’s important then that you and your business exercise vigilance during this time. NCSC advise that criminals will often create false urgency by using limited-time offers or promoting items that seem scarce or not widely available.
You may already know whether your customer is a business, but if you don’t then the onus is on you to find out
New arrangements will apply to business to business (B2B) parcels sent from Great Britain to Northern Ireland under the Windsor Framework, effective from 31 March 2025. The changes were originally due to come into effect from 30 September 2024, but this was delayed to March next year.
Businesses will need to make sure they are prepared for these changes, which include distinct processes for business-to-business (B2B) and business-to-consumer (B2C) shipments.
Significant benefits for smaller retail, hospitality, and leisure (RHL) businesses
The government has now published the legislation to deliver the business rates changes announced in the recent Budget. These reforms, set to take effect from the 2026/27 tax year, are designed to create a more balanced system, with notable benefits for smaller retail, hospitality, and leisure (RHL) businesses.
Here’s what you need to know and how it might affect your business.
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