Industry News

2017 Autumn Budget – the economic picture

Within his Autumn Budget speech, Chancellor Philip Hammond reported on ‘an economy that continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down’. However, in its report prepared for the Autumn Budget, the Office for Budget Responsibility (OBR) revised down its outlook for […]

2017 Autumn Budget – the business reaction

Business groups have responded to the key announcements made in Chancellor Philip Hammond’s Autumn Budget speech. The Federation of Small Businesses (FSB) welcomed the reforms to the business rates system. Mike Cherry, its National Chairman, commented: ‘FSB presented a series of reforms to the Chancellor to make the business rates system fit for the future, […]

2017 Autumn Budget – the political reaction

Chancellor Philip Hammond delivered the 2017 Autumn Budget to the House of Commons, pledging to ‘seize the opportunities that lie within our grasp’ and ‘build on Britain’s global success story’. Leaders of the Labour Party and the Liberal Democrats commented on forecasts and figures outlined in the Chancellor’s Budget speech. Labour leader Jeremy Corbyn denounced […]

Chancellor presents 2017 Autumn Budget, ‘building on Britain’s global success story’

Chancellor Philip Hammond’s first Autumn Budget was delivered against a backdrop of economic and political turmoil, fuelled partly by ongoing uncertainty in the Brexit process. Acknowledging that the UK has entered a ‘critical phase’ of negotiations, the Chancellor set out his vision of a ‘new relationship’ with the European Union – though he was keen […]

Paper £10 notes set to be demonetised

The Bank of England (BoE) has announced that paper £10 notes will cease to be legal tender in England and Wales after 1 March 2018. Paper £10 notes will also be demonetised after 1 March 2018 in Scotland. Consumers have until this date to spend their old £10 notes or swap them for new notes, […]

Lowering VAT threshold would put SMEs at a disadvantage, FSB warns

The Federation of Small Businesses (FSB) has warned that lowering the VAT threshold would ‘drain small businesses of time and money’. The FSB stated that forcing small businesses into the VAT regime ‘would create a real drag on business output’. The warning came as a survey carried out by the FSB found that VAT-registered small […]

Government delays Tax-Free Childcare scheme for parents of older children

The government has delayed its new Tax-Free Childcare scheme for parents of children aged between seven and 12. Under the initiative, tax relief of up to 20% is available for childcare costs, up to a total of £10,000. The scheme is therefore worth a maximum of £2,000 per child (£4,000 for a disabled child). Children […]

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