Industry News

Committee launches inquiry into banks’ treatment of vulnerable customers

The Treasury Committee has launched a new inquiry into whether UK banks are doing enough to help vulnerable customers. As part of the inquiry, the Committee will examine whether vulnerable individuals are being overcharged for insurance. A report published recently by Citizens Advice suggested that some individuals are losing as much as £877 a year […]


HMRC delays reform of late payment penalty regime

HMRC has further delayed the planned reform of the late payment penalty regime. HMRC planned to introduce the new penalty regime alongside Making Tax Digital (MTD) for income tax in April 2018, but the Revenue subsequently pushed its introduction back when MTD for income tax was deferred to April 2020. Within the Overview of Tax […]


UK late payment culture ‘showing signs of improvement’, research reveals

The so-called late payment culture in the UK is ‘showing signs of improvement’, according to research carried out by invoicing solutions firm Tungsten Network. The research revealed that the average time taken to pay suppliers has improved by 14% since 2016. UK firms now pay their suppliers ‘ten days quicker than the European average’, Tungsten […]


ONS data reveals gender pay gap has fallen to its ‘lowest level yet’

Data published by the Office for National Statistics (ONS) has revealed that the gender pay gap has fallen to its ‘lowest level yet’. The statistics showed that, in the year to April 2018, the gender pay gap for full-time employees fell to 8.6%, from its previous figure of 9.1%. However, experts have warned that the […]


Hammond delivers pre-Brexit Budget

Chancellor Philip Hammond has delivered his second Autumn Budget, exactly five months before Britain is due to leave the European Union. The Chancellor was in bullish mood, asserting that the era of austerity is ‘finally coming to an end’ after a ‘long, hard journey’. However, he maintained that UK debt remains too high and highlighted […]


2018 Autumn Budget – the business reaction

Business groups have responded to Chancellor Philip Hammond’s Autumn Budget speech. The Federation of Small Businesses (FSB) has welcomed the measures outlined in the Budget, extolling the £900 million in business rates support for small high street businesses, and praising the two-year freeze of the current VAT threshold. Mike Cherry, FSB National Chairman, stated: ‘This […]


2018 Autumn Budget – the political reaction

Addressing the House of Commons, Chancellor Philip Hammond stated that the 2018 Autumn Budget was one ‘for Britain’s future’, highlighting how ‘the perseverance of the British people’ is finally paying off. However, Labour Party leader Jeremy Corbyn labelled the Budget as a ‘broken promise Budget’, full of ‘half measures and quick fixes’. He added: ‘And […]


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