Chancellor of the Exchequer Jeremy Hunt has delivered his 2023 Spring Budget, setting out plans for levelling up all parts of the UK and restoring growth to the UK economy. The Chancellor’s first Budget since taking on the role in October 2022 comes against a backdrop of slow economic growth, … [Read more...]
News for: Finance
HMRC reminds businesses about new VAT penalties and interest payments
HM Revenue and Customs (HMRC) is reminding VAT registered businesses to file their returns and pay on time following the introduction of a new penalties system. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing … [Read more...]
Inflation fell again to 10.1% in January
Inflation has fallen again for the third consecutive month, the latest Consumer Price Index (CPI) has revealed. The ONS reported on 15th February that the average prices in January of a range of common consumer purchases are 10.1% higher than at the same time last year. This latest figure … [Read more...]
Interest rates reach 4% after tenth consecutive rise
The Bank of England’s Monetary Policy Committee (MPC) has voted to once again increase interest rates, with the Bank’s base rate now set at 4%. The latest rate rise is the tenth consecutive increase announced by economists at the UK’s central bank, which is continuing to use its power over … [Read more...]
Inflation slowed slightly in December to 10.5%
The annual rate of inflation slowed slightly on November but remains in double figures, the ONS has revealed following the publication of its December 2022 Consumer Price Index (CPI) Analysis of prices for a range of consumer products shows that goods cost on average 10.5% more in December 2022 … [Read more...]
Government unveils new Energy Bills Discount Scheme for businesses
The government has confirmed its new Energy Bills Discount Scheme due to come into effect to support non-domestic energy customers when the current scheme ends at the end of March 2023. The new scheme will provide support for an additional year through to 31st March 2024, discounting high energy … [Read more...]
North West SMEs awarded £22.4 million in innovation funding throughout 2022
SMEs in the North West have greatly increased their share of Innovate UK grant funding in the past year with £22.4 million awarded for projects begun in 2022. The amount awarded to the region’s small businesses represents 94.2% of the total innovation grant funding that went to businesses of all … [Read more...]
Interest rates rise again to 3.5%
The Bank of England’s Monetary Policy Committee (MPC) has voted in favour of its ninth consecutive rise in interest rates. The Bank’s economists voted 6-3 in favour of increasing its base rate further to 3.5%. The increase is a more moderate 0.5 percentage point rise than the previous November … [Read more...]
Cheshire East named as potential net zero cluster in North West
The British Business Bank has identified Cheshire East as a potential net zero cluster in the North West as part of its Nations and Regions Tracker of the equity finance market. The report found the borough had attracted £175 million across 12 net zero equity deals since 2011 (including a single … [Read more...]
Inflation rises to 40-year high of 11.1%
The Office of National Statistics (ONS) has published its October Consumer Price Index (CPI), revealing year-on-year inflation has reached 11.1%, its highest level since 1981. Increases to household electricity and gas bills were the main contributor to rising inflation in October, following the … [Read more...]
Expert Opinion: How will the Autumn Statement affect my income?
John Winstanley, Director of Alderley Edge-based financial planners, Clarion Wealth Planning, explains how business owners and other high earners will be impacted by this week's Autumn Statement. Jeremy Hunt outlined the government’s balanced plan for economic stability, commenting that this will … [Read more...]
Latest Bank of England interest rates decision sees base rate hit 3%
The Bank of England Monetary Policy Committee (MPC) has agreed a 0.75 point rise in interest rates, with the base rate now reaching 3%. The uplift is the eighth consecutive interest rate rise and is the single biggest increase in the Bank of England base rate since 1989. The Bank’s economists … [Read more...]