Business Update – 5 July 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Energy bills fall as new price cap comes into force
A change to the energy price cap has come into force, reducing domestic gas and electricity bills – with a further, smaller fall expected this winter.
One month to go until Alcohol Duty system changes
On 1 August 2023, the Alcohol Duty system will become much simpler, taxing all alcoholic drinks based on their alcohol by volume (ABV). This replaces the current Alcohol Duty system, which consists of four separate taxes covering beer, cider, spirits, wine and made-wine.
Carbon emissions from UK rail travel lower than previously thought
Rail travel is far more carbon efficient than previously thought, according to a rail industry group that has commissioned a new tool for calculating emissions.
Northern Ireland duty reimbursement scheme launches
Traders can now reclaim duty on goods moving into Northern Ireland which do not subsequently move into the EU after HMRC launched the Duty Reimbursement Scheme.
Thames Water’s turnaround plan packed by investor USS
Universities Superannuation Scheme (USS), one of the largest investors in Thames Water, has given its support to Britain’s biggest water supplier after the abrupt departure of its CEO.
British Gas owner Centrica hikes capacity at UK’s largest gas storage facility to bolster winter power security
Energy giant Centrica has increased capacity at the UK’s largest gas storage facility to boost resilience in the coming winter. The Rough site is not a “silver bullet” but still plays a critical role in increasing the country’s resilience and providing confidence during the colder months, says the firm’s chief executive.
Boots to close 300 shops across the UK in the next 12 months
Boots has announced plans to shut down 300 stores across the country in a bid to increase efficiency.
UK to work more closely with EU on financial services
The UK has signed a pact with the EU to increase co-operation on financial services. This is being seen as a sign the UK is willing to work more closely with the EU.
Just 40% of UK SMEs have started on their transition to being a sustainable business
New research has revealed that two million UK small and medium-sized businesses have started on the road to making their business fit for net zero.
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