Weekly Digest – 04 December 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
HMRC issues £1,000 tax warning to everyone making money on the side
The HMRC is issuing a warning to individuals earning over £1,000 yearly from side jobs – which can range from online sales, dog walking, to babysitting – informing them that they are required to submit a tax return. Here’s what you need to know
CPI inflation: rebound continues, but won’t stop rate cuts yet
The big jump in inflation in October was entirely driven by the near 10% increase in regulated energy prices at the start of last month. Dig beneath the headline, though, and there are signs that domestically generated inflation is slowly easing. That said, headline inflation is still set to rise to around 3% by early next year.
Ministers must ‘co-design’ economic growth with businesses post-Budget
Businesses should have a stronger voice in setting economic growth policies, the boss of an influential business lobby group has urged, including a shift from “consultation to co-design”. Rain Newton-Smith, chief executive of the Confederation of British Industry (CBI), told attendees at the group’s annual conference that the government and firms share a “vision of growth, the real, sustainable growth that we so badly need” but needed to “co-design” policies.
UK cities boost their investment attractiveness despite economic growth downgrades
The UK’s largest towns and cities are more attractive to Foreign Direct Investment (FDI) compared to three months ago – despite the current economic challenges and downgraded GVA forecasts for most locations, says a new report. The latest Irwin Mitchell and Centre for Economics and Business Research (Cebr) study examines the attractiveness of 50 locations based on 10 economic indicators.
Bank of England warns of risks from rise in global trade barriers
The Bank of England warned on Friday that higher trade barriers could hit global growth and feed uncertainty about inflation, potentially causing volatility in financial markets and pushing up borrowing costs for businesses and consumers.
UK business confidence lowest since COVID pandemic
Britain’s Institute of Directors said on Sunday that optimism among its members had fallen to the lowest since the onset of the COVID-19 pandemic, following tax rises in finance minister Rachel Reeves’ first budget on Oct. 30.
TV licence fee could be scrapped as ‘honest conversation’ into future of BBC funding begins
The TV licence fee could be scrapped after the Labour Government’s announcement that a “honest conversation” into the BBC’s funding model will now take place. Culture Secretary Lisa Nandy has confirmed the public broadcaster’s licence fee model will continue until at least 2027, with plans to review the broadcaster’s long-term funding structure.
Openreach broadband roll-out could boost UK economy by £66bn
A new report from the Centre for Economics and Business Research and Stantec suggests the rollout of ultrafast full-fibre broadband by BT Group PLC’s infrastructure arm Openreach could boost the UK economy by £66 billion by 2029.
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