The OECD has warned Chancellor Rachel Reeves of the need for significant fiscal reform to stabilise the UK’s public finances, suggesting tax reforms, changes to pensions, and increased public investment ahead of her first budget in October.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Asda co-owner Mohsin Issa steps back as Lord Rose takes temporary charge
Asda co-owner Mohsin Issa steps back from daily operations to focus on his role at EG Group, as the supermarket struggles with falling market share and awaits a permanent chief executive.
UK Inflation Holds Steady at 2.2%, Core Inflation Rises
UK inflation remained at 2.2% in August, while core inflation rose to 3.6%. The Bank of England is expected to hold interest rates steady at 5% in its next decision.
Labour Ministers Ease Up on Enforcing Three-Day Office Week for Civil Servants
Labour ministers are adopting a relaxed approach to enforcing office attendance for civil servants, prioritizing flexible working over mandatory office hours.
Tesco may use AI and Clubcard data to nudge shoppers towards healthier choices
Tesco plans to use AI and Clubcard data to encourage healthier purchases by monitoring customer choices, sparking debate on privacy and consumer autonomy.
ICO reprimands Sky Betting and gaming for using cookies without consent
The ICO has reprimanded Sky Betting and Gaming for processing personal data via advertising cookies without user consent. Learn about the enforcement action and its implications for online privacy.
Deliveroo CEO Will Shu sells £15m worth of shares after company’s first profit
Deliveroo CEO Will Shu sells £15 million of shares after the company’s first profit, citing personal property investments. Learn more about the impact on the company and its financial outlook.
Amazon demands full return to office five days a week starting January
Amazon employees will be required to return to the office five days a week from January 2, 2024, as the company ends pandemic-era remote work policies. Discover the changes and implications for Amazon’s workforce.
Bank of England faces pressure to cut rates as job vacancies and factory output decline
The Bank of England faces mounting pressure to cut interest rates further as job vacancies fall and factory output contracts for the first time in four years, signalling an economic slowdown. Learn about the latest market trends and rate expectations.
Fears grow as Harland & Wolff nears administration, risking royal navy ship contract
Harland & Wolff, the historic Belfast shipyard known for building the Titanic, is on the brink of administration, putting a £1.6 billion contract to build three Royal Navy warships at risk.
Rayner clashes with business secretary over reforms to workers’ rights
Angela Rayner and Business Secretary Jonathan Reynolds clash over proposed workers’ rights reforms, including granting full employment rights from day one. Discover the key points of their disagreement and the impact on UK businesses.
London retailers count cost of ‘tourist tax’ as sales fall by £220m
London’s West End retailers face a £220 million loss in unrealised sales due to the UK’s removal of tax-free shopping for tourists. Learn how this policy impacts the retail and tourism sectors and calls for its reinstatement.
Significant action required to stabilise UK public finances, warns OECD
The OECD warns that the UK must take significant action to stabilise public finances, suggesting reforms such as scrapping stamp duty and modifying the pension triple lock. Discover the key recommendations ahead of the upcoming budget.
Grangemouth oil refinery to close in 2024, risking 400 jobs and increasing UK fuel imports
Scotland’s last oil refinery at Grangemouth is set to close next year, leading to 400 job losses and increasing the UK’s reliance on imported fuel. Learn about the impact on the local economy and potential future uses for the site.
UK debt could triple to 300% of GDP within 50 years, OBR warns
The Office for Budget Responsibility warns that UK public debt could reach 300% of GDP in the next 50 years due to challenges like climate change, an ageing population, and sluggish productivity growth. Learn more about the potential economic impact and policy challenges.