Costs of borrowing up It’s bad news for mortgage holders and borrowers as the Bank of England (BoE) raises interest rates by a quarter point to 4% for the first time since August 2023. As the war in the Straits of Hormuz continues, the rising costs of energy heavily influenced the members of the Bank’s…
Mr Healey’s quiet budget Britain’s financial markets barely blinked following Wednesday’s Budget. The Chancellor, John Healey, began his first budget by targeting savers, property owners and banks. Even these higher tax areas and increased spending were regarded as modest compared to his predecessor, Rachel Reeves’s two-budget, £66 billion tax grab. The Financial Times estimated Mr…
Tackling the PHP gremlin Last week saw 32 government services unavailable due to the PHP global cyber-security issue and the National Cyber Security Centre (NCSC) recommended that businesses tackle the problem immediately. Websites around the world were taken offline until the security issue was fixed. Organisations using any version of PHP are affected and all…
What the professional tax bodies suggest for Budget 2026 The UK’s professional tax and accounting bodies have made a number of suggestions to HM Treasury for the upcoming budget. Whether the invited representations will be taken on board by the Chancellor, John Healey, in his first budget on 28 October 2026, remains to be seen. The…
Small manufacturers can apply for electricity-cost relief Small businesses can now benefit from a new electricity-cost relief scheme that was launched on 1 October. Applications close on 30 November 2026. The British Industrial Competitiveness Scheme (BICS) is open and more than 10,000 businesses across Britain are thought to be eligible. BICS will cut manufacturers’ electricity costs…
Businesses worry legislative tax burden is increasing The annual report from the Administrative Burdens Advisory Board (ABAB) shows a slight improvement in HMRC’s performance but there is a rising concern over legislative burden and continued difficulties with communication channels. The ‘Tell ABAB report 2025 to 2026’ represents the views of the small business community and…
Britain’s insidious long-term workers’ absence Britain’s companies are facing a critical challenge with over one in five working-age adults out of the workforce, with ill-health and disability as major drivers. Two recent reports, the ‘Keep Britain Working’ review, led by Sir Charlie Mayfield and research from employee benefits provider Everywhen, paint a bleak picture of…
Bank of England holds interest rates at 3.75% A split decision by the Bank of England’s nine-member Monetary Policy Committee has held interest rates at 3.75%. The 6-3 decision came in spite of the Office for National Statistics reporting UK inflation accelerating to 3.1% the day before. July’s inflation rate was 2.9%. Rising fuel prices due to…
Chancellor promises to cut red tape and boost growth The Chancellor, John Healey, has given a number of speeches explaining how he intends to boost growth, reduce red tape and maintain fiscal responsibility. Speaking at the Manufacturing Technology Centre in Coventry, the Chancellor promised changes to the judicial review process for Nationally Significant Infrastructure Projects,…
Bonds, oil and AI Andy Burnham’s first visit to take Prime Minister’s Questions in Parliament came just as the country’s 10-year borrowing costs rose to levels only seen during the credit crisis. Even worse, the yield on a 30-year gilt hit 5.89%, the highest level since 1998. While Mr Burnham sought to reassure political opponents…