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This afternoon, the new chancellor of the exchequer, Rishi Sunak, announced the spring 2020 budget, which saw a host of pledges to help businesses. It was clear that the Covid-19 outbreak and the damaging impact it may have on businesses resulted in a number of last-minute changes to the budget, which was initially expected to focus on levelling-up the UK economy. While Covid-19 did dominate the budget, the chancellor stated that it was also a budget that aimed to result in a prosperous future.
The key budget points that will impact businesses are:
As part of the pledge to help SMEs cope with employees being absent to work, the Government has revealed that it will refund the cost of statutory sick pay in full for a total of 14 days. This refund is only available to businesses that have 250 or fewer employees.
To help businesses cope with the cost of dealing with Covid-19, which the Government predicts will disrupt supply chains and reduce consumer spending, the Government has introduced a number of measures to help support businesses that experience increased costs or a disruption to their cashflow. As such, businesses will be able to defer tax payments through an extension of Time to Pay, as well as apply for funds through the Business Interruption Loan Scheme, which will provide loans of up to £1.2m to support small and medium-sized enterprises. The Government has also pledged to pay up to 80% of losses that participating banks may incur on these loans and stated that businesses will not incur fees – all a part of encouraging banks to keep lending flowing.
For the 2020/21 tax year, the Government announced that it was abolishing business rates on retail and leisure businesses that had a less than £51,000 rateable value. This was another measure introduced to help businesses deal with the financial impact of Covid-19 and is expected to benefit a range of businesses such as shops, gyms, cinemas and cafes.
Businesses that are eligible for small business rate relief will receive a £3,000 cash grant. Again, this was announced as part of the Government’s plan to help businesses deal with the cost of Covid-19. It should be noted that this grant is only available to the smallest of businesses, so many SMEs will not be able to apply for this grant.
As part of the Government’s plan to level up the country, in the budget it was announced that money would be spent on transport, specifically improving road and rail networks. In addition to this, the Government has also pledged money to increase innovation throughout the country.
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Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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