HLAS

Millions of over-55s in the UK are at risk of encountering financial difficulties in their retirement, new research has revealed. One of the UK’s leading at-retirement advisers commissioned an independent survey of 2,000 UK adults, finding that less than half (46%) of respondents currently have a financial plan in place for their retirement – with this figure only rising to 47% for those aged 55 and above. When it comes to retirement savings, just 51% of UK adults know how much is in their pensions – again, there is only a slight increase (to 56%) among those aged 55 and [...]

The Institute for Fiscal Studies (IFS) has stated that this has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels. They comment “At the time of the last general election, UK tax revenues amounted to around 33% of national income. By the time of the next election in 2024, on current forecasts, taxes will amount to around 37% of national income – a level not sustained in the post-war period. Compared with a world in which taxes had stayed at 33% of national income, the UK government will be raising upwards of £100 [...]

Last week, new statistics from the Department of Transport (DfT) showed the overall price of bus fares in England, outside London, has dropped by 7.4% between June 2022 and June 2023, mainly due to the extension of the Get Around for £2 scheme. Starting in January 2023 and originally scheduled to end on 31 March 2023, the Get Around for £2 scheme has been extended until 31 October this year and will then run at £2.50 until the end of November 2024. See: Bus fares in rural England drop 11% thanks to government's £2 fare cap - GOV.UK (www.gov.uk)

With increasing supplier prices and economic uncertainty, managing your business’s cash and understanding its flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success. Cash flows are a reflection of all the cash that is flowing in and out of a business. Owners can look at the direction of the cash flows for insights about the health of specific products or services and overall market patterns. Some types of business are more likely to run into cash flow problems, while other types appear to be more resilient. If you are a business owner, [...]

With the constant news surrounding the economy, interest rate uncertainty, and high inflation, it is difficult not to worry about these issues and lose sight of what’s really important – the health and welfare of you and your loved ones. The issue we all face is a potent mix of inflation, recession, high debts, and the core reason for it all, a wartime energy shock. It is not the market driving the crisis; it is geopolitics, diplomacy, and conflict. On an individual level these events are not within our control, so what can we do to keep rational whilst this [...]

The ring-fenced funding, provided by the Government and the Environment Agency, will support natural flood management schemes across England that use techniques such as planting trees and creating wetlands to slow and store water to reduce the risk of flooding. These schemes are also proven to improve air and water quality, provide habitats for wildlife, and create green spaces for communities. This new funding builds on the £15m natural flood management pilot programme which ran until 2021. Across the 60 pilot projects supported by this programme, the equivalent of 1.6 million cubic metres of water storage was created and 15,000 homes were [...]

The Christmas season has a big impact on most businesses and employees in the UK. It will be a time when there is likely to be extra demand for products, services, and sales in some businesses whilst others may experience a quiet period or may shut for the Christmas holidays. This year, Christmas Day, 25 December 2023 falls on a Monday and Boxing Day, 26 December 2023, falls on a Tuesday. New Year’s Day also falls on a Monday. The Advisory, Conciliation and Arbitration Service (ACAS) has useful guidance for both employers and employees on their website about holiday entitlement. [...]

The first ever fully digitalised goods shipment landed in Singapore from Burnley after the UK introduced legislation to digitise trade documents to make importing and exporting easier for businesses. A valve produced by Burnley-based manufacturer Fort Vale set off from Manchester Airport on Thursday, facilitated by UK and Singapore based tech company LogChain, and arrived in Singapore. For the first time ever, the shipment was processed entirely digitally, rather than via physical customs documents. The news comes following the UK’s digital trade agreement with Singapore, which facilitated electronic trade, as well as the introduction of the UK’s Electronic Trade Documents [...]

The UK and the US state of Washington signed a new Memorandum of Understanding (MoU) on trade and investment last week. Washington State is home to major US business including Amazon, Starbucks, Microsoft and Boeing, and has a GDP roughly equivalent to Poland. The MoU marks the sixth delivered as part of the UK’s state-level strategy to increase trade with the US and means that the combined GDP of states the UK has MoUs with now totals £2.2 trillion. The UK has signed MoUs with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and now Washington. Collectively these states imported £5.1 [...]

From 6 to 10 November 2023, the British Business Bank, along with several partners from across the UK, will host Business Finance Week 2023. With a host of free nationwide and regional in-person events and webinars, Business Finance Week 2023 aims to help smaller businesses learn about the different finance options available to them to support their individual needs. Events coming up as part of the week include: Making sense of start-up funding: Where do I start? Monday 6 November 2023, 12:30pm to 1:30pm, online event Unlocking potential for your business through diversity and sustainability Tuesday 7 November 2023, 10am [...]