HLAS

With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term. The Bank of England recently increased interest rates by a quarter of a percentage point to 4.25 per cent, despite the turmoil that has engulfed banking in recent weeks. The rise was as expected by economists in view of the latest data showing inflation rising to 10.4 per cent in February and annual food prices spiralling to 15 per cent last month. Andrew Bailey, the Bank of England governor, said last week that recent financial turmoil would [...]

With a planned statutory code of practice, the UK Government aims to protect employees and crack down on employers that use controversial dismissal tactics. The code, subject to a consultation first, will make it clear to employers that they must not use threats of dismissal to pressurise employees into accepting new terms, and that they should have honest and open-minded discussions with their employees and representatives. This new statutory code of practice will set out employers’ responsibilities when seeking to change contractual terms and conditions of employment, including that businesses must consult with employees in a fair and transparent way [...]

The programme is designed to provide high-quality, practical education and business support to leaders of high-growth small businesses and social enterprises across the UK. Participants of the programme will benefit from: specialist workshops, one-on-one business advising, business coaching, access to professional experts, networking opportunities, and a network of graduates. The closing date for applications is spring 2023, interviews will be held summer 2023 and the programme will begin autumn 2023. See: Goldman Sachs | United Kingdom

Up to £1 million has been made available for coastal communities across the UK to invest in new and improved infrastructure for recreational sea fishing. Eligible applicants will be able to bid for between £10,000 and £100,000 for projects to upgrade recreational fishing facilities, reduce carbon emissions, support the protection and recovery of the marine environment, and provide training to help recreational sea fishermen operate in a more sustainable way. Recreational sea fishing involves fishing for the purposes of pleasure, tourism, or sport. With an estimated two million recreational sea anglers taking to the water every year, recreational sea fishing [...]

Last week, the UK government announced that the UK will join the Indo-Pacific trade block, the CPTPP. The agreement follows two years of negotiations by the Department for Business and Trade and the UK is the first European member and first new member since CPTPP was created.  The CPTPP includes 11 Pacific nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The bloc is home to more 500 million people and will be worth 15% of global GDP once the UK joins. It is estimated that joining will boost the UK economy by £1.8 billion [...]

The National Cyber Security Centre (NCSC) has launched new online tools for small organisations to help find and fix any cyber security issues. The NCSC unveiled the services to coincide with the latest phase of its Cyber Aware campaign, which is aiming to raise awareness of cyber security among the UK's small businesses, organisations, and sole traders.   With official statistics showing more than a third of small businesses suffered a cyber-attack last year, the NCSC urged them to make use of their Cyber Action Plan and Check Your Cyber Security tools. The Cyber Action Plan can be completed online in under five minutes [...]

Employers should be aware that from April 2023 several statutory payment rates increase for the 2023-24 financial year. Statutory Maternity, Paternity, Shared Parental and Adoption Pay From Sunday 2 April 2023, Statutory Maternity Pay, Statutory Paternity Pay, Statutory Shared Parental Pay, Statutory Adoption Pay and Statutory Bereavement Pay all increased from £156.66 to £172.48 per week. Statutory Sick Pay From Thursday 6 April 2023, Statutory Sick Pay increased from £99.35 to £109.40. The lower earnings limit remains at £123. Statutory Redundancy Payment From Thursday 6 April 2023, the Statutory Redundancy Payment was limited to £669 a week. The maximum Statutory [...]

The Energy Bills Discount Scheme runs for 12 months from 1 April 2023 to 31 March 2024. This scheme replaces the Energy Bill Relief Scheme which supported businesses and organisations between 1 October 2022 and 31 March 2023. The scheme is made up of 3 different parts: The baseline discount will provide some support with energy bills for eligible non-domestic customers in Great Britain and Northern Ireland – this support will be applied automatically. The Energy and Trade Intensive Industries (ETII) discount will provide a higher level of support to businesses and organisations in eligible sectors – you will need to register to [...]

With increasing supplier prices and economic uncertainty, managing your business’s cash and understanding the 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, [...]

Businesses will soon be invited to apply for the UK's most prestigious business award when applications open in May. The Queen’s Award for Enterprise has been renamed following the Accession of King Charles III. The Awards will become The King’s Award for Enterprise. The King's Awards for Enterprise recognise and encourage the outstanding achievements of UK businesses in the fields of: international trade, innovation, sustainable development, and promoting opportunity through social mobility. Businesses of all sizes and from all sectors can apply. The awards are free to enter, and you can apply for more than one award. To be eligible, [...]