HLAS

Each month, the Office for National Statistics (ONS) publishes data on inflation and other economic indicators. In October, they reported that their measure of inflation, the Consumer Prices Index (CPI), dropped unexpectedly to 1.7% for the year ending in September. This marks the lowest inflation rate in over three years. The primary factors behind this reduction were decreases in airfares and petrol prices. Given that the Bank of England has a target inflation rate of 2%, this dip could allow for a further interest rate cut when the Bank meets on 7 November. Following this decrease, there is now also [...]

Proposed Major Changes to Workers' Rights In October, the government published the Employment Rights Bill, aimed at enhancing economic security and growth for businesses, workers, and communities across the UK. The bill introduces 28 individual employment reforms, addressing issues such as exploitative zero-hours contracts and fire-and-rehire practices. It will also introduce “day one” rights for millions of workers, covering paternity, parental, and bereavement leave. Additionally, statutory sick pay provisions will be strengthened by removing the lower earnings limit for all workers and eliminating the waiting period before eligibility for sick pay begins. Protections from unfair dismissal, previously subject to a two-year [...]

Good news for workers, but not so much for businesses On 30 October 2024, Rachel Reeves delivered her inaugural Budget speech, marking the first time a female Chancellor of the Exchequer presented the Budget. This historic occasion was already noteworthy, regardless of the content. The Chancellor’s address spanned 76 minutes, beginning with her assertion that tough choices were necessary due to a £22 billion deficit in public finances left by the previous administration. Upon conclusion, the Budget appeared less severe than some may have anticipated—a likely effect the Chancellor aimed for, given that the principal tax increase, a rise in [...]

THE BUDGET AND WHAT IT MEANS TO YOU I AM A ‘WORKING PERSON’ As promised in the Labour party manifesto, the rates of income tax on all income types remain static until at least 5 April 2026. The rates of national insurance contributions paid by employees and the self-employed also remain static until at least 5 April 2026. Recipients of the national minimum wage will see uplifts from April 2025. However, many working people are also business owners, landlords and savers. See the relevant sections below for tax increases that will apply. Employers are also being pinched in this budget [...]

During the Environment Agency’s Flood Action Week, which ran from 14 to 20 October, they issued a press release urging farmers in Devon and Cornwall not to take chances and gamble high-risk crops against a changing climate. The Environment Agency is concerned about the effect heavy and prolonged rainfall is having on the farmland in Devon and Cornwall, especially in areas with steep slopes. The wet year has delayed harvest time for some farmers. This has left less time available for planting cover crops that will act to bind the soil and reduce runoff during the winter’s wet weather. When [...]

Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal professionals in firms of all sizes protect themselves. The tips they provide are good practice for businesses of all types. Here’s a summary of what NCSC suggests. Backups are important Regularly taking backups, and testing that you can restore them, allows you to be able to recover and access your client or customer data even if you are the victim of a computer virus or ransomware attack. [...]

Samantha Fairweather, the director of Essex-based Fairweather Construction Ltd, has been disqualified from serving as a company director for eight years, after it was discovered that the firm took in excess of £300,000 in deposits for home improvement projects it failed to deliver. Fairweather, 53, had been the sole director of the company since its incorporation in 2014. Her firm, which marketed itself as a specialist in residential building projects such as window installations and conservatories, ceased operations in September 2022, owing creditors more than £700,000, including over £100,000 in unpaid taxes to HMRC. Financial mismanagement and unfinished projects Despite [...]

If a cyber incident affects your business, the way you communicate with your staff, stakeholders, customers and perhaps the media, can make a huge difference in the way your business is perceived. In an incident, attention tends to focus on the technical aspects of putting things right and communication may be left as a secondary concern. With this in mind, the National Cyber Security Centre has published some guidance on how to manage your communication strategy. Core principles The guidance outlines three core principles to follow: Prepare your communications strategy in advance. Communicate clearly with different parties, and tailor your [...]

The UK government has announced a consultation on new legislations designed to regulate Buy-Now, Pay-Later (BNPL) products. The forthcoming rules, which will bring BNPL products under the supervision of the Financial Conduct Authority (FCA), are designed to provide the same key protections for BNPL as exist for other consumer credit products. If you offer BNPL, what do you need to know? Affordability checks and responsible lending Under the new rules, BNPL providers will be required to perform affordability assessments to ensure that borrowers can afford repayments. This measure addresses concerns that consumers are at risk of accumulating unsustainable debt through [...]

Following the release of the Employment Rights Bill, its Impact Assessment was published last week showing that the new Bill will have a “positive direct impact on economic growth.” The Bill received a majority vote at its second reading in the House of Commons last week, and now goes to committee stage, where it will be given a detailed examination. The government has now launched consultations on 4 areas of the proposed legislation, which will become part of amendments that will be made to the Bill in the early part of 2025. The consultations are as follows: Strengthening Statutory Sick [...]