HLAS

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 [...]

A strong relationship with your bank is a crucial part of the success and stability of your business. You may rely on them for tailored financial solutions, ranging from short-term credit facilities to long-term loans, to support your growth plans or manage cash flow fluctuations. At the same time, we can sometimes feel that the bank is calling all the shots, and it is difficult to get any redress when something goes wrong. If you are in that position, then the Business Banking Resolution Service (BBRS) may be able to help you. While the service is wholly funded by the [...]

Researchers in the UK are being offered new funding opportunities to explore ways of enhancing society's resilience to the risks posed by Artificial Intelligence (AI). These risks include emerging threats such as deepfakes, misinformation, and cyber-attacks, and the funding aims to support work that ensures AI's safe and responsible use. This initiative, launched last week, is a collaboration between the government, the Engineering and Physical Sciences Research Council (EPSRC), and Innovate UK, which is part of UK Research and Innovation (UKRI). The focus is on exploring how AI systems can be made safer, with additional support for research addressing the [...]

The Competition and Markets Authority (CMA) is intensifying its efforts to protect consumers using unregulated legal services, such as will writing and divorce arrangements, which are becoming popular alternatives to traditional high street solicitors. As the use of these services increases, the CMA is taking steps to ensure that businesses offering them comply with consumer protection laws, aiming to safeguard people from unfair practices. In its latest action, the CMA has sent letters to seven providers of unregulated legal services, warning them about problematic practices such as aggressive upselling, refusal of refunds, and failure to address complaints. These companies have [...]

In her final speech at the International Investment Summit last week, Chancellor Rachel Reeves announced two major initiatives aimed at driving long-term investment in the UK. These moves are designed to create more high-skilled jobs and support growing industries across the country. New National Wealth Fund Reeves revealed that the UK Infrastructure Bank will now operate as the National Wealth Fund (NWF). With a budget of £27.8 billion, the NWF will focus on attracting private investment into key sectors like clean energy, green hydrogen, and carbon capture. The goal is to accelerate the UK's transition to a greener economy while [...]

At the International Investment Summit, the UK government announced nearly £63 billion in new investments, expected to create 38,000 jobs. These investments, spanning multiple sectors, are anticipated to drive growth across the country. While they are primarily aimed at large businesses and large-scale projects, there could be notable impacts on small and medium-sized enterprises (SMEs) as these investments are implemented. Renewable energy opportunities Octopus Energy has committed £2 billion to renewable energy projects, including the development of four new solar farms across the UK. These solar farms will provide power for up to 80,000 homes and generate business for smaller [...]

The Office for National Statistics (ONS) has reported that their inflation measure, the Consumer Prices Index (CPI), fell to 1.7% in September. This unexpected drop marks the lowest inflation rate in over three years. Decreases in airfares and petrol prices were the primary factors behind this reduction. As the Bank of England targets an inflation rate of 2%, this decline may give them scope to lower interest rates further when they meet in November. There is also speculation that a second rate cut could follow in December. The September inflation figure is particularly significant as it is typically used to [...]

With the Budget scheduled for 30th October, speculation is mounting regarding the changes that may be announced. Both the Chancellor and the Prime Minister have made remarks suggesting that the Budget will involve “difficult decisions”. Shortly after taking office, the Chancellor reported that there was a £22bn “black hole” in public finances inherited from the previous government. However, the BBC recently cited sources indicating that £40bn is actually required to prevent real-terms cuts to government departments. There has also been significant discussion about boosting growth in the UK economy, with the recent International Investment Summit aiming to attract foreign investment [...]

In a major industrial shift, the UK’s last coal power station, located at Ratcliffe-on-Soar in the Midlands, ceased operations at the end of September. This marks the first time in 142 years that coal-fired power has not contributed to the national grid. The UK’s first coal-fired power station was built in 1882 by Thomas Edison at Holborn Viaduct. From then on, coal-fired power became the primary method of supplying electricity to UK homes for many decades. In 2015, when the government announced plans to close coal plants as part of its climate targets, coal was providing nearly 30% of the [...]

Tata Steel closed its last blast furnace at Port Talbot in Wales at the end of September after more than 100 years of steelmaking. It’s estimated that 2,800 jobs will be lost as a result. The blast furnace is used to make what is called primary or virgin steelmaking because the molten iron is produced from its original source by splitting rocks containing iron ore. It requires intense heat and emits high levels of carbon into the atmosphere. Port Talbot originally had two blast furnaces, but the first was taken out of service in July. Now that this second one [...]