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Home / Latest News / Economy

Economy

Budget announced: Self employed face insurance hike

Self employed workers will face an increase in National Insurance contributions, the Chancellor Philip Hammond has announced. ‘The self-employed were the biggest losers’, according to IPSE, an organisation representing self-employed and professional freelancers and contractors. There will be a 2 percent increase for self-empoloyed National Insurance Contributions by 2018, and the ...

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Small firms fear export decline following Brexit

One third of small firms expect their level of exports to decline following Brexit, according to a survey by the Federation of Small Businesses. Following the Prime Minister’s key Brexit speech last week, the Federation of Small Businesses (FSB) published its initial findings from a six-month research programme on the business ...

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Small business confidence bounces back

The Federation of Small Businesses (FSB) has revealed today that UK small business confidence in the last quarter bounced back to the level reported before the EU referendum campaign began. Small business are feeling more confident that previously, according to the FSB’s Small Business Index (SBI) which has now moved into ...

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Pound falls following Brexit comments

The value of the pound has fallen to its lowest point in two months following Prime Minister Theresa May announcing that the UK would seek a “hard Brexit”. Sterling fell by about one percent on average, with the pound being 1.06 percent again the dollar at $1.21 this morning. In ...

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National minimum wage increases in October

Minimum wage

From October 1 2016, the National Minimum Wage (NMW) increased for workers under 25 and apprentices by between 3 percent and 4.7 percent. The National Minimum Wage is the minimum rate of hourly pay most workers are entitled to by law. The rate depends on a worker’s age and whether ...

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National Living Wage hits small firms’ profits, finds FSB

Living Wage

Information from The Federation of Small Businesses (FSB) found that the National Living Wage (NLW) has impacted on small firms’ profits. The SB’s 2016 Q2 Small Business Index, discovered that 47 percent of small businesses now say wages are the main contributor to the rising cost of doing business. Research ...

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NatWest and RBS could introduce charges for businesses

Interest Rates

The Royal Bank of Scotland (RBS), which owns NatWest, has said small businesses could be forced to pay charges on credit balances if interest rates dip below zero. The BBC reported that 1.3 million NatWest and RBS business and commercial customers received a letter outlining the potential changes. Personal customers’ accounts will not be ...

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Employers could face £500 fines

Employers who fail to respond to 28-day warning notices risk a fine that increases each day, a report published today by The Pensions Regulator (TPR) shows. More than 95 percent of the first small employers required to put their staff into a workplace pension have now complied with the law, showing that automatic enrolment ...

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National Living Wage comes into force in April

The Forum of Private Business has reminded companies to prepare for the introduction of the National Living Wage which takes place from April 1 (depending on when the payroll period begins). The headline rate will increase to £7.20. Business owners also need to check that that changes to salary sacrifice schemes ...

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The Budget: At a glance guide

On March 16, George Osborne revealed his eighth budget as Chancellor. Funeral Service Times brings you an at-a-glance guide to the highlights for businesses: Growth estimates for the year have been revised from 2.4 to 2.2 percent Inflation of 0.7 percent is expected for 2016 The headline rate of corporation tax ...

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