Business news 5 August 2024

Call for support for high street firms. Brits shouldn’t expect a return to cheap borrowing. Reeves refuses to rule out changing debt rules. Economic recovery, cybersecurity, anti-strike laws, insolvencies & more business news that we thought would interest our members.

James Salmon, Operations Director.

Call for support for high street firms

Small businesses are playing a crucial role in revitalising high streets and local economies, writes Tina McKenzie in the Express. The policy and advocacy chair at the Federation of Small Businesses goes on to say that to ensure their survival and contribute to the future of town centres, it is important to address key issues such as business rates, transport, and parking. One innovative solution is the introduction of loyalty schemes to encourage collaboration among local businesses and incentivise consumers to shop locally. Support should also be provided to small businesses looking to transition from online to physical stores, including access to pop-up and temporary units. The new Government and local authorities must take action to implement these plans and provide full support to small businesses on high streets, McKenzie concludes.

Brits shouldn’t expect a return to cheap borrowing

Mortgage payers and business owners are hopeful that the Bank of England’s interest rate cut to 5% signals a return to the pre-pandemic era of low borrowing costs. However, the governor of the Bank of England, Andrew Bailey, has stated that interest rates are unlikely to go back to the ultra-low levels seen between 2009 and 2021. Economists expect the neutral rate to be around 3.5% in three years’ time, which would mean mortgages of about 4.5% to 5%. While there may be one more quarter-point cut this year, the next move is expected to be pushed back to November or December to allow for analysis of long-term inflationary trends. Bailey wants to dispel the idea of a return to the old “normal” and expects interest rates to be lower than before but higher than when rates were first raised in 2021. The final resting place for the neutral interest rate is uncertain, with estimates ranging from 3% to 4%.

Reeves refuses to rule out changing debt rules

The Chancellor refused to rule out changing debt rules to increase borrowing. Rachel Reeves was challenged last week by her predecessor, Jeremy Hunt, in the Commons to commit to her promise to stick with a fiscal rule to have debt falling as a share of the economy in five years. But she refused to do so.

Labour needs to raise £27bn to boost economic growth

The Labour Government will have to raise public investment by £27bn to boost economic growth, according to a report by Demos. Private businesses in the UK invest 47% less than firms in France and 57% less than those in Germany. This is a significant decrease compared to 1997 when British businesses spent £5 for every £1 the public sector invested. The UK Government would need to spend £27bn to increase levels of investment in the UK economy by £112bn a year. Sir Keir Starmer and Rachel Reeves have pledged to raise Britain’s growth rate to 2.5% over the long term, but Andrew O’Brien, director of policy at Demos, said that the Government needs to revolutionise its approach to working with the private sector to achieve higher levels of sustained growth.

Labour could blow chance of recovery

Economist Julian Jessop suggests in the Sunday Telegraph that Labour policies could stymie a resurgent British economy. The UK economy is expected to outperform the euro area, attracting overseas investors. GDP grew by 0.7% in the first quarter and is likely to match this rate in the second quarter. Despite a slowdown later in the year, the economy is projected to be at least 2% larger in the fourth quarter of 2024 compared to the same period in 2023. In contrast, the recovery in the euro area is struggling, with GDP growth of only 0.3% in the first and second quarters. But Jessop says Labour’s approach to the taxation of non-UK domiciled individuals, along with the party’s policies on energy and employment rights, could put off investors.

Labour warned not to strangle the golden goose

Labour’s plan to crack down on carried interest and non-dom rules is threatening London’s financial industry, writes Oliver Shah in the Sunday Times. The plan would allow private equity dealmakers to continue benefiting from the lower capital gains rate on “carry” if they invest their own cash. However, non-dom rules would be comprehensively shredded, bringing an individual’s worldwide assets into the scope of inheritance tax after ten years in the UK. This includes assets held in offshore trusts, which would remain taxable for ten years after leaving the UK. These changes, along with other factors such as the cost of living and the decline of the late-night economy, could gradually weaken London’s appeal. London’s tax base is already slender, with the top 1% of earners paying almost 30% of income tax and the financial and professional services industries, which contribute 12.3% of the total tax take, are losing competitiveness. Shah says the assumption that London, the UK’s goose, will keep laying golden eggs no matter how hard it is plucked, may prove to be misguided.

Ministers to pitch Britain as stable place for business

Ministers are expected to pitch Britain as a “stable place to do business” at an upcoming UK-based summit aimed at attracting global investors. The International Investment Summit, hosted by Sir Keir Starmer and attended by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds, aims to showcase the country as open for business and a mature trading partner. Mr Reynolds said the gathering would be “an opportunity to meaningfully engage with the world’s leading businesses and investors, and to continue to build long-term relationships that will drive investment into the UK in the months and years ahead.”

Boss makes call for tax relief on cybersecurity investment

A company boss has called for a 25% “super-deduction” tax break to encourage investment in cybersecurity. Graham Smith, head of customer success at cybersecurity firm OryxAlign, highlighted the UK’s vulnerability to cyber threats and the need for improved national resilience. Tax relief on cybersecurity investment “would encourage businesses to prioritise cybersecurity spending, strengthen national cyber defences and reduce vulnerabilities in critical sectors, including healthcare,” Smith said.

John Lewis urges tax breaks for immediate building

John Lewis has urged Rachel Reeves to introduce tax breaks for developers that start building immediately. Katherine Russell, the director of build-to-rent at the John Lewis Partnership, said the Chancellor “should look at tax incentives where a developer commits to building straight away”. She also urged the Government to cut red tape to help the industry meet Labour’s goal of building 1.5m new homes during this Parliament. John Lewis is looking to build rental homes above its shops and has faced setbacks with planning decisions.

Employers hesitant to offer financial advice as workplace benefit

Some employers are hesitant to offer financial advice as a workplace benefit due to concerns about potential repercussions, according to a survey. The research found that 34% of employers do not provide financial advice, with the figure rising to 51% for organisations with fewer than 500 employees. The main reason cited for not offering the service was the risk of giving inappropriate advice. However, some employers said they would consider providing advice if there was a demand from staff or evidence that employees would take it up. The study also revealed that financial advice ranked third in terms of staff priorities, behind pensions and private medical cover. Workers aged 25 to 34 were particularly interested in receiving advice, with pensions and retirement advice being the most common type offered.

Labour to axe anti-strike laws

The Labour Government is set to roll back legislation forcing workers to provide a minimum level of service during strikes with the law expected to be formerly repealed alter this year. In the meantime, cabinet ministers in relevant departments will be told this week to disregard the “minimum service levels” (MSL) provisions. Angela Rayner, the deputy prime minister, told the Observer that the law had succeeded “only in poisoning industrial relations”, while never being deployed. “It’s the first major step in terms of resetting our relationship with the trade unions as a government,” said a Whitehall source. “This legislation never worked, it was never used, businesses didn’t want it and we still lost more days to strike action than France or Spain.”

Labour could ‘put lives at risk’ with new strike laws

New laws making it easier for public service staff to strike will put lives at risk, opponents have claimed. The Employment Rights Bill will repeal anti-strike legislation, encouraging strikes across various sectors, MPs and experts warned. Former Tory party leader Sir Iain Duncan Smith said the move would give power to the unions to strike at will while leading cancer specialist Professor Karol Sikora warned that the changes could lead to the sickest patients dying. The measures have been worked on by Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds. The Labour Government defended the move saying the Tories’ approach had not worked.

Give mothers tax relief to boost declining birth rate

The UK Government’s decision to introduce means-tested cuts to the winter fuel allowance for pensioners may be a sign of things to come, writes Tom McPhail in the Telegraph. The country is facing a significant financial challenge in funding retirements due to demographics. The share of GDP spent on healthcare, state pension, and adult social care is set to rise from 15% to over 25% in the next 50 years and the Government’s current solution of high-volume, low-value immigration is not sustainable in the long term, says McPhail, the director of public affairs at financial consultancy The Lang Cat. Another alternative is to reverse the declining birth rate trend by providing tax breaks to mothers, for example, rather than “doing everything we can to discourage our young adults from parenthood.”

FTSE 100 falls after US data stoked recession fears

The Federal Reserve has been accused of not cutting rates soon enough, after US employment figures massively undershot forecasts. The FTSE 100 fell 1.3% on Friday on fears of an impending American recession following the disappointing US jobs data. US non-farm payrolls grew 114,000 in July, well below the expected 175,000. The unemployment rate rose to 4.3%, its highest level in nearly three years. Chris Beauchamp, chief market analyst at IG, said: Friday’s “huge payrolls miss and the surge in the US unemployment rate has sparked a fresh flight from risk assets already reeling from some poor earnings reports and concerns about a wider conflict in the Middle East. Investors are now hoping for a 50bps rate cut in September, but worry that even this will be too little, too late to stave off a US recession.” The FTSE 100, France’s CAC 40, and Germany’s Dax all experienced significant losses at the end of the week.

US Jobs

US Jobs Growth slowed much more than expected during July and the unemployment rate ticked higher, fueling fears of a broader economic slowdown, the Labor Department reported Friday. Nonfarm payrolls grew by just 114,000 for the month, down from the downwardly revised 179,000 in June and below the Dow Jones estimate for 185,000. The unemployment rate edged higher to 4.3%, its highest since October 2021. The dramatic fall, sparked concerns of a recession and that the FED had made a major mistake not cutting rates.

Amazon

Amazon second-quarter revenue came in short of expectations. It posted a 10% year-over-year increase in revenue to $148 billion in after-hours results on Thursday, missing estimates of $148.6 billion. Amazon Web Services sales were up 19% at $26.3 billion. Analysts had expected 18% growth. Profits jumped to $13.5 billion or $1.26 per share from $6.7 billion or $0.65 per share in the year-ago quarter. This topped estimates of $1.05. Bizarrely, Amazon fell over 9%.

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Why you should become a CPA member!

The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments.  With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.

CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers and be warned of any potential risks.

Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!

Rather than to turning to more debt, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cash flow, then talk to CPA about how we can help you reduce those late payments.

CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK. CPA’s overdue account recovery service is a polite, efficient service designed to encourage prompter payments while maintaining goodwill. We direct your customers to pay directly to you, not to us and want to support and reinstate your direct relationship with your customer, not take it over, destroying goodwill.

Unlike other credit management companies, our overdue account recovery service is available to our members on a fixed annual subscription so you can pass any overdue accounts to this service and it is included in your subscription!

Our Overdue account recovery service resolves over 80% of accounts referred to us although our collections department is there to escalate the collections process on the remaining few if you require it.

Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.

When you see your money come in, you will be so glad you used CPA.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections

Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!

If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA for purchase on recourse?

CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.

Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.

Just call  020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.

Get compensated for previous late payments

Have you been paid late by business customers in the last six years?

Maybe you no longer work with them. Under legislation, you are entitled to  compensation you for those late payments you have suffered.

You put up with the PAIN – now claim the GAIN!

Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!

CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients

Check our compensation calculator to see how much your business could be owed!

Discover NOW the potential value of late payment compensation hidden in your sales ledger!

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.