Business news 15 March 2024

Economists expect rate cuts in Q3 . Beancounter bosses are best for business? HMRC wait times hit record high.  And more business news that we thought would interest our members.

James Salmon, Operations Director.

Economists expect rate cuts in Q3

Economists believe that the Bank of England will start cutting borrowing costs in the third quarter, according to a Reuters poll, although 40% of those quizzed said the Bank may act sooner. All but three of the 68 economists polled forecast at least one cut by the end of September, while around four in ten said the first cut could come as soon as Q2. None of the respondents expect rates to come down this month and nor do any foresee an increase. Both the US Federal Reserve and the European Central Bank are expected to start cutting interest rates in June. On economic growth, the economists expect UK GDP to climb 0.3% this year and 1.2% in 2025.

Inflation predictions

February CPI figures are due out on 20th March and are inflation is forecast to be 3.4%, down from January’s 4%.

A million calls unanswered as HMRC wait times hit record high

Taxpayers faced record waiting times when contacting HMRC and struggled to reach the tax office as they tried to file their self-assessment tax returns ahead of the January 31 deadline. HMRC failed to answer almost a million calls in January, with wait times exceeding 25 minutes. The tax office has faced challenges with unanswered mail and a decrease in call centre workers. While MPs have criticised HMRC’s customer service levels, which they say are at an all-time low, taxpayers have expressed frustration with the complexity of the tax system and the quality of customer service. Describing the delays as “shocking,” Nimesh Shah of Blick Rothenberg said long waiting times “add to people’s anxiety when they’re wanting to speak to someone.” He added: “Our tax system is too complicated and not everyone can afford someone to hand hold them through this, so many people rely on this service.” Arguing that there is not enough investment in frontline services, Mr Shah warned that HMRC “cannot keep up with the complexity and bureaucracy of our tax system.” HMRC says it is is working to improve its services and call handling. While a record 11.5m taxpayers submitted their tax returns, 1.1m missed the deadline and received a £100 fine.

Beancounter bosses are best for business?

A leading article in the Times reflects on analysis showing that 30% of FTSE 100 chief executives have served part of their career as a chief financial officer – up from 21% in 2019. It says that while critics may “bemoan the triumph of the ‘beancounter’ … if no one is counting the beans, businesses have a nasty habit of going bust while public services become inefficient and their costs unaffordable.” The piece adds that if Britain’s leading companies are choosing to “prioritise risk management by putting a safe pair of hands in charge, that seems eminently sensible.”

Tighter accounting rules proposed for corporate takeovers

Listed companies will have to provide more detailed information on takeover deals, according to proposed revisions to international accounting rules. The International Accounting Standards Board (IASB) is seeking public consultation on the proposals, which are expected to come into force around 2027. The changes aim to bring a greater level of detail and comparability to the existing accounting rule on business combinations. The disclosures, which will be made in annual reports, will be externally checked by auditors. The proposed standard will allow companies to give qualitative or quantitative details about synergies resulting from a takeover. The revisions could have consequences for CEO remuneration tied to the performance of a takeover deal, as well as for the validity of “goodwill” amounts on a company’s balance sheet. IASB chair Andreas Barckow said: “We want to put all companies that engage in acquisitions in the same spot, saying you have to provide a single note that lays out the rationale, why you’ve entered into this, how you’re going to assess the performance of that entity, which metrics do you use, and then as we progress year-after-year, compare your initial view to the effective results.” Harvard Business Review analysis suggests that 70% to 90% of mergers and acquisitions fail to live up to their promise due to a clash of cultures, overpaying or insufficient due diligence.

Pandemic widens inequality gap between rich and poor nations as debt burdens grow

UN analysis shows that the wealth gap between the most and least developed economies has reached its highest level in almost a decade, with post-pandemic debt limiting poorer countries’ ability to invest.

Levelling up falling down

A Parliamentary committee found that the Tory flagship Levelling up policy has been hit by astonishing delays with just 10% of the promised funding having been spent.

Heat pumps

The government is delaying plans to require boiler companies to sell a minimum number of heat pumps after boiler companies increased prices, justifying it as a move to protect consumers.


UK banks the likes which include Barclays UK, NatWest, Lloyds and Santander UK are set to be grilled by MPs over surging profits while consumers suffer with the cost of living. Companies within the supermarket, energy providers and oil major sector have faced similar treatment over the last year. NatWest recorded it biggest annual profits since 2007 earlier this year.


Shell has announced fresh plans today that waters down part of its 2030 carbon reduction pledge. It now plans to reduce the ‘net carbon intensity’ of the energy is sells by 15-20% compared to a previous target of 20% by 2030. Net carbon intensity measures the emissions produced by each unit of energy that Shell produces.


Vodafone has sold its Italian business to Swisscom for €8 billion in an all cash deal.


Bitcoin has retreated from its all time highs close to $74,000  back down to $68,000

Latest Insolvencies

Appointment of Liquidators – MORRIS TAX CONSULTANCY LTD
Appointment of Liquidators – BOOTS PROPCO F LIMITED
Appointment of Liquidators – STUDIO 71 UK LTD
Appointment of Liquidators – K HEER HR CONSULTANCY LTD
Appointment of Liquidators – PARBRO LIMITED
Appointment of Liquidators – AMC MARINE CONSULTING LTD.
Appointment of Liquidators – BOOTS PROPCO H LIMITED
Appointment of Liquidators – INGENIUM IT LIMITED
Appointment of Liquidators – CITTO LIMITED
Appointment of Administrator – THE BUFFALO FARM LIMITED
Appointment of Liquidators – S.A. GRANT LIMITED
Appointment of Liquidators – PARRY DOHERTY DEVELOPMENTS LTD
Appointment of Liquidators – KYS PROPERTIES LIMITED
Appointment of Liquidators – CLEARACQUISITION LIMITED
Appointment of Administrator – CLUB LEGENDS LTD
Appointment of Liquidators – ETON SOFTWARE SOLUTIONS LIMITED
Petitions to wind up (Companies) – TECHNICAL WIZARD GB LTD
Appointment of Administrator – WESTACRES CLUB LIMITED
Appointment of Liquidators – CW2 LIMITED
Appointment of Liquidators – CLC FINANCIAL PLANNING LIMITED
Appointment of Liquidators – URBAN ANALYTICS LIMITED
Petitions to wind up (Companies) – 1LETA LIMITED
Appointment of Liquidators – SNOWDON HOMES (LOWER STONDON) LIMITED
Petitions to wind up (Companies) – PARDUS WEALTH LIMITED
Appointment of Liquidators – K E PRYOR & SONS LIMITED
Petitions to wind up (Companies) – LOVETT WORLDWIDE LIMITED
Petitions to wind up (Companies) – SALON HYGIENE SOLUTIONS LIMITED
Petitions to wind up (Companies) – LABYRINTH VENUES LIMITED
Petitions to wind up (Companies) – TROUNCEFLOW LIMITED
Appointment of Liquidators – DRIMSYNIE ESTATE LIMITED
Appointment of Administrator – ITHICA FILMS LIMITED
Petitions to wind up (Companies) – DIVINE ESTATES LIMITED
Appointment of Liquidators – BLUE PESCA LIMITED
Appointment of Liquidators – MAIDWELL HALL SCHOOL
Appointment of Liquidators – G.J.P. CONSTRUCTION LIMITED
Appointment of Administrator – GOLDEN-CASTLE CARAVANS LIMITED

Why should you become a CPA member!

The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.

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.

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

Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email 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 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.