Business news 15 April 2025
Tax hikes and tariffs drive down business sentiment. Plus, inflation, wages, retail, China, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Please note: on the 19/3/25 CPA moved after 45 years on King Street, to new offices a couple of miles down the road at Profile West, 950 Great West Road, Brentford, TW8 9ES.
Tax hikes and tariffs drive down business sentiment
The UK economy is experiencing a “harrowing” year due to President Trump’s tariff regime and a £25bn tax increase on employers, according to a survey by the Institute of Chartered Accountants in England and Wales (ICAEW). Business confidence has dropped to its lowest level in over two years, with the ICAEW’s business confidence monitor falling from 0.2 to -3 in the first quarter. The report indicates that the manufacturing sector is particularly affected, with concerns about a potential trade war.
Inflation storm brewing
UK inflation currently stands at 2.8%, but Andrew Sentance, a former member of the Monetary Policy Committee at the Bank of England, warns it could exceed 5% this autumn. He describes a “perfect storm” of global trade tensions, rising wages, and increasing utility bills that threaten to escalate prices, putting additional strain on families and businesses. Sentance cautions the Bank of England to “hold fire” on interest rate cuts, as core inflation remains high at 3.5%. He highlights several factors contributing to this inflationary pressure, including rising service sector prices, climbing private sector wages, and soaring utility costs.
Unemployment
The UK Unemployment Rate held steady in the three months to February, while pay growth remained robust, numbers on Tuesday showed. The Office for National Statistics said the UK jobless rate was 4.4% in the three months to February 2025, unchanged from the previous three-month period. Vacancies fell by 26,000 in the quarter to 781,000 in the three months to March. The number of payrolled employees fell by 8,000 between January and February but rose by 35,000 year-on-year.
Minimum wage rise dampens graduate wages
The national living wage has risen by 6.7% to £12.21, reducing the salary gap between full-time minimum wage workers and average university leavers to just £500. Currently, those working 40 hours a week earn £25,500, while one in ten graduate roles offered only £25,000 at the end of last year, according to Indeed. The lowest-paid quarter of graduate jobs average £27,765, only slightly above the minimum wage. Neil Carberry from the Recruitment and Employment Confederation highlighted concerns over “differentials,” stating that the rise in minimum wage could lead to fewer entry-level jobs. The rapid increase in the minimum wage, which has grown by 37% since 2021, contrasts sharply with average wage growth of 24% and inflation at 23%.
March weather gives 1.1% lift to UK retail sales
March’s warm weather spurred a 1.1% increase in retail sales, driven by gardening, DIY, and food products, according to the British Retail Consortium-KPMG survey. However, experts warn that growth may have peaked, as spending on larger items remains weak amid rising consumer concerns over US trade tariffs and UK tax increases. Karen Johnson from Barclays Corporate Banking highlighted “welcome green shoots” in consumer spending, but cautioned that rising bills are pressuring finances.
China calls for ‘fairness’ after British Steel put under state control
Following the UK Government’s emergency legislation to take control of British Steel, a spokesperson from the Chinese embassy urged the UK to act “with fairness” and ensure that the Chinese owner, Jingye, have its rights protected. As the Government races to keep furnaces at British Steel’s Scunthorpe site going, ministers are being warned about the extent of China’s involvement in Britain’s critical infrastructure, such as windfarms, nuclear energy sites, and cellular communications. The Times reports that the Energy Secretary, Ed Miliband only last month signed a memorandum of understanding with China promising “close co-operation” with Beijing in sectors including battery energy storage and offshore wind power. Luke de Pulford, the executive director of the Inter-Parliamentary Alliance on China, told the paper: “China’s renewable industry is notoriously carbon intensive and hugely dependent on state imposed forced labour. Why would we want close co-operation with such a government? It’s bad enough that our green targets are already unachievable without China. Even more terrifying to think of the strategic leverage such dependency hands to the Chinese Communist Party – our biggest security threat.”
UK invests £121m in quantum leap
The UK Government has announced a £121m investment to accelerate the development and commercialisation of quantum technologies, aiming to combat financial crime and enhance public services. The funding, revealed on World Quantum Day, is part of the £2.5bn national quantum technologies programme. Tech Secretary Peter Kyle said: “Quantum… has the potential to save millions for our economy, create thousands of jobs and improve businesses across the country.” The investment will support research, advanced infrastructure, and talent development in the sector.
Markets
Yesterday,markets continued to stabilize with the FTSE 100 closed up 2.14% at 8134.34 and the Euro Stoxx 50 closed up 2.59% at 4911.39. Overnight in the US the S&P 500 rose 0.79% to 5405.97 and the NASDAQ rose 0.64% to 16831.48.
Trump is pushing ahead with specific tariffs on Semiconductors and pharmaceutical imports, with probes launched by the commerce department.
South Korea announced Tuesday a support package of 33trn won or $23.25 billion for its semiconductor industry, as protection from the uncertainty over US tariffs threatens Korean domestic companies.
This morning on currencies, the pound is currently worth $1.3225 and €1.167. On Commodities, Oil (Brent) is at $64.65 & Gold is at $3222. On the stock markets, the FTSE 100 is currently up 0.85% at 8203.74 and the Eurostoxx 50 is up 0.68% at 4944.80.
Oil Prices edged higher today, supported by new tariff exemptions floated by US President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.
Elsewhere, the Trump administration froze $2.2bn of federal grants for Harvard University after the Ivy League college became the first elite university to reject policy changes demanded by the Trump administration, saying the requests were trying to take control of its community and infringed on its independence.
Wood Group shares soar on takeover news
Shares in Wood Group surged over 12% following a potential takeover approach from Sidara, valuing the company at more than £240m with an offer of 35p per share. Sidara, a conglomerate with 350 offices in 69 countries, is also considering a capital injection of $450m into Wood. Wood recently disclosed that “cultural failings appear to have led to instances of information being inappropriately withheld” from its auditors, Deloitte. The board of Wood has signalled to Sidara that it would be minded to recommend the offer.
Woodford returns with new investment platform
Former fund manager Neil Woodford is set to launch a subscription-based investment service named W4.0, aimed at retail investors, six years after the collapse of his flagship fund, the Woodford Equity Income Fund (WEIF). Woodford said: “Because we’re not bound by the constraints of fund launches or minimum sizes, I can share more strategies, more ideas, and more updates than would ever be possible in a traditional fund structure.” The platform will allow investors to implement his strategies directly in their accounts. Despite the previous issues with liquidity that led to the suspension of WEIF, Woodford aims to provide more control to investors, stating that W4.0 represents “a natural evolution” in investment strategy. The service will feature three strategies, including an “income booster” aiming for yields over 7%. Subscription details remain undisclosed, but early members will secure the lowest rates.
Retail
British Retailers have warned that Chinese companies risk flooding the UK with low cost goods as US President Donald Trump’s tariffs choke off access to the world’s largest consumer market. The British Retail Consortium said domestic firms had raised alarm about cheaper goods being “rerouted” away from the US and toward other markets in the wake of Trump’s 145% tariffs on China, along with the closure of a key tax loophole for low-cost imports.
Silicon Six’s tax avoidance exposed
Analysis by the Fair Tax Foundation (FTF) reveals that the major American tech firms, known as the “Silicon Six,” have paid significantly less corporate income tax than the US average over the past decade. The companies – Amazon, Meta, Alphabet, Netflix, Apple, and Microsoft – averaged a tax rate of 18.8%, compared to the US average of 29.7%. Paul Monaghan, CEO of FTF, said: “Our analysis would indicate that tax avoidance continues to be hardwired into corporate structures.” The report highlights that if one-off repatriation tax payments are excluded, the average tax contribution drops to 16.1%. The firms have also inflated their stated tax payments by $82bn by including contingencies for taxes they did not expect to pay. The findings raise concerns about the influence of these companies on tax policies and their practices of booking profits in low-tax jurisdictions.
HMRC accused of driving loan charge suicides
The loan charge scandal has escalated, with HMRC facing accusations of harassing victims of mis-selling. Reports indicate that four more individuals have attempted suicide linked to the loan charge, raising the total to 14 referrals to the Independent Office for Police Conduct. The loan charge, introduced in 2016, has left many contractors with unexpected tax bills, with Ray Newton, a victim, stating: “Instead of going for the tax that was avoided they are going for the jugular.” Labour’s independent review has been labelled a “sham” by campaigners, as it focuses on settlement barriers rather than the principle of the loan charge. Critics, including Sir Iain Duncan Smith, have condemned the review as an “internal HMRC stitch-up,” calling for a comprehensive inquiry into the issue.
NGOs are killing growth
Brian Monteith in the Telegraph critiques the influence of Non-Government Organisations (NGOs) on economic growth, arguing that they often prioritise public spending instead. Monteith asserts that NGOs, while not accountable to the electorate, exert significant influence over government policy, leading to detrimental regulations for businesses. He concludes by calling for an end to taxpayer funding of political advocacy and a reassessment of the role of NGOs in shaping economic policy.
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Why you should become a member of CPA!
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.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
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. 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.
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 borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
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’s collection department 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!