Business news 17 December 2021
James Salmon, Operations Director.
Interest rates up!
The Bank of England surprisingly voted 8-1 to raise interest rates from 0.10% to 0.25%, with rising inflation outweighing concerns over the Omicron variant. The rise was the first in three years. It followed inflation figures at their highest in 10 years. The move from the central bank sparked a rally in the pound, helping to lift UK-focused assets.
French border
France has announced that it will stop travellers from Britain from entering France from midnight tonight, in an attempt to limit transmission of the Omicron variant of covid-19 as our Health Security Agency estimated that 200,000 people were being infected a day.
Retail sales
Retail Sales rose in November by a better-than-expected 1.4 per cent as shoppers hit the high street to capitalise on Black Friday sales and early Christmas shopping. Online sales continued however, to slump, according to the Office for National Statistics. Last month’s sales figures were 4.7 per cent higher than a year earlier, the ONS said, and jumped 0.8 per cent from October this year. Even accounting for fuel price rises, retail sales excluding fuel were up 2.7%
Free trade deal signed with Australia
The UK has signed a free trade deal with Australia which the government says will benefit consumers and businesses. It is described as the first post-Brexit deal negotiated from scratch and not “rolled over” from trade terms that the UK enjoyed while in the EU. The government has estimated it would unlock £10.4bn of additional trade while ending tariffs on all UK exports and open up access to the pacific region. Farmers however are concerned about competition from Australian farms.
Brexit
The government is reportedly open to agreeing interim solutions with the EU on the future of Northern Ireland in early 2022, softening its stance in the dispute that has overshadowed their post-Brexit relationship. The government is said to be willing to consider a staged approach where the two sides strike an interim agreement on the most acute problems in Northern Ireland
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.
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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
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
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.