Business news 21 March 2025
Some of the 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.
More than a fifth of adults not looking for work
More than a fifth of working-age adults in the UK are not in work or actively looking for work, with the economic inactivity rate standing at 21.5% in the three months to January. This marks a decline on both the previous quarter and year-on-year. Office for National Statistics (ONS) data shows that there are currently 9.27m people classified as economically inactive. The report shows that economic inactivity for all age groups fell by 0.6% over the year and 0.2% on the quarter. Wages excluding bonuses grew 5.9% in the quarter, compared with the previous year. Meanwhile, growth in average weekly earnings, including bonuses, fell to 5.8%. In real terms, with inflation taken into account, regular pay grew 2.2%. Redundancies increased to 124,000 in the three months to January, marking the first increase in a year. Liz McKeown, ONS director of economic statistics, said the labour market is “relatively unchanged,” noting that the number of employees on payrolls is “broadly flat,” with little growth seen over the last year.
Interest rates held at 4.5%
The Bank of England has held interest rates amid concern over growing trade tensions and “geopolitical uncertainties,” with the Bank’s Monetary Policy committee voting by a majority of eight to one in favour of holding rates at 4.5%. Governor Andrew Bailey said interest rates remain “on a gradually declining path,” noting that the Bank expects a “bit of a pick-up” in inflation this year but adding that it will gradually fall over time. He added that it is the Bank’s job to “make sure that inflation stays low and stable.” Meanwhile, Chancellor Rachel Reeves said the Government has “work to do” to ease inflation. Inflation currently stands at 3%, exceeding the Bank’s 2% target.
Inflation expectations climb in February
UK households expect inflation to hit 3.9% in the year ahead, according to a Citi/YouGov survey. The poll for February saw an increase from the 3.5% recorded in January and marks the highest level since January 2024. Longer-term expectations rose to 3.9% in February from 3.7% in January.
London closes in on New York as top financial hub
London is gaining ground on New York in the battle to be the world’s top financial centre, closing the gap in think-tank Z/Yen’s Global Financial Centres Index. London remains in second place with a rating of 750 points but has closed the gap with New York to just seven points, having risen by 12 points since September. Hong Kong retained third position ahead of Singapore on an index compiled using quantitative measures provided by third parties including the World Bank, United Nations and the OECD and 4,946 responses to a GFCI questionnaire for industry participants. London was in the top three centres for all eight major industries and scored first for banking.
Gustafsson: UK the best place to invest and do business
Minister for Investment Poppy Gustafsson says the UK is a “safe haven” for foreign and domestic capital, telling a British Chambers of Commerce conference: “At a time of growing isolationism, protectionism and trade fragmentation, we stand as a proudly open, internationalist economy, the best place in the world to invest and do business.” Ms Gustafsson, the co-founder and former chief executive of tech firm Darktrace, pledged to “lower trade barriers” and drive up investment and trade, saying that the UK has “made clear to investors that we offer certainty… not least through our upcoming industrial and trade strategies.”
Haviland: NI hike ‘really hard for business’
Shevaun Haviland, director general of the British Chambers of Commerce, has warned that hiking National Insurance costs for employers “is going to be really hard for business.” She highlighted that firms expect to “put up prices, they’re going to reduce investment, they’re going to stop recruiting.” “It’s going to be a while until we see the real impact,” Ms Haviland told BBC Radio 4’s Today programme, noting that “businesses are reviewing their plans.” Ms Haviland added: “So what we want to see from the Government is that they focus on how they can drive growth. Let’s decrease taxes in the future, let’s focus on infrastructure builds, and let’s help our businesses get trading around the world.”
SMEs hit by tech issues
According to a poll of 1,000 SME owners commissioned by Samsung, businesses are losing an average of 98 hours annually due to technical issues, which translates to 12 working days. The survey revealed that nearly a third of respondents struggle with slow internet, while another third face problems with outdated laptops. The research indicates that 67% of SMEs have had to cancel important meetings due to tech failures, and 59% feel their devices often let them down. Furthermore, 67% believe productivity could increase by nearly 40% with better technology.
Lords: Spare anchor stores from higher rates
With peers voting to exempt ‘anchor’ stores such as Marks & Spencer and John Lewis from higher business rates, Baroness Scott of Bybrook has warned: “If the Government continues to increase costs on businesses in the same way as they have begun, there will not be any businesses left on our high streets to tax.” With the Chancellor’s business rates reforms set to see major retailers paying a higher levy on their biggest stores, experts say this could force them to move to out-of-town locations. Baroness Scott says higher business rates “could end up being the straw that breaks the camel’s back,” adding: “If the anchor stores move away, they will not be able to sustain themselves.”
Detached house price up £100k since 2020
The average value of detached homes has increased by more than £100,000 over the last five years, according to analysis by Halifax. Such properties currently sell for an average of £471,748, marking a 29.6% increase on the £363,869 average recorded in 2020. While detached homes have seen the strongest growth of all property types, flats have increased the least, with typical values up 16.7% since 2020. Terraced homes went up by 26.7% to an average of £235,296. Across all property types, the average cost of a home increased by 25.1% between 2020 and 2025, hitting £294,818. Amanda Bryden, head of Halifax Mortgages, noted that the “fortunes of different property types tend to ebb and flow depending on broader market conditions.”
Wealth tax benefits ‘highly uncertain’
Charlotte Gifford in the Telegraph says calls for a wealth tax have intensified as the Government grapples with rising defence costs, high borrowing, and sluggish growth. She notes that current estimates suggest a 2% tax on assets over £10m could yield £24bn annually, but highlights concern from experts. Chris Etherington, of RSM, said: “Whilst an annual wealth tax might theoretically raise the sums advertised, the reality is that this is highly uncertain.” He added: “It would be difficult to administer and it could result in many taxpayers changing their behaviour to avoid the charge.” A 2020 report by the Wealth Tax Commission concluded that an annual wealth tax would be “a poor second best” to reforming inheritance tax, capital gains tax and council tax “because it would be less economically efficient and more costly to administer.”
Badenoch promises lower taxes
Tory leader Kemi Badenoch has launched the Conservative party’s local election campaign, promising lower taxes and improved services.
Pension scam victims face tax hit
HMRC has been criticised for imposing tax liabilities on fraud victims who have lost their pension savings to scammers. The first 25% taken out of a pension is tax-free if withdrawn after you reach the age of 55. Before then, HMRC treats it as an unauthorised payment, even in cases of fraud. This means that victims targeted by fraudulent financial advisers or those misinformed over withdrawals will be subject to tax charges of at least 55% on the withdrawn money. The rate could potentially be as high as 70%. Baroness Newlove, the Victims’ Commissioner for England and Wales, has expressed her concern, saying that victims feel “retraumatised” and treated as tax avoiders rather than innocent parties. She has urged Chancellor Rachel Reeves to reconsider HMRC’s approach, while Margaret Snowdon, chair of the Pension Scams Industry Group, has called for legal changes to protect defrauded individuals from being penalised for third-party fraud. A new parliamentary committee will advocate for the rights of fraud victims, emphasising the urgent need for policy reforms.
Body Shop creditors face huge losses
The Body Shop’s suppliers, including charities and local councils, are set to receive only 16% to 27% of the £219m owed to them following the retailer’s administration. Administrators from FRP confirmed that while UK tax authorities will be fully compensated, unsecured creditors will face significant losses.
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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!