Business news 24 April 2025
Chancellor to review zero tax regime for low-value imports. Output and optimism fall as trade war hits confidence. International trade, 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.
Chancellor to review zero tax regime for low-value imports
Rachel Reeves is to review the tax regime for imports of low-value goods, with the Chancellor considering changes to rules which allow goods valued at £135 or less to be imported to the UK without any customs duty having to be paid. This comes after retailers said Chinese companies such as Shein and Temu have utilised the tax break to undercut British businesses. Ms Reeves said ministers are “absolutely standing up for the British high street against the dumping of cheap imports of products that undercut British retailers.” Helen Dickinson, the chief executive of the British Retail Consortium, has welcomed the news, saying a review of the policy, “which was designed to reduce the burden on low-volume, low-value imports,” was needed.
Output and optimism fall
Private sector output fell in April, with S&P Global’s composite PMI seeing the first decline since October 2023. Output fell to 48.2 on an index where a reading above 50 points to growth, marking a decline on the 51.5 recorded in March. The manufacturing PMI fell from 45.3 to just 44, while the service sector hit a 27-month low. S&P Global’s chief economist, Chris Williamson, said: “Businesses are reporting more of a struggle to keep their heads above water,” adding: “Job cutting remains aggressive.” Mr Williamson noted that business optimism about the year ahead has fallen to a two-and-a-half-year low, “and one of the lowest levels yet recorded by the survey.” He also highlighted a slump in exports driven by weaker global demand and rising fears over global trade as the “biggest concern.” Thomas Pugh, an economist at RSM UK, said: “It looks like the budding spurt of growth in Q1 has already been cut short.”
Trade war hits corporate confidence
Concerns over a trade war in the wake of new US tariffs have hit UK business sentiment and will slow economic growth, according to a Reuters poll of economists. All of the respondents said the tariffs have negatively impacted business sentiment in the UK, while more than 40% have cut their growth forecasts.
UK willing to reduce barriers in US trade deal – Reeves
Chancellor Rachel Reeves has suggested that the UK could lower tariffs on US car imports as part of any trade deal with American officials. With the UK looking to lower trade taxes of 25% for cars, steel and aluminium and 10% on other British exports, the Chancellor suggested she was open to lowering UK tariffs on American cars from 10% to 2.5% to secure a wider trade deal with the US. Ms Reeves, who said UK negotiators are working “flat out” to get an agreement that is in the country’s national interest, said officials “are willing to reduce trade barriers in the UK, those trade barriers that do exist.” Speaking to the BBC at an International Monetary Fund event, Ms Reeves said ministers are “confident that working with our partners in the US we can get a better trading relationship,” but insisted that the UK was “not going to rush into a deal.”
Bailey: UK must take trade war risk ‘very seriously’
Bank of England governor Andrew Bailey says the UK must take the risk of the US’ new tariff regime hitting global growth “very seriously.” On concerns over a trade war stemming from the tariffs, Mr Bailey told an Institute of International Finance: “Trade does support growth. Fragmenting the world economy will be bad for growth.”
Markets
European equities rallied yesterday, buoyed by positive momentum from Wall Street and Asia, as investor sentiment improved. The positivity followed comments from US Treasury Secretary Scott Bessant, who described the ongoing trade tensions between the US and China as unsustainable. President Donald Trump also suggested that a resolution could be reached between the world’s largest economies. Additionally, Trump’s assurance that he does not intend to dismiss Federal Reserve Chair Jerome Powell helped to calm markets.
In summary, the FTSE 100 closed up 0.9% at 8403.18 and the Euro Stoxx 50 closed up 2.77% at 5098.74. Overnight in the US the S&P 500 rose 1.67% to 5375.86 and the NASDAQ rose 2.5% to 16708.05.
This morning on currencies, the pound is currently worth $1.331 and €1.169. On Commodities, Oil (Brent) is at $66.35 & Gold is at $3337. On the stock markets, the FTSE 100 is currently down 0.29% at 8379 and the Eurostoxx 50 is down 0.8% at 5058.
UK retail investors ‘buy the dip’ in tariff fallout
Data shows that investment platforms have seen a surge in activity as UK retail investors rushed to “buy the dip” amid a global collapse in stock markets in the wake of the US announcing more aggressive tariffs. Camilla Esmund, senior manager at Interactive Investor, said the Aberdeen-owned investment platform recently recorded its highest-ever trading volumes, with buys accounting for 61% of trades. Lightyear, AJ Bell, and Hargreaves Lansdown also saw a spike in share trading after US President Donald Trump set out higher charges on exports to the US, with the latter seeing the proportion of buys to sells hitting four to one.
Government borrowing hits £151.9bn
The Government borrowed more than expected last year, with Office for National Statistics (ONS) data showing that the difference between spending and income from taxes came in at £151.9bn in the year to March. This was up £20.7bn from the year before and exceeds the £137.3bn that had been forecast by the Government’s official forecasters, the Office for Budget Responsibility. Official figures also show that the debt interest paid by the Government increased by £1.3bn to £4.3bn last month. James Smith, a markets economist at ING, told BBC Radio 4’s Today programme that the cost of borrowing created a “very challenging environment for the Government,” while Professor Joe Nellis, an economic adviser at MHA, said: “These economic developments will make it very difficult for the Government to balance the books.” Ruth Gregory, deputy chief UK economist at Capital Economics, said the borrowing data increases the chance of the Chancellor having to increase taxes or cut spending, while Matt Swannell, chief economic adviser to the EY Item Club, noted that the Chancellor’s recent Spring Statement “only left a slim margin for error” against her fiscal rules. Darren Jones, chief secretary to the Treasury, said Rachel Reeves’ self-imposed rules on borrowing were “non-negotiable,” with the Chancellor having vowed not to borrow money to fund day-to-day spending.
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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!