Business news 24 June 2024
UK private sector growth slows. Consumers increasingly optimistic. WFH, retail, job market, industrial strategy, new employment watchdog, Uk debt, tax, markets, self employed, mental health, fraud, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
UK private sector growth slows
The UK private sector economy has experienced a slowdown in growth as businesses and households delay spending until after the general election, according to a survey. The composite S&P Global and Chartered Institute of Procurement and Supply purchasing managers’ index fell to 51.7 in June from 53 in the previous month. The services sector, which generates about two thirds of the UK’s overall economic output, saw a decline in growth with the services PMI falling to 51.2 in June. The manufacturing index, however, edged up to 51.4. Chris Williamson, chief business economist at S&P Global Market Intelligence said: “Flash PMI survey data for June signal a slowing in the pace of economic growth, indicating that GDP is now growing at a sluggish quarterly rate of just over 0.1%. The slowdown in part reflects uncertainty around the business environment in the lead up to the general election, with many firms seeing a hiatus in decision making pending clarity on various policies.”
Consumers increasingly optimistic about the economy
Consumer confidence has seen a third consecutive monthly rise since March, according to a survey by GfK. The long-standing Consumer Confidence Index climbed three points in June, reaching minus 14. This increase was driven by growing optimism about the economy, with a seven-point boost in confidence regarding the general economic situation over the past 12 months and a six-point surge in expectations for the economy in the coming year. The Major Purchase Index, which measures confidence in buying big-ticket items, also rose three points. However, the forecast for personal finances over the next 12 months dipped three points to a positive four, although this does represent a five-point year-on-year improvement. Joe Staton, client strategy director at GfK, commented: “Once again we have an improved reading for the overall index score with June showing a three-point improvement bolstered by consumers’ more sympathetic view of the economy for the last year and the 12 months to come.”
Future Fund forces over 30 companies into liquidation
A start-up fund designed to help small businesses during the pandemic and championed by Rishi Sunak in 2020 has pushed dozens of companies into liquidation in an attempt to recover taxpayer loans. Court records show the Future Fund has issued winding up petitions to 32 companies that it backed during the pandemic. A spokesman for the British Business Bank said it had granted extensions to the majority of companies that requested them rather than demand repayment, but it had “a duty to protect the interests of taxpayers.”
WFH requests expected as weather improves
With temperatures predicted to hit 27C this week, business experts are warning of a surge in requests to work from home. A heatwave in the south-east is forecast to hit its peak on Wednesday, after England play Slovenia in the Euros the night before. Alan Price, BrightHR’s chief executive, predicts a whirlwind of HR chaos, with employees calling in sick or requesting last-minute holidays. During a previous heatwave in June 2022, annual leave requests increased by 139% and sickness absences jumped by 123%. Kate Palmer, employment services director at Peninsula, advises employers to prepare for an influx of excuses next week.
UK retail sales bounced back in May
UK retail sales rebounded last month, with a 2.9% increase in May 2024. The Office for National Statistics reported strong sales across clothing retailers and furniture stores. Non-food stores sales volumes, including clothing and household items, rose by 3.5% in May, the largest monthly rise since April 2021. Retail sales for the quarter also rose by 1% compared to the previous quarter. Andrew Wishart, senior UK economist at Capital Economics, said: “The retail sales data for May showed tentative signs that strengthening real income growth, now that inflation is back at target, is feeding through to stronger spending.”
Sporting boost to UK economy
Analysis by Experian Economics suggests the UK economy is set to receive a £233m boost due to extra spending during the European Football Championships in Germany and the Paris Olympics. The extra spending will mostly be in the retail and food and drink sectors, but some will splash out on new televisions and electronic devices to keep up with the action. Mohammed Chaudhri, of Experian, said: “We’re a sport-obsessed nation and our data analysis shows fans are more than happy to spend.”
Jobs market flat despite growth uptick
The UK jobs market remained flat in May, despite signs of a strengthening economy. Andrew Hunter, co-founder of Adzuna, which releases a monthly UK jobs market report, said: “Hopes that a return to growth in Q1 would result in greater confidence in hiring were not reflected in job vacancies in May, which remained essentially flat.”
Business groups call for proper industrial strategy
Over 50 companies and groups, including PwC, Airbus, the Trades Union Council, and Greenpeace, have called for the next government to urgently create a comprehensive industrial strategy. The Society of Chemical Industry (SCI) conducted research and found that a proper plan is needed to improve job opportunities and increase productivity.
Labour to create new employment watchdog
Labour will create a watchdog with “real teeth” that has the power to prosecute and fine companies that breach the rights of their employees as part of its plans to strengthen workers’ rights. Angela Rayner, the party’s deputy leader, plans to establish the Fair Work Agency to oversee these proposals. The agency would have the authority to levy fines, inspect workplaces, lodge civil proceedings, and bring forward prosecutions. It aims to enforce rights like holiday pay, sick pay, and parental rights. Under the plans, existing bodies such as the Gangmasters and Labour Abuse Authority, the National Minimum Wage unit, and the Employment Agency Standards Inspectorate will be amalgamated into the new Fair Work Agency.
Labour mulls British jobs for Britons rule
Labour is considering introducing rules to prioritise British jobs for British workers if it wins the General Election. The party is looking at requiring companies to actively recruit workers in the UK before hiring foreign staff for skilled work. Companies would have to advertise jobs to UK workers for 28 days before going overseas to fill the posts. Failure to demonstrate recruitment efforts in the UK could result in being barred from hiring workers from abroad. The Resident Labour Market Test, which required companies to try to recruit British workers, was scrapped by Boris Johnson in 2019. Stephen Kinnock, the shadow immigration minister, said Labour wants to review this decision.
UK’s debt burden hits 99.8% of GDP
The UK’s debt burden has reached almost 100% of GDP, posing challenges for the next government. Both the Tories and Labour have promised to reduce the debt-to-GDP ratio within the next five years. Official figures show that borrowing in May increased the debt ratio to its highest level since 1993. The International Monetary Fund estimates that the next government will need to find £30bn in savings or tax rises to stabilise public debt. The Office for National Statistics reported that higher taxes and lower debt interest payments helped lower the government’s borrowing bill in May to £15bn, lower than the £15.7bn forecast by the Office for Budget Responsibility. Michal Stelmach, senior economist at KPMG UK, commented: “The fiscal reality is similar for whichever party wins the general election. Interest rates are set to remain higher, debt more difficult to bring down, and spending pressures continue to mount.”
Debt could force Labour to hike wealth and pension taxes
Economists have warned that a Labour government may face pressure to increase taxes, including wealth and pension taxes, in order to reduce the national debt. Official figures from the Office for National Statistics show that the deficit has reached £2.7trn, the highest since 1961. While Labour has ruled out hikes on income tax, corporation tax, and VAT, it may have to consider tax raids in other areas to balance the books. Bloomberg Economics analysis suggests that focusing on wealth, pensions, and businesses may be necessary to maintain public finances. Labour has not ruled out a capital gains tax hike, and potential changes to the tax rate could bring in billions for the Treasury. Additionally, there are calls for Labour to clarify its pension tax plans to avoid impacting the retirement savings of millions of workers.
Labour IHT raid could devastate family businesses
Family businesses have warned they could face devastation if Labour changes inheritance tax rules. Labour is considering introducing a consultation on inheritance tax, which could feature changes to business relief. Neil Davy of Family Business UK expressed concern that without the relief, family-owned businesses would have to be sold or seek outside investment, resulting in job losses. Family businesses contribute £225bn per year to the Treasury in taxes and employ 14m people.
Sir Keir Starmer: Labour will put wealth creation front and centre
Sir Keir Starmer has said people don’t want state handouts and would prefer the dignity that comes through earning a fair wage, as the Labour leader promised to put wealth creation at the centre of his plans for the country. Levelling-up Britain wouldn’t come through redistribution alone, Sir Keir added, in comments the Telegraph says will be seen as an overt pitch to socially conservative voters, but risk sparking a backlash within his own party. Writing for the Telegraph, he said: “Serving the interests of working people means understanding they want success more than state support. Yes, this is about aspiration… But it is also about dignity. The Labour mission was built on the pride of working people earning a decent living for themselves.”
The ‘failure to prevent fraud’ offence will drive a culture shift
David Lister and Hinesh Shah, both forensic accountants at Pinsent Masons, discuss how the new criminal offence of failure to prevent fraud will impact corporate culture. The failure to prevent fraud and other economic crimes offence applies to large organisations and was introduced under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The legislation is aimed at preventing large-scale financial collapses such as Patisserie Valerie and Carillion. The Serious Fraud Office brought charges against Patisserie Valerie directors for inflating income and hiding debts. The UK Financial Reporting Council fined three former Carillion directors, accusing them of publishing false information about the company’s financial health. Messrs Lister and Shah say organisations will now need to “ensure a companywide shift towards more preventative, ethically minded measures, such as ensuring financial health figures are correct and regularly updated.” Directors will need to show they are taking ECCTA and the new prevention offence seriously and ensure the new attitude is adopted firm wide.
Markets
Friday in the US the S&P 500 fell 0.16% to 5464.62, the Nasdaq fell 0.18% to 17689.36. This morning the pound is currently worth $1.2667 and €1.1815. Brent is at $85.62, Gold is at $23325. The FTSE 100 is up 0.41% at 8271.60 and the Eurostoxx 50 is up 0.60% at 4936.70.
Wealthy foreigners step up plans to leave UK as taxes increase
A gradual tightening of the non-dom regime by the Tories and Labour’s plans to restrict it further are driving an increasing number of wealthy foreigners to leave the UK, wealth advisers report.
Self-employed workers demand clarity on tax rules
Self-employed workers are demanding urgent clarification of the tax rules after TV and radio presenter Adrian Chiles lost a legal challenge over a £1.7m bill. Chiles has been in a five-year legal dispute with HM Revenue & Customs over his self-employed status. The decision will prolong the costly legal dispute, which is being closely watched by lawyers and accountants who act on behalf of the UK’s 4.25m self-employed people. The problem stems from there being no statutory definition of an employee, leading to confusion and calls for clarity in the law. Rebecca Seeley Harris from the law firm Legal Consulting, said: “HMRC has routinely been winning these cases but at what cost to the taxpayer? One can only hope that a new government will look again at the complexities of IR35 and off-payroll working.”
Low earners pushed to work whilst sick
A new study by the Work Foundation has found over a million workers are missing out on Statutory Sick Pay (SSP) because they don’t earn enough. Alice Martin, the research chief at the Work Foundation, said: “The current low rate of sick pay compels some people to work while they are unwell to make ends meet. This risks compounding existing health conditions and can lead to people dropping out of the labour market altogether.” The Work Foundation is urging the incoming Government to bolster statutory leave policies with an Employment Bill in their first 100 days, along with reforms to SSP by eliminating the lower earnings limit
P/T CFO businesses thrives
The Times profiles The CFO Centre, a company co-founded by Sara Daw which matches up part-time chief financial officers (CFOs) with the owner-managers of SMEs who would not otherwise be able to afford one. Companies are charged £3,000 to £4,000 on average for three or four days a month, helping to free up business owners and provide an opportunity for experienced CFOs to use their skills to do something more entrepreneurial and flexible. The CFO Centre is now also providing a range of additional part-time boardroom skills – marketing, HR and even chief executives. All now operate under a holding company called the Liberti Group. The Liberti Group made a pre-tax profit of £4.8m on turnover of £51.4m in 2022 and hopes to hit a turnover of about £250m by 2030.
SMEs bring in outside help for mental health challenges
Small and medium-sized businesses are facing a surge in mental health issues among their employees, with more than twice as many reporting a detrimental impact on their businesses compared to last year. Mental health-related sickness absences have also increased by 20% in the last 12 months. To address this, employers are introducing mental health first aiders to the workplace, with a 63% increase in the number of businesses doing so. The Times talks to Katrina Hutchinson O’Neill, founder and CEO of Join Talent, who enlisted the help of a private healthcare company to provide mental health support for her 250 staff after finding her managers were being asked to coach staff on their private lives – a role outside of their remit.
Importers accused of making ‘deliberate errors’ to avoid Brexit border charges
The UK Government has accused businesses of deliberately making errors on key documentation to avoid new Brexit border charges. The Government has warned traders and logistics companies that it will crack down on this behaviour and take action if evidence is found. New rules, which came into effect on 30 April, require certain products to be checked at border posts, with importers charged varying rates depending on the type of product. However, some businesses are failing to adhere to the rules and are making deliberate errors to avoid checks and additional import costs. The Department for Environment, Food and Rural Affairs (Defra) has said that deliberate misdeclarations on forms are a criminal offense.
Uber battles taxman over £1bn VAT payments
Uber is locked in a battle with HMRC over nearly £1bn in VAT payments. Since March 2022, HMRC has charged Uber £951m in VAT on its fares and delivery sales. Uber argues that VAT should only apply to its profit, not its revenue. Recent filings with Companies House reveal that Uber has listed £631m in VAT paid to HMRC in 2023 as a debt it expects to reclaim. Uber believes it will be successful in its appeal and expects the full amount of its payments to be returned with interest. Uber had previously argued that VAT charges should be applied to each individual driver’s revenue, but this changed after a 2021 Supreme Court ruling classified its drivers as “workers.” HMRC maintains that 20% VAT should apply to full fares, while Uber argues it should only apply to profits under the Tour Operators’ Margin Scheme.
Labour’s plan for a net zero grid by 2030 is unrealistic
The European boss of Mitsubishi Power has said Labour’s plan for a net zero grid by 2030 is unrealistic. Javier Cavada said the schemes proposed by Sir Keir Starmer and Ed Miliband would be prohibitively expensive, and that’s aside from whether completely eliminating emissions from gas-fired power plants was a sensible immediate priority.
Telegraph co-owner on the run from debt in Monaco
Private investigators have tracked down Alistair Barclay, the youngest of Sir David Barclay’s four sons, to an apartment complex in Monaco after Investec hired “tracing agents” to find him. The bank issued a bankruptcy petition against him last year relating to unpaid debts of almost £1m, court papers show. The bank said: “The debtor has been actively avoiding service since November 2023. He has refused to provide an address for service and has instructed his accountants not to disclose his address.” Meanwhile, Mr Barclay has enlisted insolvency experts at Begbies Traynor to explore an individual voluntary arrangement with creditors, leading to the bankruptcy hearing being delayed. The Barclay family’s finances are under scrutiny following news that members had extracted loans from The Telegraph, leaving it with a £278m black hole.
Octopus to repay £3bn of Bulb nationalisation costs
Octopus Energy will pay the UK Government an early £3bn windfall after promising to repay all public funds obtained to take over the failed energy supplier Bulb. The bailout was undertaken via the UK’s special administration regime (SAR) process and could have cost up to £6bn, but falling energy prices have slashed the final bill. Octopus will reimburse the Treasury by September.
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Petitions to wind up (Companies) – SWEET SURPRISE EDINBURGH LTD
Appointment of Liquidators – VIA TARPAULINS LTD
Petitions to wind up (Companies) – THE ALLSTAR EXPERIENCE GROUP LTD
Appointment of Liquidators – RESOURCES ADMINISTRATION & MANAGEMENT LIMITED
Appointment of Administrator – AYRES WYND DEVELOPMENTS LIMITED
Petitions to wind up (Companies) – CANCER SUPPORT SCOTLAND (TAK TENT)
Petitions to wind up (Companies) – GLASGOW SLIDES LTD
Appointment of Administrator – E-POST MEDIA LIMITED
Appointment of Administrator – CHURCHILL CONTRACTORS LIMITED
Appointment of Administrator – CONNECT PRECISION LIMITED
Appointment of Administrator – AC LANDSCAPES & TREEWORKS UK LIMITED
Appointment of Liquidators – SW CORPORATE MEMBER LIMITED
Appointment of Liquidators – PAUL HOWE AND CO LTD
Appointment of Liquidators – STEVENS BROTHERS BUILDERS LIMITED
Appointment of Liquidators – HARTGROVE DEVELOPMENT LIMITED
Appointment of Liquidators – PORTFOLIO EVALUATION LIMITED
Petitions to wind up (Companies) – ASIPER LIMITED
Petitions to wind up (Companies) – BLACKSTONE BUSINESS GROUP LIMITED
Appointment of Liquidators – CAMBRIDGE PROPERTY REFURBISHMENTS LTD
Appointment of Liquidators – DAVIES & CHALLIS ELECTRICAL LTD
Appointment of Liquidators – LYTT LIMITED
Appointment of Liquidators – M CAPITAL INVESTMENT PARTNERS (HOLDINGS) LIMITED
Appointment of Liquidators – BARCLAYS UNQUOTED PROPERTY INVESTMENTS LIMITED
Appointment of Liquidators – ELVET MORTGAGES 2019-1 PLC
Appointment of Liquidators – A.V. BARWICK LIMITED
Appointment of Liquidators – ANTIPPA & COMPANY LTD
Appointment of Liquidators – PCGH ZDP PLC
Appointment of Liquidators – A KNIGHT LIMITED
Petitions to wind up (Companies) – EKAM HAULAGE LTD
Petitions to wind up (Companies) – SL ENTERPRISES LTD
Petitions to wind up (Companies) – BECLEAN ABINGDON LIMITED
Petitions to wind up (Companies) – JPR FINANCE LIMITED
Petitions to wind up (Companies) – AIR PAYROLL SERVICES LIMITED
Petitions to wind up (Companies) – ST HENDERICKS RECYCLING LTD
Petitions to wind up (Companies) – CODE CHANGE LTD
Petitions to wind up (Companies) – BLACK MIRE LTD
Petitions to wind up (Companies) – MRT OFFICE SERVICES LTD
Petitions to wind up (Companies) – WW SERVICING LTD
Petitions to wind up (Companies) – ACQUIPROP LIMITED
Petitions to wind up (Companies) – LITTLE EGYPT LIMITED
Petitions to wind up (Companies) – BEAT THE BUSINESS LIMITED
Winding up Order (Companies) – RECLAIMJOBS LTD
Winding up Order (Companies) – TLR CARCOM LIMITED
Winding up Order (Companies) – NUVO MECHANICAL LIMITED
Appointment of Liquidators – EDGE ENTERPRISE LTD
Appointment of Liquidators – JASPERS HIRE LIMITED
Appointment of Liquidators – CHINA TRADING CENTRE LIMITED
Appointment of Liquidators – COVERTRADE LIMITED
Appointment of Liquidators – WELLS KENT LIMITED
Appointment of Liquidators – STREET (UK) SERVICES LIMITED
Appointment of Liquidators – STREET UK HOMES LIMITED
Appointment of Liquidators – STREET (UK) C.I.C.
Appointment of Administrator – SILK (CLYDE THREE) LIMITED
Appointment of Liquidators – LATCH HOLDINGS LIMITED
Winding up Order (Companies) – ADC ENTERTAINMENTS (N.I.) LIMITED
Petitions to wind up (Companies) – R AND C LIMITED
Appointment of Liquidators – PIER CARGO HANDLERS LTD
Petitions to wind up (Companies) – SILVERFERN (ST. MARY’S) LIMITED
Appointment of Liquidators – HANDS ON PRODUCTION SERVICES LIMITED
Appointment of Liquidators – DOW HOLDINGS IRELAND LTD
Petitions to wind up (Companies) – DAVID C M CARTER LIMITED
Petitions to wind up (Companies) – KNIGHTSBRIDGE COMMERCIAL CLEANING SERVICES LTD
Petitions to wind up (Companies) – SKYE SERVICED ACCOMMODATION LTD
Petitions to wind up (Companies) – FERG AND ROSIE LIMITED
Petitions to wind up (Companies) – REX CIVIL ENGINEERING LTD
Petitions to wind up (Companies) – INTUNE GARAGE SERVICES LTD
Appointment of Liquidators – CORPORATE SOLUTIONS (NI) LTD
Appointment of Administrator – NORTHWAY MUSHROOMS LIMITED
Petitions to wind up (Companies) – PRIME INFINITY WHOLESALE LIMITED
Petitions to wind up (Companies) – RPS ENGINEERING MANAGEMENT LTD
Appointment of Liquidators – ATKINSON’S RADIO & TELEVISION LIMITED
Appointment of Liquidators – GAVIN PRYKE ASSOCIATES LIMITED
Appointment of Liquidators – JOHNSTON GILPIN & CO LIMITED,
Appointment of Liquidators – BASIC STRATEGY LIMITED
Appointment of Liquidators – TAWTEC LIMITED
Appointment of Liquidators – F A OST HOLDINGS LIMITED
Appointment of Liquidators – TUPPENCE INVESTMENTS LIMITED
Appointment of Liquidators – CIVILS AND GROUNDWORKS ESTIMATING LIMITED
Appointment of Liquidators – ABC2 ADVISORS LIMITED
Appointment of Liquidators – A AND L PROPERTIES LIMITED
Appointment of Administrator – DOWSING & REYNOLDS LIMITED
Appointment of Liquidators – DARRELL CABLE FINANCIAL ADVISERS LIMITED
Appointment of Liquidators – PROPER GUIDE LIMITED
Appointment of Administrator – RENAISI LIMITED
Petitions to wind up (Companies) – LACKFIELD LTD
Appointment of Liquidators – SELIANT LIMITED
Petitions to wind up (Companies) – LANDLORD PROPERTY COMPLIANCE LTD
Petitions to wind up (Companies) – FAN DYNAMICS LIMITED
Appointment of Liquidators – CONSTRUCTION PROCUREMENT LIMITED
Appointment of Liquidators – ULTIMATE LIFE LIMITED
Appointment of Liquidators – JJ CONSTRUCTION (SOMERSET) LIMITED
Appointment of Administrator – LINKLINE TRANSPORT LIMITED
Appointment of Liquidators – AILEEN ODONNELL DESIGN LTD
Appointment of Liquidators – LELAND ORIGINALS LIMITED
Appointment of Liquidators – ALL OUT LOCATION 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 last one was particularly deadly for suppliers fand we are still seeing elevated insolvencies as businesses struggle.
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 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 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!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.