Business news 28 October 2024
Consumer confidence falls. Two-thirds are concerned over tax hikes. And more on the coming budget, energy, WFH, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Consumer confidence falls
With the Budget just around the corner, consumer confidence has significantly declined, with GfK’s survey revealing a score of -21, the lowest this year. Neil Bellamy, consumer insights director at GfK, noted that consumers are “holding their breath” in anticipation of potential tax increases.
Two-thirds are concerned over tax hikes
With the Budget on the horizon, a poll by AJ Bell shows that two-thirds of people are concerned about potential tax hikes. The survey, which quizzed 2,054 people, saw 30% say they were in favour of a reduction in overall taxes, while 28% would accept an increase. It was found that 54% support an increase in the higher rate of income tax, with 65% in favour of higher rates for those in the additional rate tax bracket. More than half (53%) backed the introduction of a wealth tax on personal assets. Only 31% support an increase to employer National Insurance contributions and just 22% think pension tax incentives should be scaled back.
PM denies misleading voters over tax
Sir Keir Starmer has denied misleading the public over plans for higher taxes, saying Labour will honour a manifesto pledge to not hike taxes on “working people,” having ruled out increases to income tax, National insurance, and VAT. During a press conference on Saturday, the Prime Minister was asked whether he had misled the public in the manifesto. He responded: “No, we were very clear about the tax rises that we would necessarily have to make, whatever the circumstances,” adding that Labour has been clear that it “wouldn’t be increasing taxes on working people … and we intend to keep the promises that we made in our manifesto.” Conservative leadership candidate Robert Jenrick argues that Sir Keir “has lied not once but twice by claiming not to have breached his manifesto promises on tax and by insisting that his Budget will not be an assault on the heartlands of Middle Britain.” With Labour having vowed not to hike income tax, National insurance, and VAT in the Budget, it is believed that the Chancellor could target capital gains and inheritance taxes – and extend freezes to income tax thresholds.
PM attempts to define ‘working people’ in tax vow
With Labour having pledged not to increase taxes on “working people,” Sir Keir Starmer has attempted to define who falls into this category. Having been asked whether those who work but get additional income from assets such as shares or property would count as working people, the Prime Minister said such individuals “wouldn’t come within my definition.” He went on to say he thought of a working person as someone who “goes out and earns their living, usually paid in a sort of monthly cheque” and who cannot “write a cheque to get out of difficulties.” However, the PM’s spokesman has since offered greater clarity, saying Sir Keir believes that those with a “small amount of savings” – such as those with cash in the bank or stocks and shares ISA – could still be defined as working people. Meanwhile, Treasury Minister James Murray told Sky News that a working person “is someone who goes out to work and who gets their income from work.”
Budget tax rises will not hit workers’ payslips
Labour’s tax rises will not hit workers’ payslips, Education Secretary Bridget Phillipson has promised. With the Chancellor set to announce a number of increases in the Budget, Ms Phillipson told the BBC’s Sunday with Laura Kuenssberg that the measures would not affect employees’ take-home pay. Highlighting that Labour’s manifesto said the party would not increase VAT, National Insurance or income tax on working people, she said: “And coming out of this Budget, working people will not see higher taxes in the payslips that they receive.” Ministers have come under pressure to define exactly who the Government means when it says ‘working people’. Quizzed on the matter, Ms Phillipson said the pledge referred to people “whose main source of income is the income they earn from going out to work,” but did not say whether she thought business owners could be considered working people. Pushed further, she said she could not go into specific details about “who may or may not be captured in tax measures that may or may not happen in the Budget.”
NI hike to raise £20bn
Chancellor Rachel Reeves is set to increase the National Insurance rate for employers in the Budget and is also expected to lower the threshold for when employers start paying the tax. Combined, these measures will raise around £20bn to boost funding for public services. Treasury data suggests that raising National Insurance to take the employer rate to 15.8% from 13.8% would raise about £18bn a year.
Forte: Labour’s ‘ideological approach’ risks private sector investment
Sir Rocco Forte, chair of the luxury Rocco Forte Hotels chain, says a rumoured tax raid in the Budget will discourage investment from the private sector and could deter overseas businesses from coming into the UK. Sir Rocco told the BBC’s Sunday with Laura Kuenssberg that ministers are taking an “ideological approach,” saying that they overlooking that it is the private sector that “creates wealth.” He added: “If the Government is spending a huge proportion of money, then it’s taking money away from the private sector, it’s disincentivising the private sector from investing – high taxation does that – and doesn’t encourage foreign businesses to come into the country.”
2025 will see more big companies collapse
More big companies are likely to go insolvent next year amid the “double whammy” of high borrowing costs and pressure on consumer budgets, according to insolvency experts.
Official figures from the Insolvency Service earlier this month showed the total of company failures over the first 11 months of 2023 was more than reported during the entirety of 2022.
PwC’s head of insolvency David Kelly said both the construction sector and business services industries saw almost 20% of total insolvencies each. Around 17% of all insolvencies have come from the hospitality sector and 14% have come from retailers.
Rob Hornby, partner and managing director of AlixPartners, said We are expecting next year to be a big year for insolvency,” adding “That is likely to be across the board, both in terms of geographies and sectors.”
Mr Hornby and Richard Fleming, managing director and head of restructuring for Europe, at Alvarez & Marsal, both said they expected more firms to use restructuring plans this year in an effort to avoid full administrations. and Mr Fleming added there was potential for some large failures next year as those burdened with large debts face particular pressure due high interest rates, saying “We are expecting a similar level of insolvencies overall in 2024, but we should see an increased number of larger cases” going on to state “Therefore, we’re expecting a double-whammy impact on companies across the UK, with a slowdown in consumer demand and higher borrowing costs, all putting stress on margins”
Power price soars post-Brexit
Energy UK estimates that Brexit has added between £100m and £370m annually to the UK’s energy costs, potentially reaching £10bn by the end of the decade. The trade body has urged ministers to negotiate a closer trading relationship with the EU, emphasising that a return to a unified trading operation would not only lower electricity costs but also enhance decarbonisation efforts.
Bank of England working on digital currency
Governor Andrew Bailey says the Bank of England is pressing on with work to create a digital currency, saying that while a central bank digital currency (CBDC) is “not my preferred option,” it is something the Bank “can’t rule out.” Mr Bailey said: “Commercial bank money, i.e. the banking system, is the best home for that innovation,” but added that the Bank is “continuing to prepare for a retail CBDC, because to be frank we are not yet seeing enough evidence that innovation will happen in the commercial banking system.” He went on to suggest that banks might be avoiding innovation because they already make large profits from the current system.
WFH staff are napping on the job
Research indicates that nearly 10% of Britons are taking naps during office hours when working from home, leading to an estimated £500m weekly loss in productivity. The poll, commissioned by Reign Storm, also found that more than three million workers have left their jobs due to issues related to tiredness, with younger workers being the most affected. Workers in this bracket were the most likely to call in sick because of tiredness, with one in five of those aged 18-24 admitting to doing so. The analysis of napping on the job when working from home comes shortly after a survey by KPMG found that over a third of employers expect staff to be in the office at least four days a week, with many planning to utilise technology to monitor attendance. Despite this push for office presence, separate polling shows that a significant number of chief executives are still working from home.
Public sector accounts for 18% of jobs
The public sector employs a record 5.8m staff, according to analysis by the Taxpayers’ Alliance. The report shows that 318 new positions are created every day, with this the equivalent of one every four-and-a-half minutes. The number of public sector positions is now the highest since records began in 1999 and the sector accounts for nearly 18% of all UK jobs. While 116,000 new public sector jobs have been created in the past year, research shows that productivity has fallen by around 7.7% over the past five years. Conservative MP Neil O’Brien, said: “We’ve added huge numbers of extra staff to the public sector but productivity has fallen.”
Markets
This morning on currencies, the pound is currently worth $1.297 and €1.1996. On Commodities, Oil (Brent) is at $71.6 & Gold is at $2731. On the stock markets, the UK market is treading water in early trading with the FTSE 100 currently at 8244 and the Eurostoxx 50 is at 4955.
Crude Oil has declined over $3 per barrel in early London trading after Israeli air strikes against Iran were perceived as avoiding oil infrastructure and key facilities enabling a possible de-escalation of the conflict.
AIM shrinks to 23-year low
The UK’s Alternative Investment Market (AIM) has shrunk to its smallest size in 23 years, according to a study by UHY Hacker Young, with 92 companies delisting in the past year. These exits leave just 695 firms listed. The anticipated abolition of inheritance tax relief on AIM shares is said to be a significant factor in the decline. AIM shares currently qualify for business property relief, meaning they exempt from inheritance tax if held for two years. Amid concerns over a shake-up, AIM’s market value has dropped by 6% since Labour’s election win, while only 10 companies have floated in the last year. Colin Wright, a partner at UHY Hacker Young, said: “As AIM experiences a further glut of companies leaving the exchange, the Government needs to urgently address how it can help.” London Stock Exchange Group data shows that AIM companies contributed £68bn to the economy last year.
Bank boss: Debt rule rethink must get the balance right
Paul Thwaite, the chief executive of NatWest, says the Chancellor must “get the balance right” when changing debt rules in the Budget, urging caution due the potential impact on borrowing and mortgage rates. With the Chancellor looking to rewrite the Government’s fiscal rules in an effort to release up to £50bn of borrowing headroom, Mr Thwaite said: “The market will take into account, really, what’s trying to be achieved by any change,” adding that they will focus on “what does that mean for spending, what does it mean for investments, what does it mean for tax, rather than the specific rules per se.”
OBR to publish breakdown of ‘black hole’
The Office for Budget Responsibility (OBR) will this week publish a detailed breakdown of the £22bn “black hole” that Labour says it inherited from the Conservative government. Former Chancellor Jeremy Hunt has criticised the decision, arguing that the OBR’s decision to release the report on the day of the Budget was not “consistent with political impartiality.” In a letter to OBR chairman Richard Hughes, Mr Hunt says he “would have expected to have been fully engaged with” throughout the review, “as a matter of procedural fairness.”
London SMEs expect growth
The growth outlook for small businesses in London is notably positive, with 57% expecting growth in the final quarter of the year, the highest level in nine years, according to a report by Novuna Business Finance. However, concerns about potential Budget measures, such as National Insurance hikes and VAT increases, are causing anxiety among 86% of UK small business owners. The report highlights that while optimism has risen since the July election, the upcoming Budget could jeopardise this growth if it introduces additional financial burdens or red tape.
No new freeports in Budget
Reports published over the weekend saying that the Chancellor will announce five new freeports in the Budget are inaccurate, with an official telling the BBC that there had been “a cock-up with the comms.” While a pre-Budget briefing said that Rachel Reeves would outline plans for new low tax sites that would boost growth and jobs, it has now been confirmed that the Chancellor will detail plans and funding for some existing sites to become “operational.” The error seemingly stems from confusion between the freeport sites themselves and the multiple customs areas that are contained within them. It is noted that reports of an announcement over plans for a separate investment zone in the East Midlands are accurate.
Court backs consumers in motor finance claims
The Court of Appeal has sided with consumers against banks and lenders in a motor finance test case, ruling that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment. The court ruled that in order to consent, the consumer must be aware of all material facts that might affect their decision, including the amount of the commission and how it was calculated. The legal proceedings, which focused on cases brought by consumers against MotoNovo Finance and Close Brothers, were being monitored by the Financial Conduct Authority, which is reviewing commissions in financing deals following a rise in consumer complaints. Analysts at RBC Capital Markets say the ruling may have wider implications because it potentially “encompasses other types of lending where there is a discretionary commission payment,” while Stephen Haddrill, director general of the Finance & Leasing Association, said: “This is a significant and unexpected judgment, the implications of which stretch far beyond the motor finance sector.” Emma Deas, a partner at law firm Herbert Smith Freehills, said that while aspects of the ruling were specific to the facts of the cases, it still had “potentially significant implications for lender liability.”
Natwest
NatWest reported a 26% increase in third-quarter profit, driven by expanded lending and stable profit margins despite declining central bank rates. For the July-September period, the high street lender reported a pretax profit of £1.7 billion, an increase from £1.3 billion the previous year and surpassing analyst predictions of £1.5 billion.
Hospitality firms at risk if rate relief ends
Hospitality firms have warned that trading will become more challenging, and closures could be on the cards if relief on business rates is withdrawn. Business rates relief offering a 75% discount, capped at £110,000, is due to expire in April. Lobby groups including UKHospitality have urged the Chancellor to make the relief permanent for hospitality businesses, citing a poll showing that 54% of companies surveyed would reduce their employment levels if full business rates were reintroduced, while 51% would cancel planned investment.
Spring Fibre faces funding crisis
Spring Fibre, a broadband company aiming to challenge BT, is facing collapse after its primary investor withdrew funding. The firm, which raised over £150m to establish a full-fibre network for 1m homes, has filed a notice of intention to appoint administrators. With debts nearing £11m, auditors have expressed “material uncertainty” regarding its ability to continue operations. Chief executive Gareth Greppellini has confirmed that the company has been unable to secure new backers despite significant interest.
Latest Insolvencies
Appointment of Liquidators – CLASSIQUE GLASS LIMITED
Petitions to wind up (Companies) – AUTO MOBILITY CONCEPTS LIMITED
Petitions to wind up (Companies) – CROSBY ELECTRICAL SERVICES LIMITED
Petitions to wind up (Companies) – SDRURYELECTRICAL LIMITED
Petitions to wind up (Companies) – YOUBUYSHOPPING LTD
Petitions to wind up (Companies) – ALPHACARE NW DOMICILIARY AND SUPPORT SERVICES LTD
Petitions to wind up (Companies) – PORTLAND CARE 5 LIMITED
Petitions to wind up (Companies) – DKMC INVESTMENTS LTD
Petitions to wind up (Companies) – DOCKLOCK LIMITED
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Petitions to wind up (Companies) – SECURE SECURITY GUARDS LTD
Petitions to wind up (Companies) – BLUE AGILE SERVICES LTD
Petitions to wind up (Companies) – BARTON PM LIMITED
Petitions to wind up (Companies) – BLOOMSBURY LONDON LIMITED
Petitions to wind up (Companies) – PEPPERMILL PUBS LIMITED
Petitions to wind up (Companies) – EYECONSTRUCTION LIMITED
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Petitions to wind up (Companies) – BAISING LIMITED
Petitions to wind up (Companies) – BARTON GROUP SERVICES LIMITED
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Petitions to wind up (Companies) – CXO MEDIA GROUP LTD
Petitions to wind up (Companies) – INTELLECT DEVELOPMENTS LTD
Petitions to wind up (Companies) – JOHNSONS HOME BUILDING LTD
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Petitions to wind up (Companies) – DF CONTRACTORS LIMITED
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Appointment of Liquidators – REXROY LTD
Appointment of Liquidators – NTSX LTD
Appointment of Liquidators – VIRGIN ATLANTIC FOUNDATION
Appointment of Liquidators – SAILMAKERS IPSWICH (ALB) LIMITED
Appointment of Liquidators – LAMBTON PLACE PROPERTIES LIMITED
Appointment of Liquidators – SJD INFOTECH LIMITED
Appointment of Liquidators – TRIDENT TECHNICAL SOLUTIONS LIMITED
Appointment of Liquidators – CANARY WHARF SOFTWARE SOLUTIONS LTD
Appointment of Liquidators – WESSEX INSIGHTS LIMITED
Appointment of Liquidators – JONES SOLUS LIMITED
Appointment of Liquidators – UX PRIDE LIMITED
Appointment of Liquidators – ZINC CONSTRUCTION LIMITED
Appointment of Liquidators – BANNOSTILE LIMITED
Appointment of Liquidators – METAL LTD.
Appointment of Liquidators – COBRA 1997 LIMITED
Appointment of Liquidators – CMB (ACQUISITIONS) LIMITED
Appointment of Liquidators – CLAD TO HELP LTD
Appointment of Liquidators – RUSHTON HINCHY HOLDINGS LIMITED
Appointment of Liquidators – CADDY CAR COMPANY LTD
Appointment of Liquidators – MALOLAN LIMITED
Appointment of Liquidators – MERIVALE INVESTMENTS LIMITED
Appointment of Liquidators – RMG SALES LIMITED
Appointment of Liquidators – LEAPSQUARE CORPORATE SERVICES LIMITED
Appointment of Liquidators – KLN CRANES AND LIFTING SERVICES LIMITED
Appointment of Liquidators – M.B FINANCIAL CONSULTANCY LIMITED
Appointment of Liquidators – MONTICO LIMITED
Appointment of Liquidators – MINSTER MOUSE LIMITED
Appointment of Liquidators – MICHAEL RIGBY ORTHOPAEDICS LTD
Appointment of Liquidators – BLACKDOGG LIMITED
Appointment of Liquidators – NWIR INVESTMENTS LIMITED
Appointment of Liquidators – FRANKIE DETTORI LIMITED
Appointment of Liquidators – LLOYDMASTERS PROJECT SERVICES LIMITED
Appointment of Liquidators – INDALO LEGAL CONSULTING LIMITED
Appointment of Liquidators – SMART CLOUD SOLUTIONS LIMITED
Appointment of Liquidators – THE INCOM GROUP LIMITED
Appointment of Liquidators – WOODLANDS VIEW CONSULTANCY LTD.
Appointment of Liquidators – RKG ENGINEERING SERVICES LIMITED
Appointment of Liquidators – WBD BIM LTD
Appointment of Liquidators – GRIMSDYKE UK INVESTMENTS LIMITED
Appointment of Liquidators – CLARNOR ESTATES HOLDINGS LIMITED
Appointment of Liquidators – KARIC ASSOCIATES LIMITED
Petitions to wind up (Companies) – CAWTHORPE ESTATES LIMITED
Appointment of Liquidators – OPTASIA LIMITED
Appointment of Administrator – DEXASTRONG LIMITED
Petitions to wind up (Companies) – A & R HAULAGE (UK) LIMITED
Appointment of Liquidators – S J BUILDING & PROPERTY MAINTENANCE LTD
Appointment of Liquidators – MASTERPIECE HOLDINGS LTD
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!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.