Business news 31 March 2025
UK businesses face wave of extra costs. Rising costs drag profits down. Chancellor urged to be more business friendly. GDP, car finance, HMRC, retail, tax, 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.
UK businesses face wave of extra costs
UK businesses are preparing for a significant increase in costs as new wage and tax measures take effect this week. Starting from tomorrow, the national minimum wage will rise to £12.21 per hour, benefiting millions of workers. However, this wage increase coincides with unexpected tax changes, including a reduction in business rates discounts for over 250,000 firms, which will see average rates soar from £3,589 to £8,613. Alex Probyn, practice leader of property tax at Ryan, says these rises “will disproportionately affect small and independent businesses across sectors already struggling.” Additionally, a new plastic packaging tax will impose further costs on retailers and leading to higher consumer prices. From Sunday, changes to national insurance contributions will add to the financial strain on businesses, with the employer NIC rate increasing from 13.8% to 15%.
Rising costs drag profits down
The Office for Budget Responsibility (OBR) has warned that company profits in the UK are expected to fall to their lowest level since the financial crisis, attributing the decline to “persistent earnings growth squeezing profits.” The OBR has halved the growth forecast for this year to just 1%, citing rising costs from increased National Insurance Contributions, a higher national minimum wage, and reduced business rates relief. The forecast for corporation tax receipts has also been cut, with an expected £5.5bn less than previously estimated. The OBR predicts that profits as a share of GDP will drop from 15.1% in 2024 to 14.3% this year, a level not seen since 2010.
Chancellor urged to be more business friendly
Neil Carberry, CEO of the Recruitment and Employment Confederation (REC), has called on Rachel Reeves to implement business-friendly policies to invigorate the jobs market, stating: “Too often, the Government talks a good game but day-to-day action paints business as the problem rather than the solution.” A recent survey of over 700 UK employers revealed persistent pessimism regarding hiring, particularly among small businesses. The REC’s earlier survey indicated that increased national insurance contributions have negatively impacted hiring intentions. Carberry stressed the need for the Chancellor to revise the Employment Rights Bill and foster genuine partnerships with businesses, asserting: “British business wants this Government to succeed – but they need to support us to help them do it.”
UK economy grew slightly at the end of 2024
The UK economy experienced modest growth of 0.1% in the final quarter of 2024, according to the Office for National Statistics (ONS). The figure remains unchanged from earlier estimates, reflecting a sluggish economic performance throughout the latter half of the year. Additionally, the ONS reported a 0.1% decline in GDP for January, attributed to weak manufacturing and construction sectors, exacerbated by poor weather conditions. However, real households’ disposable income (RHDI) per person rose by 1.7% in the fourth quarter, indicating increased spending power for consumers.
UK economy stalls under Labour’s watch
Recent data reveals that the UK economy was performing better than previously estimated before Labour’s leadership caused a significant slowdown. The Office for National Statistics reported a GDP growth of 0.9% in the first quarter of 2024, up from 0.8%, and 0.5% in the second quarter, up from 0.4%. However, growth stagnated under Labour, with zero growth in the third quarter and only 0.1% in the fourth. Shadow Chancellor Mel Stride said: “These growth figures prove what we knew all along – Rachel Reeves inherited the fastest growing economy in the G7 and brought it to a near standstill.” The Office for Budget Responsibility has also downgraded its growth forecast for this year from 2% to 1%.
Labour policies “catastrophic for growth” – Lord Moynihan
Lord Moynihan has sharply criticised Labour’s economic policies, claiming they are “catastrophic for growth” and that Britain is “flirting with recession.” Following the Spring Statement by Rachel Reeves, he accused the Chancellor of milking businesses through increased taxes while dishing out “inflation-busting pay rises” to Labour’s public sector allies. The businessman and venture capitalist went on to slam the new Employment Rights Bill, calling it “catastrophic for business” and criticised “moral panics” around net zero and diversity initiatives, arguing they’ve resulted in “a huge spray of regulation” with little purpose. The Tory peer argues for a return to free markets and sound money to foster innovation and prosperity.
Supreme Court to rule on car finance
This week, the UK’s Supreme Court will hear a pivotal case regarding potential compensation for millions of motorists affected by unlawful hidden commission payments in the car finance sector. Following a Court of Appeal ruling that deemed such payments illegal without buyer consent, lenders, including major banks, have set aside substantial funds for claims that could reach hundreds of pounds per individual. The Financial Conduct Authority (FCA) has received numerous complaints, and while the Supreme Court’s decision is awaited, the FCA is considering a compensation scheme for affected drivers. Alex Neill from Consumer Voice warned that if the Court agrees with the previous ruling, compensation could reach tens of billions of pounds, comparable to the Payment Protection Insurance (PPI) scandal.
MTD initiative will bring in millions for the Treasury
Charlotte Gifford reports in the Sunday Telegraph that HMRC recently confirmed that around 900,000 extra landlords and freelancers earning over £20,000 will be swept into the Making Tax Digital initiative from April 2028. It had already been confirmed that those with property or self-employment income over £50,000 would join from April 2026, while those earning £30,000 or more would join from April 2027. An HMRC spokesman said: “Making Tax Digital is designed to reduce time spent on record-keeping and tax administration, giving self-employed taxpayers more time to grow their business.” But experts say MTD leads to increased costs and a higher chance of error. Robyn Milstead, of LKA Chartered Accountants, said: “It’s obvious that the more often you submit, the higher the chance of creating errors. Because the chance to get it wrong has gone up from once a year to five times a year.” Elsewhere, Sharron West, of the Low Incomes Tax Reform Group, said it was “yet another burden on low-income taxpayers that will make it harder for them to meet their tax obligations.” Finally, Ms Gifford notes that a “punitive” reform to late filing penalties is set to rake in as much as £370m for the taxman.
HMRC to seize cash directly from bank accounts
HMRC is set to enhance its powers to recover unpaid tax, including directly raiding bank accounts. This initiative aims to recover £1bn in lost revenue, particularly targeting unpaid tax on savings interest. Account holders who can pay but choose not to risk having their funds seized under the revived “direct recovery” powers, initially introduced in 2015. The proposed changes will allow HMRC to adjust PAYE tax codes more swiftly, ensuring real-time deductions for unpaid tax. Jason Hollands, managing director at Evelyn Partners, commented: “Directly deducting payments like this and effectively turning employers into tax collectors for sources of income they are not responsible for raises serious issues about an increasingly intrusive state and the potential for errors to go unnoticed when buried in payslips.”
ICC calls for a digital trade revolution
As the prospect of tariffs from the Trump administration on UK trade becomes increasingly likely, the International Chambers of Commerce (ICC) is advocating for a comprehensive trade plan that could potentially unlock £250bn in economic growth. David Maddox in the Independent reports that the ICC’s Plan for Growth aims to modernise outdated paper-based systems, which they argue are hindering productivity and economic expansion. Chris Southworth, secretary general of the ICC United Kingdom, says: “Outdated bureaucracy is holding back the UK’s economic potential. With this plan, we can modernise trade, unlock growth, and strengthen our position as a global leader in digital trade.” The ICC has partnered with HMRC to create the International Centre for Digital Trade and Innovation (iC4DTI) – the only centre of its kind globally, aligning public and private sector efforts to digitalise trade.
Job vacancies surge in February
UK job vacancies experienced a 3.7% month-on-month increase in February, marking the fastest growth in three years, according to data from Adzuna. The rise was primarily driven by the graduate and healthcare sectors and followed months of slow or no growth in postings. Although vacancies were down 0.8% compared to February 2024, this annual decline was the smallest since July 2022. It is also noted that advertised salaries have consistently outpaced inflation for the past ten months, with a 7% annual increase in February.
Gen Z struggles with phone calls
Forvis Mazars is launching a training programme aimed at improving the telephone communication skills of its Gen Z employees, who are reportedly anxious about phone conversations. UK chief executive James Gilbey said: “We’ve committed to a major firm-wide investment to put relationship skills front and centre.” The initiative responds to concerns that remote work and digital communication have left many young hires unprepared for essential workplace interactions.
Retail sales defy expectations
Retail sales volumes in the UK increased by 1% in February, surpassing market expectations of a 0.3% decline, according to the Office for National Statistics (ONS). This follows a 1.4% rise in January, with annual growth recorded at 2.2%. The increase was primarily driven by household goods, although food store sales fell by 2%. Elliott Jordan-Doak from Pantheon Macroeconomics anticipates continued growth in retail sales, although challenges such as rising inflation and potential global trade tensions remain.
Retail rebound buoys business confidence
British business confidence remained stable at 49% in March, matching February’s six-month high, according to the Lloyds Bank Business Barometer. Retailers showed particularly strong confidence, aligning with recent data indicating a surprising rise in retail sales volumes in February. Hann-Ju Ho, senior economist at Lloyds Commercial Banking, said: “Business confidence remained steady this month, suggesting that UK companies may have been waiting to see the impact of government decisions at home and globally.” Despite this positive trend, concerns linger over potential tax hikes and rising energy bills that could hinder sustained recovery.
Retailers brace for £1.7bn hit
Rachel Reeves’s recent budget changes are set to cost shoppers £1.7bn over the next year, as retailers grapple with a £5.56bn increase in costs. Richard Lim, chief executive of Retail Economics, said: “Retailers are staring down the barrel of £5.6bn of additional costs that will squeeze margins and threaten jobs across the industry.” The burden of these costs, stemming from National Insurance increases, higher minimum wage, and business rate changes, will largely be passed on to consumers.
Net zero grocery tax will not cut waste
The UK Government is set to implement a £1.6bn plastic packaging tax, despite concerns that it will not effectively reduce waste. The Office for Budget Responsibility (OBR) stated that the net zero policy is “unlikely to have a material impact” on recycling rates in the next five years. The tax, known as the extended producer responsibility, will impose fees on retailers and manufacturers based on their packaging choices, with higher charges for plastic. Environment Secretary Steve Reed aims to “incentivise businesses to remove unnecessary packaging,” but the OBR’s assessment suggests minimal behavioural change. Critics, including shadow business secretary Andrew Griffith, argue that this tax will burden both businesses and consumers, with any funds raised for councils not ring-fenced for green initiatives.
Labour’s tax hikes to cost families over £1,000 per year
Labour’s tax reforms are expected to result in an average annual tax increase of £1,112 for British households starting in April. According to an analysis by Policy Engine for the Institute of Economic Affairs, the wealthiest households will lose £2,729 on average, while the poorest will incur an additional £796. Tom Clougherty, executive director at the Institute of Economic Affairs, said: “The tax increases coming into force in April will weigh on household budgets and undermine economic growth.” Key changes include a rise in National Insurance from 13.8% to 15%, a near doubling of Capital Gains Tax for basic rate taxpayers, and a 5% increase in Council Tax. The reforms are set to push the UK’s tax burden to its highest level in history, with the employer National Insurance hike contributing significantly to the overall increase.
Yvette Cooper cracks down on illegal gig workers
The Home Secretary has committed to ending “jobs on tap” for illegal immigrants by closing loopholes in the UK’s border laws. Yvette Cooper aims to “restore order to the asylum system” by targeting businesses like takeaway services and beauty salons that hire undocumented workers. Cooper said: “We are introducing tough laws and stopping rogue employers in their tracks,” with potential penalties including unlimited fines and prison sentences for non-compliant employers. The new regulations will amend the Border Security, Asylum and Immigration Bill, ensuring that gig economy firms conduct right-to-work checks similar to traditional employers. This initiative follows a report estimating the illegal immigrant population in the UK to be between 800,000 and 1.2m
Savers brace for tax shock
Savers are facing potential tax bills as HMRC has not been effectively collecting taxes on interest earned from savings. Recent documents reveal that savers have been let off the hook for hundreds of millions of pounds annually. Mark Levitt, a partner at Blick Rothenberg, warns that HMRC can go back up to four years to claim unpaid tax, which could lead to reduced take-home pay for those affected. With rising interest rates, more savers are breaching their personal allowance, which now affects around 6.1m accounts, up from just 1.5m in 2022. To avoid unexpected bills, savers should consider using ISAs and monitor their interest earnings closely. “You should start looking at your savings accounts to see what interest has been earned before HMRC catches up on you,” advises Levitt.
Markets
On Friday the FTSE 100 closed down 0.11% at 8656.43 and the Euro Stoxx 50 closed down 0.96% at 5329.26. Over in the US the S&P 500 fell 1.97% to 5580.94 and the NASDAQ fell 2.7% to 17322.99 as investors weighed up the impact of President Trumps 25% tariff on global automobile imports into the USA.
Goldman Sachs strategists cut their S&P 500 target for a second time this month, citing a higher recession risk and the effect of tariffs. They see the benchmark ending the year around 5,700 versus their previous estimate of 6,200.
President Donald Trump said he plans to start his reciprocal tariff push with “all countries,” curbing speculation that he could limit the initial scope of the levies. He said he “couldn’t care less” if carmakers raise prices in response.
The UK economy showed faint resilience, with Q4 (Oct to Dec 2024) GDP growth confirmed at 0.1% quarter-on-quarter un-revised from the first estimate.
US Inflation rose more than expected in February (2.8% for the 12 month rate) while consumer spending also posted a smaller-than-projected increase, the Commerce Department reported Friday.
This morning on currencies, the pound is currently worth $1.294 and €1.195. On Commodities, Oil (Brent) is at $74.1 & Gold is at $3121. On the stock markets, the FTSE 100 is currently down 0.93% at 8578 and the Eurostoxx 50 is down 1% at 5276.
Novo Nordisk said that the rampant growth of the US′ compounded drug industry was hurting Wegovy sales, and warned it was considering legal action against companies it believes to be violating its intellectual property.
Oil Prices were set for a third weekly gain on Friday as the US ramped up pressure on Venezuela and Iran, though worries over whether Washington’s tariff war could curb demand weighed on markets.
Gold Prices surged to a record high on Friday, as investors flocked to the safe-haven asset amid fears of a global trade war triggered by US President Donald Trump’s latest tariffs.
UK mortgage approvals fall to 65,481 in Feb. vs. 66,041 in Jan., according to a Bank of England report. Forecasts had estimated between 62.2k and 68.8k.
Donald Trump said he would impose tariffs of 25-50% on countries that buy Russian oil if the Kremlin did not co-operate with his attempts to end the war in Ukraine.
UK and EU draw up concessions to Trump
Sir Keir Starmer has said the UK reserves the right to respond to the 25% import tax on cars imposed by US President Donald Trump, set to take effect on April 2nd. The OBR has warned that a full-blown tariff war could reduce the UK’s GDP by 1% next year, jeopardising Chancellor Rachel Reeves’ fiscal plans. But the FT reports that the Prime Minister is in fact taking a “cool-headed” approach to Trump’s escalating trade offensive with Lord Peter Mandelson working on a draft “term sheet” for a US-UK trade deal. Further tariffs are promised for this week as Trump looks to force countries to scrap taxes on US companies and reduce regulatory burdens. For the UK, this will mean addressing the Digital Services Tax, which raises about £800m a year, while the EU is reportedly drawing up concessions. The Telegraph reports that the European Commission is said to be looking at areas for negotiation including lowering its own duties, mutual investments with the US, alongside the potential loosening of some regulations and standards.
Visas used as back door to UK residency
Some 40,000 foreign nationals who came as overseas students, migrant workers or visitors last year have lodged claims for asylum, more than double the number for last year. They account for two-fifths of all asylum claimants. Roughly a quarter of those had lived in state-backed accommodation despite entering the UK on the basis they would earn enough as workers to live without needing benefits, or as students with enough money to cover their tuition and living costs. Yvette Cooper has ordered officials to investigate whether visas are being exploited as a backdoor route to the UK. The Home Secretary also confirmed she is considering restricting illegal migrants, including visa overstayers, from exploiting Article 8 of the European Convention on Human Rights to block their deportations
Call for action as scammers go unpunished
Anti-scam campaigners are urging police to intensify their efforts against fraudsters after a conference heard last week that scamming was practically a risk-free crime. The call comes after the UK Government announced an “expanded” fraud strategy in response to a 19% rise in reported fraud cases. Rocio Concha from Which? stressed the need for collaboration among law enforcement, government, and businesses to combat this growing issue.
‘Turkish’ barber shops probed over money laundering
The National Crime Agency has been investigating barber shops across the UK suspected of being used as a front to launder the proceeds of crime. The number of Turkish-style barber shops has increased by more than 50% since 2018 to 18,411 with many taking cash only. Investigations reveal many declare large takings but are empty most of the time. The NCA, along with HMRC and the Home Office’s immigration enforcement department, has raided dozens of premises over the last month, leading to the arrest of individuals linked to drugs and people smuggling. The Times points out that barbers do not have to register as a business with Companies House as they can operate as a sole trader instead, making it more difficult to track money flows.
Councils face insolvency over SEND costs
Nearly 20 councils in England are warning of potential insolvency due to escalating debts linked to special educational needs and disability (SEND) services. A Guardian investigation reveals that overspending on SEND is projected to increase by nearly £2bn over the next year, with current deficits of £3.4bn expected to rise to £5.2bn. William Burns, social care policy adviser for the Chartered Institute of Public Finance and Accountancy (Cipfa), said: “The deficits are pushing councils all over England to the financial brink.”
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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!