Weekly Digest – 16 October 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK economy grows in August after two flat months

The UK economy grew in August after it was flat in the previous two months, according to the latest official figures.

Mortgage costs ‘unlikely’ to return to low levels

The cost of borrowing money to buy a home is “unlikely” to return to the low levels seen over the past decade, the boss of the UK’s largest mortgage lender has said.

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor

Bank of England governor Andrew Bailey has said interest rate cuts could soon become “more aggressive”, sparking a drop in the value of the pound.

UK may need 20 billion pound tax hike to stop spending cuts

Britain’s new Labour government may need to increase taxes by 20 billion pounds ($26 billion) in its first budget on Oct. 30 to avoid real-terms cuts across public services, the Resolution Foundation said on Saturday.

Two new non-executive directors join HMRC Board

Digital transformation expert Mike Bracken and tax specialist Bill Dodwell have joined the HM Revenue and Customs Board.

UK business confidence slips as fears over budget tax rises grow

British firms have grown more downbeat about the outlook as concerns about the tax impact of the new Labour government’s upcoming autumn budget and conflict in the Middle East dampened sentiment, a survey showed.

ACCA calls on UK government to maintain focus on business growth

As the UK’s Labour government celebrates 100 days in office, ACCA (the Association of Chartered Certified Accountants) has urged the new government to stick to its priorities of putting economic growth at the heart of its agenda for the country.

Business confidence in UK economy dives

The Institute of Directors’ Economic Confidence Index, measuring business optimism, found that 37.5% of leaders were ‘quite pessimistic’ and 17.1% ‘very pessimistic’ about the wider economy’s prospects in the next 12 months. Just 0.8% were ‘very optimistic’ and 16.2% ‘quite optimistic’.

How to scale your small business in the UK during tough economic times

A thorny combination of rising inflation, supply chain disruptions, and financial tightening are causing headaches for businesses across the UK, with small and medium-sized enterprises (SMEs) particularly feeling the strain. And let’s not forget the upcoming budget, which could lead to further pain. It’s no wonder then that business owners are seeking out the best growth strategies amid these stern economic headwinds.

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