Weekly Digest – 6 September 2023

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

Chancellor confident ‘inflation is coming down’ and on track to be halved this year

The chancellor said he is working with the public sector to boost productivity, ease financial pressures, and maintain low taxes for working families. This includes streamlining tasks and prudent spending to prevent potential interest rate hikes due to increased borrowing.

UK business confidence at 18-month high despite inflation and cost of living crisis

UK business confidence surged to a 18-month high in August, up 10 points to 41%, despite high inflation and the ongoing cost of living crisis.

Millionaires leaving the UK for Dubai

A new trend is gripping the nation as UK millionaires pack their bags and bid farewell to London. The spotlight has shifted to Dubai, where a wave of high net worth individuals, both British and global – are finding their new haven.

UK unveils new border controls to increase security and smooth flow of trade

The Border Target Operating Model for goods trade  has been published, detailing the timeline for the implementation of new controls aimed at enhancing UK biosecurity and establishing a world-leading border system.

‘Cost of owning crisis’ as 50,000 fall into negative equity

Homeowners are facing a “cost of owning crisis” as rapidly falling house prices push tens of thousands into negative equity.

Businesses urge Jeremy Hunt to protect notes and coins as payment method

A coalition of businesses have sent an open letter to Jeremy Hunt as the Chancellor faces renewed calls to protect cash as a payment method. Signatories are urging the Treasury to take extra measures to protect cash given its continued importance to the financially vulnerable, digitally excluded and small businesses.

UK house prices fall by most since 2009, Nationwide says

British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009 as higher interest rates reduced demand from buyers, mortgage lender Nationwide said on Friday.

Britain to pay homes to use less power again this winter

Britain’s National Grid (NG.L) will implement its scheme to pay homes to cut electricity use and help prevent power shortages again this winter, it said, following the success of the service last winter when it was first launched.

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