As part of The Growth Plan 2022, the Chancellor announced we are in discussions with 38 local authorities to establish investment zones in England. The government intends to work closely with the devolved administrations and local partners to deliver this opportunity to drive local growth in Scotland, Wales and Northern Ireland.
Increase to Administrative Earnings Threshold (AET) - The government is increasing support and incentives for those on Universal Credit (UC) across Great Britain by increasing the Administrative Earnings Threshold to 15 hours a week at National Living Wage for an individual claimant (and 24 hours a week for couples) from January 2023. This builds on the increase due to come into effect from 26 September 2022 which will raise the threshold from 9 hours a week to 12 hours a week for an individual (and 19 hours a week for couples).
The Chancellor today (Friday 23 September 2022) unveiled his Growth Plan to release the huge potential in the British economy by tackling high energy costs and inflation and delivering higher productivity and wages. Chancellor unveils new growth plan, tackling energy costs to bring down inflation, backing business and helping households.
From the Institute for Fiscal Studies. On Friday, the Chancellor will make his first fiscal statement since taking office.
This is the last week that our paper banknotes can still be used. The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.
Under the previous government's plans, the rate of Corporation Tax was to increase from 19% to 25% from April 2023 for firms making more than £250,000 profit, around 10% of actively trading companies. Companies making between £50,000 and £250,000 would also face a rise in Corporation Tax, with the rate increasing incrementally from 19% to 25% depending on how much profit a firm was making.
The government has announced that the planned 1ppt cut to the Basic Rate is to be brought forward by 12 months to next April. To allow people to keep more of their money, the Basic Rate of Income Tax will now be cut from 20% to 19% from April 2023, rather than from April 2024.
The government is committed to a low-tax, high-growth economy. To make sure people keep more of the money they earn and for businesses to have the right conditions to drive investment, growth and productivity.
Reforms to the off-payroll working rules, known as IR35, are to be scrapped from April 2023, the Treasury has announced. This will mean that from 6 April 2023, contractors working for an organisation via an intermediary will once again be responsible for determining their employment status and paying the appropriate amount of tax and national insurance contributions.
Energy Price Guarantee (EPG) - The EPG will cap the unit price that consumers pay for electricity and gas in Great Britain and Northern Ireland. This will bring the average household bill down to £2,500 per year for a period of two years from October 2022.
Commenting on the Chancellor's announcement that the Government will reverse the recent 1.25 per cent increase in the National Insurance contribution (NICs) rate from 6 November this year, Karl Handscomb, Senior Economist at the Resolution Foundation, said, "While raising National Insurance was a flawed way to fund social care provision. It would initially largely benefit non-National Insurance payers, cutting NICs is an equally flawed way to tackle Britain’s cost-of-living crisis that is hitting lower-income households the hardest.
Deputy First Minister says statement is ‘cold comfort for many'. The Chancellor's fiscal statement and package of announcements targets the most wealthy, shifting further pressure onto the shoulders of those on the lowest incomes, Deputy First Minister John Swinney has said.
The Institute for Economy and Social Research looks at the Mini-budget. Today the new Chancellor, Kwasi Kwarteng, presented a ‘mini budget' in which he unveiled ‘The Growth Plan' that is to be the centrepiece of economic policy for the new government.
VAT free shopping - The government will introduce a modern, digital, VAT-free shopping scheme, with the aim of providing a boost to the high street and creating jobs in the retail and tourism sectors. The delivery will include modernising the scheme that currently operates in Northern Ireland and introducing a new digital scheme in Great Britain - a consultation will gather views on the approach and design of the scheme to be delivered as soon as possible.
The BBC has set up a page of useful information. See it HERE.
Environment, food and animal welfare standards are amongst thousands of laws now at risk because of the UK Government's Retained EU Law (Revocation and Reform) Bill, Constitution Secretary Angus Robertson has warned. The Retained EU Law (Revocation and Reform) Bill, published today in the House of Commons, seeks to revoke over 2,400 pieces of EU legislation that were included in the UK statute book at the end of the Brexit transition period.
£49.4 million government funding for new industrial fuel switching technology. £49.4 million government funding to help British industry end their reliance on fossil fuels and reduce energy costs.
The Nuclear Decommissioning Authority (NDA) and the National Decommissioning Centre (NDC) have signed a three-year collaborative research agreement - the first of its kind between the nuclear and oil and gas decommissioning sectors. The unique strategic partnership, supporting research with a potential value of up to £900,000, will see the NDA work with researchers from the University of Aberdeen in areas of mutual interest to both the nuclear and oil and gas sectors.
The Spirit of the Highlands and Islands project is delighted to announce that Stagecoach will sponsor Virtual Reality (VR) headsets as part of a schools engagement initiative reaching rural areas across the Highlands and Islands. The VR headsets, along with the Spirit of the Highlands and Islands immersive portal, has fast become one of the highlights at major events around Scotland having showcased at the Royal Highland Show, Inverness Highland Games and the Black Isle Show.
The average recruiter or hiring manager spends 6 to 8 seconds looking at a CV before they decide if it is suitable or not. On average in the UK, one position attracts around 250 CVs, which means that employers can immediately spot the red flags.
