Business Update – 13 September 2023

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

Families urged to boost their back-to-school budget with Tax-Free Childcare

With the new school term starting, HM Revenue and Customs (HMRC) is reminding families to open a Tax-Free Childcare account to save up to £2,000 per child on their yearly childcare bills.

Meagre UK economic growth to ‘feel a lot’ like recession for Britons, BCC says

Britain will narrowly avoid a recession this year – but people and businesses will still feel the pain akin to the 2008 financial crash, according to the British Chambers of Commerce.

UK inflation expectations rise in August, survey shows

The British public’s expectations for inflation over the medium to long term, which are closely watched by the Bank of England, rose in August, a survey published on Friday showed.

Pound at lowest level since June as Bank of England signals ‘top’ for interest rates

Holiday goers taking a late summer trip abroad this week may have a nasty surprise when it comes to the ForEx desk, as they will be getting less bang for their buck against major foreign currencies. The pound has fallen to its lowest level since June, pulling back towards $1.24 against the dollar.

ICAEW’s September 2023 economic update

Despite a strong June GDP rebound, the UK faces a challenging period as corporate insolvencies jump and productivity remains anaemic. ICAEW’s Economies Director Suren Thiru discusses current economic conditions and key points to watch.

UK tech sector confidence rises despite big tech layoffs

Despite troubling economic outlooks, the tech industry is seeing a spike in business confidence.

Almost 70% of Brits want the retirement age to be lowered, new study shows

A new survey has revealed the UK’s sentiment regarding pensions and retirement. The survey, conducted by investment comparison site Investing Reviews, asked over 2,000 users their opinions and attitudes towards retirement, pensions and investments to better understand the nations sentiment.

UK watchdog to ‘ramp up’ checks on how banks assess risks

Britain’s financial watchdog told banks on Friday it would “ramp up” checks on whether they were properly assessing and managing risks from large customers to avoid any liquidity crunch in stressed markets.

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