Business Update – 31 January 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Your boss probably wants you back in the office

Many industries have been wrestling with allowing remote work practices to continue. Some have opted for a mix. But most bosses want workers back at the office, whether they outwardly say so or not.

Asia’s richest man loses $50 billion in one day

Last week, US activist investment group Hindenburg Research released a report that accused the Adani Group of purportedly carrying out fraud for years.

Is the UK on track to reach £1tn in exports after all?

Minister for exports Andrew Bowie responded to a report in the Guardian published last week saying the UK will reach its £1tn target 15 years late. Read his response here.

Tax cuts are unlikely in the upcoming Budget

Chancellor Jeremy Hunt says that it is doubtful that there will be room for any significant tax cuts in the upcoming Budget. This despite calls from some in his party to cut taxes to stimulate the economy.

Government spending hits record in December

Government spending exceeded receipts by £27.4bn in December 2022, up from £16.7bn in December 2021 and £24bn in December 2020, mainly due to the amount of money needed to provide households with energy relief.

House prices may fall by a quarter this year

Analysts suspect that 2023 will see further falls in house prices, with one predicting a peak-to-trough fall of more than 25% once inflation is taken into account.

Hundreds of jobs lost in latest Flybe collapse

The airline has gone into administration less than a year after returning to the skies following a previous collapse. All flights were immediately cancelled.

400,000 fined by HMRC for not filing their return on time

A £100 fine will automatically hit taxpayers who need to file a self-assessment tax return if they fail to meet the 31 January deadline, regardless of whether or not tax is owed.

DWP cost of living and benefits payments in February

Find out what government relief you may be eligible for here.

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