{"id":10272,"date":"2021-10-20T15:15:55","date_gmt":"2021-10-20T14:15:55","guid":{"rendered":""},"modified":"2022-11-17T23:48:51","modified_gmt":"2022-11-17T23:48:51","slug":"business-update-20-october-2021","status":"publish","type":"post","link":"https:\/\/alexanderrosse.co.uk\/business-update-20-october-2021\/","title":{"rendered":"Business Update \u2013 20 October 2021"},"content":{"rendered":"

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.<\/p>\n

Plans to Incentivise Installation of Low-Carbon Heating<\/h3>\n

Through the Heat and Buildings Strategy<\/a>, the government has set out its plan to incentivise people to install low-carbon heating systems and replace their old boilers over the coming decade. This will significantly reduce the UK’s dependency on fossil fuels and exposure to global price spikes, whilst supporting up to 240,000 jobs across the UK by 2035.<\/p>\n

From April 2022, new grants of £5,000 will be available for homeowners through a 3-year Boiler Upgrade Scheme.<\/p>\n

PM Hints at Future Tax Cut for Businesses<\/h3>\n

Prime Minister Boris Johnson hinted at future tax cuts for U.K. business<\/a> even as the finance minister prepares to make historic rises over the next two years.<\/p>\n

Labour has also renewed its calls to slash business rates<\/a>, as figures from the Office for National Statistics show 332,000 businesses are at-risk of closure in the next three months.<\/p>\n

Businesses are currently experiencing challenges due to increased inflation and energy costs.<\/p>\n

Pressures to Reinstate Restrictions as Cases Surpass 49,000 in One Day<\/h3>\n

COVID-19 restrictions have been lifted over the summer, allowing residents to return to normal. However, infection rates have remained high and recently began to surge again, with 49,156 new cases reported on Monday.<\/p>\n

The government is now under pressure to reinstate restrictions<\/a> and expedite the rollout of booster shots to slow down the spread of the coronavirus.<\/p>\n

Cheaper Lateral Flow Tests for COVID-19 Testing<\/h3>\n

Fully vaccinated travellers will soon be able to pay less for COVID-19 tests after they arrive in England, as cheaper lateral flow tests can be used instead of PCR tests from 24 October.<\/p>\n

PCR tests cost more than £50 per passenger, which is more than twice the price of many lateral flow tests. The change is also applicable to those under 18 years old who live in the UK or one of about 100 countries, whether vaccinated or not.<\/p>\n

Other changes in travel rules can be found here<\/a>.<\/p>\n

£500 Million Plan for Jobs Expansion<\/h3>\n

Workers leaving the furlough scheme and unemployed individuals over 50 years old will be supported back into work as part of more than £500m expansion of the government’s Plan for Jobs<\/a>. People earning the lowest wages will also benefit and existing schemes targeting young people will be extended into next year as part of the new package.<\/p>\n

Starting in April 2022, the Government is enhancing its programme of support for workers on Universal Credit.<\/p>\n

SME Brexit Support Fund<\/h3>\n

A £20 million SME Brexit Support Fund has been announced to help businesses adjust to new customs, rules of origin, and VAT rules when trading with the EU.<\/p>\n

Traders will be able to apply for a grant of up to £2,000 to pay for practical support for importing and exporting. This fund will help businesses prepare for the implementation of import controls that will take effect from April and July.<\/p>\n

More details can be found here<\/a>.<\/p>\n

Kickstart Scheme Grant<\/h3>\n