Industry News

Chancellor scraps Budget plan to increase NICs for self-employed

Chancellor Philip Hammond has announced that the government will not now proceed with the increase in Class 4 national insurance contributions (NICs) proposed in his Spring Budget. The change would have increased Class 4 NICs from 9% to 10% in April 2018, and to 11% in 2019 – with the stated aim of bringing the […]

Government to create new anti-money laundering watchdog

The government has announced that it intends to set up a new regulatory body to combat money laundering and criminal financing in the UK. Operating within existing Financial Conduct Authority (FCA) governance arrangements, the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will help to tackle ‘potential weaknesses in the supervisory system’ that criminals […]

Parliament passes Brexit Bill, permitting Prime Minister to trigger Article 50

Parliament has passed the Brexit Bill, allowing Prime Minister Theresa May to trigger Article 50 – the legal process that will mark the beginning of two years of EU exit talks. Following the Parliamentary vote, the Bill is expected to receive Royal Assent, becoming law in the coming days. The Prime Minister had previously expressed […]

New NS&I savings deal ‘likely to be bettered’, experts warn

Experts have warned that a new ‘market-leading’ savings deal announced by Chancellor Philip Hammond at the 2017 Spring Budget is likely to be ‘bettered’ soon. The new National Savings and Investments (NS&I) Investment Bond, which will be launched in April, will offer a rate of 2.2% on deposits between £100 and £3,000 over a term […]

UK workers ‘face 15 years without a pay rise’, IFS suggests

In its analysis of Chancellor Philip Hammond’s Spring Budget, the Institute for Fiscal Studies (IFS) has suggested that workers in the UK ‘face 15 years without a pay rise’. The IFS warned that many households will be affected by welfare cuts, and that the prospect for income and earnings growth ‘remains weak’. Paul Johnson, Director […]

Chancellor presents ‘first and last’ Spring Budget

Chancellor Philip Hammond presented his first and last Spring Budget to the House of Commons in belligerent form. Despite upgraded forecasts from the Office for Budget Responsibility (OBR), the Chancellor confirmed that he would stick to the government’s fiscal plan, with the stated aim of preparing Britain for a ‘global future’. The Chancellor announced a […]

2017 Spring Budget: the business reaction

  Business groups have responded to the key announcements made in Chancellor Philip Hammond’s Spring Budget speech. Commenting on the controversial issue of the upcoming changes to business rates, Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said: ‘FSB welcomes the fact that the Chancellor has listened to the small business-led campaign […]

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