News
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UK government unveils energy strategy
Published by Michael Graves on Mon, 09/05/2022 - 8:50amUp to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.
The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production.
Under the government's new plans, up to 95% of the UK's electricity could come from low-carbon sources by 2030.
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HMRC starts chasing up SEISS overpayments
Published by Michael Graves on Mon, 09/05/2022 - 8:48am -
CMA frees leaseholders from rising ground rents
Published by Michael Graves on Wed, 13/04/2022 - 11:23amIntervention by the Competition and Markets Authority (CMA) has freed more leaseholders from increasing ground rent terms that saw them trapped in homes they struggled to sell or mortgage.
Businesses which had bought freeholds from housing developer Countryside have now given formal commitments to the CMA to remove terms that cause ground rents to double in price.
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Student loan repayments for new borrowers to start at £25,000
Published by Michael Graves on Wed, 13/04/2022 - 11:22amThe level at which students begin to pay back their loans will be lowered from £27,295 to £25,000 for new borrowers.
From September 2023, the interest rate on student loans will also be set to RPI+0%. Additionally, the length of time that students have to pay their loans back until they can be written off has been extended from 30 to 40 years.
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UK economic growth to halve this year, warns BCC
Published by Michael Graves on Wed, 13/04/2022 - 11:15amUK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks including Russia's invasion of Ukraine, warns the British Chambers of Commerce (BCC).
The BCC has downgraded its expectations for UK GDP growth in 2022 to 3.6% from 4.2% in its previous forecast in December 2021. This would be less than half the growth of 7.5% recorded last year.
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Bank of England raises interest rates for third time in a row
Published by Michael Graves on Wed, 13/04/2022 - 11:13am -
MTD for VAT brings in up to an extra £195 million in tax
Published by Michael Graves on Wed, 13/04/2022 - 11:09amEstimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to research from HMRC.
The research, conducted by HMRC and peer reviewed by independent academics, showed that in 2019/20 the estimated additional tax revenue was between £185 million to £195 million, compared to a previous estimate of £115 million.
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OBR updates economic picture
Published by Michael Graves on Wed, 13/04/2022 - 11:08amIn his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR).
The OBR forecasts UK economic growth to be 3.8% in 2022, a significant cut from its previous prediction of 6.0%. The OBR then predicts the economy to grow by 1.8% in 2023 and 2.1% in 2024.
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Business groups give mixed response to Spring Statement
Published by Michael Graves on Wed, 06/04/2022 - 9:04am