Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Chancellor ‘hit the right notes’ in vision for economy, say business leaders
Business group leaders have said Chancellor Rachel Reeves “hit the right notes” as she sought to lay out a more optimistic vision in her first Labour conference speech in the role.
Upgrade of workers’ rights brings challenges for businesses
The newly formed Labour government is considering increased flexibility, the right to disconnect and a proposal for a four-day working week for workers. This is all part of the overall upgrade to workers’ rights they promised in their manifesto. There is not long to wait before further details are delivered in the widely anticipated Employment Rights Bill in October. Further increases to flexibility, structural changes to the working week and the right to disconnect could be challenging for businesses.
671,000 young people urged to cash in their government savings pot
More than 670,000 18-22 year olds yet to claim their Child Trust Fund are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212.
Carlyle joins list of possible Thames Water rescue backers
Carlyle, the American investment giant, has become the latest global fund to weigh an investment in Thames Water as the stricken utility races to avoid being nationalised.
Cyber resilience can boost UK economic growth
There is a strong link between cyber security, resilience and the prosperity of the UK economy. A key component of resilience is ensuring critical national infrastructure remains secure and protected
HNWs confidence in UK economy rises to record levels
According to the Saltus Wealth Index report, which surveyed 2,000 people with assets of £250,000 or more, the index level rose to 66.9 per cent from 64.4 per cent recorded in January 2024., with 84 per cent of high net worth individuals now confident in the economy’s prospects, up 6 per cent since the first iteration of the report in October 2021.
Growth continues but budget concerns ‘jangling nerves’
Growth looks set to slow in the UK economy, according to a closely watched survey, as businesses await the October budget with a degree of caution. The latest ‘flash’ purchasing managers’ index (PMI) came in at 52.9, down from last month’s figure of 53.8 and comfortably below expectations. It was the lowest reading for two months.
What is the energy price cap and how much are gas and electricity bills going up?
Gas and electricity prices will rise by 10% in England, Scotland and Wales on Tuesday, 1 October. It means the typical annual dual-fuel bill paid by direct debit will be £1,717, which might prompt some customers to consider switching to a fixed tariff. Despite the increase, about 10 million pensioners will no longer get winter fuel payments and last winter’s cost-of-living support has ended.
Chancellor Rachel Reeves on UK economy, austerity and Labour gifts
Chancellor of the Exchequer Rachel Reeves vows that “there will be no return to austerity” in the UK under the Labour government. She says her plan for Britain’s growth is to “unlock investments” and bring prosperity back to the country.
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