Weekly Digest – 24 January 2024

Weekly Digest – 24 January 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK bosses much more optimistic about 2024 than last year, PwC survey suggests

Bosses of UK firms are significantly more optimistic about the prospects for the UK economy in 2024 than they were a year ago, according to a new survey.

Boosting productivity: why doesn’t the UK invest enough?

The UK economy has suffered from chronic levels of underinvestment compared with those economies that have delivered larger improvements in living standards over the past 25 years – such as France and Germany. Economics Observatory discusses the factors that explain the failure to invest enough.

Brits braced for a gloomy 2024 as two thirds expect UK to enter a recession

New nationally representative research from wealth manager Quilter, gathered by YouGov, reveals that almost two thirds (61%) of Britons are not confident that the UK will avoid a recession this year.

Scotch whisky contributes £7.1bn to UK economy

Scotch whisky helped to boost the UK economy by £7.1 billion, according to a new economic report, but the Scotch Whisky Association (SWA) called on the government to remove the “multiple” barriers to growth.

HMRC challenges UK VAT status of online traders

HMRC will contact businesses believed to be non-established taxable persons (NETPs) for VAT purposes. The business will then have 30 days to challenge HMRC’s decision.

Industry leaders welcome critical imports and supply chains strategy

Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such as medicines, minerals and semiconductors.

‘Wake-up call’ for UK CEOs as a fifth think their company will not survive the decade

There is growing optimism among UK CEOs about the strength of the global economy but they remain pessimistic about the fortunes of their own businesses.

UK retail sales slump points to new risk of recession

There are hopes data which showed retail sales volumes fell by 3.2 per cent in December will push the Bank of England to cut rates sooner. Experts have urged the central bank to think about cutting rates in a bid to stimulate the economy.

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