Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Fixing the foundations: public spending audit 2024-25
On 8 July, the Chancellor of the Exchequer announced that she had instructed Treasury officials to undertake a rapid audit of public spending. This document sets out the outcome of the audit, the immediate action the government is taking in response, and the long-term measures being introduced to restore public spending control. The audit carried out by the Treasury shows that the forecast overspend on departmental spending is expected to be £21.9 billion above the resource departmental expenditure limit (RDEL) totals set by the Treasury at Spring Budget 2024
First Bank of England rate cut since 2020 hangs on knife edge
Scottish business confidence up despite rising challenges
Business confidence in Scotland has increased marginally quarter-on-quarter but lags the UK average, according to ICAEW. Sentiment tracked by ICAEW’s Business Confidence Monitor (BCM) for Q2 2024 put confidence at 15.6 on the index, up from 15.4 the previous quarter and ahead of the historical average, but below the national reading of 16.7.
New global digital trade agreement will remove barriers to trade
The IoD welcomes the announcement of the E-Commerce Joint Initiative at the World Trade Organisation. Responding to the new Joint Initiative, IoD Trade Policy Advisor Emma Rowland said: “This agreement will facilitate an easier trading environment for UK businesses.
How the Olympics and Paralympic boost the UK economy
As the Paris 2024 Olympics and Paralympics get underway, Insider takes a closer look at the scale of the economic impact the industry has on the UK.
Uncertainty in UK boardrooms lifts
The quarterly Deloitte survey of chief financial officers showed 23% of large British companies reported high or very high uncertainty, down from 36% in the previous survey and the lowest reading since late 2015. The report also pointed to rising optimism around financial prospects, adding to early signs of a pickup in business sentiment since the July 4 victory for the Labour Party.
AI can improve work life and boost economy
Artificial intelligence tools can help “improve the lives” of UK workers and boost the economy, Debbie Weinstein, the managing director of Google UK and Ireland has said. She said the company’s research has shown there is a “£400 billion economic opportunity for the UK by 2030” if AI tools are correctly used to help workers with daily tasks.
HMRC launches VAT Registration Estimator
HM Revenue and Customs (HMRC) has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.
Key Dates coming up
- Friday 2nd August – P46(car) – company car changes in the period 6/4 – 5/7
- Monday 5th August – Summer bank holiday (Scotland)
- Wednesday 7th August – Deadline for VAT returns and payments of Accounting Quarter period ending June 30 2024
- Monday 19th August – Monthly deadline for postal payments of CIS, NICs, and PAYE to HMRC
- Thursday 22nd August – Monthly deadline for electronic remittance of CIS, NICs, and PAYE to HMRC
- Monday 26th August – Summer bank holiday (England, Wales, Northern Ireland)
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