Bank of England is likely to pause interest rate hikes next year, as the cost of living crisis leaves Britain facing ‘Mild Recession’

Reports suggest that the way things are going, the UK could tip into a mild recession next year, meaning that The Bank of England needs to pause interest rate hikes now.

A ‘mild’ recession could be a ‘distinct possibility if consumer spending slows down further and the EU and the US fall into their recessions.

The more this continues, the less confidence consumers have in making purchases for anything other than essentials.

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Firms say government price cut plan ‘Slap in the Face’

A new government campaign asking businesses to cut prices to help with living costs, has been branded a “slap in the face” for small firms.

This is an unrealistic ask from the government, as small businesses are already suffering without the added pressure to reduce costs.

This new campaign will be realised soon, with the idea that small businesses should absorb extra costs without passing them on. In doing this, small businesses will worry about basic survival as they have already cut back on all they can.

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Firms lose £19bn a year, due to poor mobile networks

According to research, small businesses are losing £18.8bn a year because of poor mobile phone reception, including connecting to the internet.

 

The lack of phone reception is influencing the UK economy, with billions of pounds worth of output lost and is costing small businesses, on average, one hour of work time per employee. 

For the full story, click here.

Get ready to file Plastic Packaging Tax Returns

Businesses that manufacture plastic packaging in the UK, or import plastic packaging into the UK, may need to submit a plastic packaging tax return by 29 July 2022.

From today you can submit the return on the government gateway, and this will have a deadline for completion of the 29 July.

Although PPT is only payable on plastic packaging components which contain less than 30% recycled plastic, a business will still be required to register for PPT if it:

  • Expects to import into the UK or manufacture in the UK 10 tonnes or more of finished plastic packaging components in the next 30 days; or
  • Has imported into the UK or manufactured in the UK 10 tonnes or more of finished plastic packaging components since 1 April 2022.

To find out more, click here.