Chancellor of the Exchequer presents “an Autumn Statement for growth”
Chancellor of the Exchequer presents “an Autumn Statement for growth”Nov 22, 2023
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UK inflation plunges to 4.6% in OctoberUK inflation slowed to 4.6% in October thanks to a retreat in energy prices, meaning the Government has hit its target of halving the rate at which prices increase by the end of the year. The lower-than-expected monthly fall to below 5% was down from 6.7% in September and a peak of 11.1% in October last year. The rate is still above the Bank of England’s target of 2%, but it’s heading in the right direction.
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Bank of England holds interest rates at 5.25%The Bank of England has today left interest rates unchanged at 5.25% for the second time in a row, amid concerns over a slowing UK economy. The Bank’s Monetary Policy Committee voted by a majority to maintain the bank rate at 5.25%, a 15-year high, after reviewing projections that inflation will return to the 2% target set by the government by the end of 2025.
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UK inflation holds firm at 6.7% in SeptemberUK inflation remained at 6.7% in September according to figures released today by the Office for National Statistics (ONS). The identical annual inflation rates in August and September 2023 were the lowest since February 2022, and down from a peak of 11.1% in October 2022. An easing of food and drink price rises is thought to have been offset by higher petrol and diesel prices for motorists in September.
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Government takes action to back small businesses and tackle late paymentsThe government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time.
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Bank of England will set back some Basel III reform rulesThe Financial Times has today reported that the Bank of England will delay implementing the latest package of global post-crisis banking reforms for another six months, aligning its approach with the US.
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Bank of England maintains interest rates at 5.25%The Bank of England has chosen to hold the bank rate at 5.25%, after yesterday’s announcement that UK inflation had unexpectedly fallen in August. Today’s decision from the Bank of England ends a series of 14 successive increases in the cost of borrowing since December 2021, which had lifted the base rate to a 15-year high.
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UK inflation unexpectedly slow to 6.7%UK inflation unexpectedly fell in August, with falling hotel and air fare costs along with a slowdown in food price rises helping to offset a rise in fuel prices, according to official figures. The Office for National Statistics (ONS) said that Consumer Prices Index (CPI) was 6.7% in August 2023, down from 6.8% in July, and down from a recent peak of 11.1% in October 2022. The rate in August 2023 was the lowest since February 2022.
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FCA introduce new screening checks to approve financial advertsTo help people to make informed decisions to save, invest and borrow with confidence, the Financial Conduct Authority (FCA) is introducing new screening checks for firms that approve financial adverts. Firms approving financial marketing for unregulated firms will have to demonstrate they have the necessary skills and expertise to approve adverts. Those signing them off must understand the product, to ensure the promotion is accurate and fairly balances risk and reward.
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House of Lords inquiry into transition to electric vehiclesThe House of Lords Environment and Climate Change Committee announced an inquiry into electric vehicles on August 9th. The aim of the inquiry is to understand how the Government will achieve its upcoming 2030 and 2035 deadlines for the phase out dates for non-zero emission vehicles, with a focus on passenger cars, as well as exploring the main obstacles and barriers to meeting these targets.
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UK Business Climate Hub to support SMEs to go greenThe UK Government has launched a new sustainability hub to support Britain’s small and medium sized businesses (SMEs) to decarbonise. British businesses will be able to access new advice and support to reduce their energy bills and cut their carbon emissions from the UK Business Climate Hub.
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UK inflation slows to 6.8% thanks to falling energy pricesThe latest UK monthly inflation estimates have been announced by the Office for National Statistics (ONS) showing the Consumer Prices Index (CPI) rose by 6.8% in the 12 months to July 2023, down from 7.9% in June. On a monthly basis, CPI fell by 0.4% in July 2023, compared with a rise of 0.6% in July 2022.
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Bank of England raises UK interest rate to 5.25%The Bank of England has today raised interest rates by a quarter of a point to 5.25% as it continues its battle against inflation, which remained high at 7.9% in June. The Bank’s move - the 14th successive increase in the cost of borrowing since December 2021 - lifts the base rate to a fresh 15-year high.
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