Bank of England hints at future interest rate rise

The Bank of England has signalled it will raise interest rates in “coming months” in response to high inflation, but held off on an immediate increase.

On Thursday 04th November 2021 a vote was held by the bank policymakers, this vote concluded 7-2 of no change. Although the vote concluded no change, it did not rule out a rate rise at the next meeting in December.

The Bank expects inflation to peak at 5% next April, up from 3.1% in September.

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COP26: UK firms forced to show how they will hit net zero

Most big UK firms and financial institutions will be forced to show how they intend to hit climate change targets, under proposed Treasury rules.

With COP26 taken place this week, UK firms are expected to provide a detailed public plan for how they will move to low-carbon by 2023.

The government has stated “the aim is to increase transparency and accountability”.

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Business rates relief fund, yet to pay out a single penny

Government’s bruited £1.5bn business rates relief fund for businesses most affected by Covid has yet to make single payment, leaving over 400,000 businesses dangling.

Many businesses are now stuck in limbo awaiting their promised financial support. This relief fund had over 446,000 business requests to check their bills between April last year and September 30th this year.

Six months on, the legislation relating to changing business rates appeals has still not passed through Parliament and become law –- and there are no signs it will be passed in the immediate future.

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Businesses say taxman taking ‘aggressive’ approach

Company directors say HMRC twisting arms to pay overdue tax, combined with landlords wanting rent owed and worry over Bounce Back Loan repayments all add to pressure.

The Bounce Back Loan was great for helping businesses survive the pandemic. However, it is now a hinder for businesses that are still struggling to make it through.

HMRC told SmallBusiness: “HMRC is taking an understanding and supportive approach to dealing with those who have tax debts and wants to work with businesses to find the best possible solution, based on their specific financial circumstances.

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