‘A horror story’: Brexit and Covid halt international trade for UK SMEs November 11, 2020 Already suffering from the impact of a domestic lockdown, the UK’s SMEs have also been forced to halt international trade this year. The dual hit of Brexit and Covid uncertainty has seen 1.5m small businesses pause international imports and exports in 2020, according to research by fintech Currensea. For many SMEs international trade is the [...]
UK unemployment hits four year high as redundancies reach record levels November 10, 2020 Redundancies hit a record high in the three months to September while the unemployment rate jumped, according to new figures which show the UK’s labour market declined rapidly before the chancellor U-turned on coronavirus support measures. A record 314,000 British workers were made redundant in the three months to September, 181,000 more than in the [...]
Watchdog slams Number 10 for failing to prepare Brexit borders November 6, 2020 The UK faces “widespread disruption” after the government failed to prepare for post-Brexit border controls for British businesses, the public spending watchdog has warned. In an 85-page document released today, the National Audit Office (NAO) slammed the government for insufficient customs brokers, unprepared border sites and failure to develop adequate customs software. The report found [...]
Michel Barnier tells EU that UK has ‘blocked’ Brexit trade deal progress November 6, 2020 The European Union’s chief Brexit negotiator Michel Barnier reportedly told the bloc’s diplomats that the UK has “blocked” progress in key areas of trade deal talks. At a confidential meeting yesterday afternoon, Barnier briefed representatives from the EU’s 27 member states, saying that “fundamental differences” remain between the two sides, Sky News reported. According to [...]
Ex-BHS owner Dominic Chappell found guilty of tax evasion November 5, 2020 Businessman Dominic Chappell has been convicted of tax evasion on £2.2m of income he received from his £1 deal to buy the failed retailer. Chappell was convicted by a jury at Southwark Crown Court this afternoon, of all three counts of defrauding the public revenue out of value added tax, corporation tax and income tax [...]
HMRC urges traders to prep for end of Brexit transition period to avoid disruption November 5, 2020 HMRC has sent 250,000 letters and emails to traders urging them to act now to avoid Brexit-related disruption when the transition period comes to an end. New border controls will come into force at the end of the transition period on 1 January 2021. Some customs processes are complicated and can take several weeks to [...]
Scrapping the VAT refund for tourists would be catastrophic for the UK economy October 30, 2020 Retail, hospitality and tourism are three of the sectors that have been hardest hit by Covid-19 and the ongoing lockdown restrictions. Employing close to six million people, job losses in these sectors are expected to be devastating. The government should be doing all it can to support these businesses at this critical time. Instead, it [...]
‘Reality check’ time: Mel Stride thinks Boris Johnson will break triple tax lock promise October 23, 2020 The UK needs a “reality check” when it comes to public spending levels and Rishi Sunak is almost certain to break the Tories’ triple tax lock election pledge, according to the chief of Westminster’s Treasury committee. Conservative Central Devon MP, and chair of the Treasury Select Committee, Mel Stride told City A.M. in an interview [...]
Criminal gangs steal £2bn through furlough fraud October 23, 2020 Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers, according to official tax estimates. HM Revenue & Customs (HMRC) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently. A report published [...]
MPs ‘seriously concerned’ that British businesses are not ready for Brexit October 23, 2020 The Treasury Committee has written to chancellor Rishi Sunak to express “serious concerns” that an eleventh-hour trade deal with the EU would not give businesses enough time to prepare for Brexit. The select committee said it was left with a “significant number of outstanding questions and issues”, following an evidence session around the UK’s preparedness [...]