Business and Enterprise Minister Matthew Hancock hinted this week that Chancellor George Osborne is contemplating lowering corporate taxes even further as he puts the finishing touches to next week’s Budget, the last before May’s General Election.
New research has found that overall costs for businesses in the UK fell for the first time in six years in February, mainly due to the sharp drop in crude oil prices, which have almost halved since June last year.
Paris-based asset management firm AXA has set up a new €200m start-up fund for entrepreneurs across Europe who have developed innovative ideas that could benefit the insurance, healthcare and financial technology (fintech) industries.
The Institute of Fiscal Studies (IFS) suggests that tax on UK firms should be cut further in a bid to stimulate investment and equity financing and argues that lower corporate taxes could feed through into higher wages in the medium-term.
New research has found that the tech sector outperformed the rest of the UK economy last year as the number of new entrants to the market hit a seven-year high. The report also found that the number of tech startups rose by 40 per cent on a year-on-year basis.
One of the big three classroom unions has called for a radical reform of the Ofsted inspection system, which would include the abolition of overall grades for schools.
New regulations introduced in last year’s Autumn Statement mean that firms appealing against decisions on business rates refunds must do so by 31 March or face losing out. In fact, it is calculated that businesses across the UK that fail to claim in time could miss out on millions of pounds.
The second ‘Pitch 10’ start-up pitching event was held at 10 Downing Street last week, where representatives from new digital businesses from all over the UK pitched their ideas to policymakers and investors, hoping for financial backing and advice.
As the run-up to the General Election continues, politicians from the major parties are pledging to look at changing business rates, as they appreciate that the system is causing problems for bricks and mortar businesses.
The Confederation of British Industry (CBI) has revised its forecast for the UK economy up to 2.7 per cent for 2015 from a prediction of 2.5 per cent in November, mainly due to a combination of low inflation and improvements in employment.