Figures out today (March 24) show that UK inflation, as measured by the Consumer Prices Index (CPI), has fallen to zero for the first time since current records began in 1989, amid tumbling food and oil prices, moving the country even closer to deflation.
Business leaders had hoped that Chancellor George Osborne would use his Budget last week to create a new minister for entrepreneurship in a bid to spark a “golden age” for business start-ups but no such announcement was forthcoming.
As the day of the last Budget of this administration dawns, speculation is rife that there will be cuts in taxes for businesses, including a further decrease in the rate of corporation tax and a “radical” review of business rates.
The National Minimum Wage is set to rise by 20p an hour in October, taking it to £6.70, which is only a 3 per cent increase but the largest real-terms rise since 2008, according to Prime Minister David Cameron.
The Government has added two more libraries to its Enterprising Libraries scheme, which provide places in the building where people can exchange ideas, get IT support and learn new skills, enabling them to start new businesses.
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.