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The latest from Balance for Business

Firms facing business rates rise of £1bn

British businesses could face an extra £1bn tax bill next year unless the government freezes business rates, experts have warned. ONS figures released yesterday showed that Retail Price Inflation, used to set new business rates values, was 3.9% in September. The British Retail Consortium and other firms said this would result in retailers and other […]

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Entrepreneurs can prove capitalism works

The Economist argues that the Conservatives should focus on entrepreneurship as a positive aspect of capitalism. It says Britain is a world leader in fintech and artificial intelligence, but the government is not doing enough to highlight this success. Click here for full article Click here for related articles

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Businesses call for quick Brexit transition deal

British firms are calling on the Government and the EU to step up their efforts to agree on a Brexit transition deal, ahead of a meeting of European leaders this week. Adam Marshall, head of the BCC, has warned that job losses and damage to the economy are likely if ministers do not secure a […]

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Hammond considers ‘age tax’ raid for older workers

Philip Hammond is said to be planning a Budget raid on older workers to pay for tax breaks for younger people. According to the Telegraph, the chancellor is examining ways to link tax to age in order to promote “intergenerational fairness” in next month’s Budget. It could see tax breaks being offered to workers in their […]

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Hammond hints at staircase tax climbdown

Philip Hammond has indicated that the so-called staircase tax could be cut by the end of the year. He told the Treasury select committee that a change to the law was “certainly something we’re looking at”. Businesses leaders had warned that the increased rates, which apply to businesses operating on more than one floor, could hit […]

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Jenkins: AI will shape the future of financial services

Former Barclays CEO Anthony Jenkins has warned that the heyday enjoyed by big banks in the lead-up to the financial crisis will never return as the rise in artificial intelligence (AI) threatens some of their services. Discussing how AI will shape the future of financial services, Mr Jenkins said there could be a big societal, […]

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UK could lose spot as leading data market

A report from the UK Digital Catapult innovation group has warned that Brexit could cost the country its position as the leading data market in Europe. The report suggests the UK economy could miss out on as much as €67bn annually over data market access.   Click here for full article Click here for more […]

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A fifth of accountants still using 13th century methods

Research by Xero has found that 78% of accountants who work in accounting and bookkeeping firms still work off computer spreadsheets and a fifth (18%) still use a paper ledger. Xero also found that 48% of accountants are afraid of being left behind as technology advances – only 17% say they are prepared for upcoming […]

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Business lending at risk after Brexit, BoE warns

Bank of England officials have expressed concern that European banks are underestimating the risks from Brexit of a disruption which could threaten as much as 10% of lending to British companies. European banks are not “sufficiently focused” on the risks to their British operations, the minutes from the Bank’s Financial Policy Committee revealed.   Click […]

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FCA under pressure over scandal report

The FCA is facing fresh demands to publish its review of Royal Bank of Scotland’s restructuring division, after it emerged it had commissioned the report with a view to making it public. Lawrence Tomlinson, whose allegations of misconduct within GRG prompted the investigation, said: “The question for Andrew Bailey is why are the FCA not […]

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