News

Data protection and a No-deal Brexit

Brexit

The ICO has released guidance to help small to medium-sized UK businesses and organisations keep personal data flowing with Europe (the EEA) after Brexit. If we leave the EU without a deal, most of the data protection rules affecting SMEs and organisations will stay the same. The UK is...

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UK jobs market slows

Jobs

Office for National Statistics figures show that the unemployment rate unexpectedly increased to an estimated 3.9% in the June-to-August period, as the number of people working declined by 56,000 to 32.69m. The ONS’s deputy head of labour market statistics, Matt Hughes, noted: “The employment rate is still rising year-on-year,...

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Car financing crackdown ‘to save drivers £165m’

Finance

The Financial Conduct Authority has announced a crackdown on the car financing industry which it claims will save drivers £165m. It says that some dealers make commission on the loan’s interest rate, which they set, something which “creates an incentive for brokers to act against customers’ interests”. Some brokers...

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Regulator could ban insurance ‘loyalty penalty’

Finance

The Financial Conduct Authority could ban insurers from moving policyholders on to more expensive policies when they renew deals, with a probe finding that around 6m customers were being overcharged by £1.2bn a year. The FCA found that customers who were initially offered “new business” discounts were regularly subject...

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UK economy facing heightened risk of recession

Business Market

The UK’s economy may have tipped into recession following a downturn in the dominant service sector, according to closely-watched figures. The IHS Markit/CPS purchasing managers’ index for services fell to a six-month low of 49.5 in September. The 50 level divides growth from expansion. It suggests the economy shrank...

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John Lewis to axe a third of top jobs

Economy

The John Lewis Partnership is to axe a third of its senior management roles as part of a significant restructuring from February next year. JLP will merge the management teams at John Lewis and Waitrose into a single team, with the aim of saving £100m through the loss of...

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FRC to probe EY over Thomas Cook collapse

Economy

The Financial Reporting Council (FRC) has launched an investigation into the collapse of travel firm Thomas Cook, which will examine EY’s audit of the company for the year ending September 30th, 2018. The FRC said the investigation would first look at whether EY had a case to answer, and...

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Late payments costing SMEs £51.5bn

Uncategorized

Late payments are costing SMEs an estimated £51.5bn (€56.7bn), according to research from Hitachi Capital UK. A survey of 1,000 SME owners found that almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months. The study found that...

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