The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 banknotes after 30 September 2022. According to the Bank, there are still over £6 billion worth of paper £20 notes and over £8 billion worth of paper £50 notes in circulation. The
UK inflation has risen to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to the latest data from the Office of National Statistics (ONS). It is a slight increase on the 9% figure of the previous month, which was driven upwards by April’s unprecedented rise in the energy price cap
Inflation has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS). The rate shot up to 9% last month – its highest level since comparable readings in 1982. Data released by the ONS showed a broad-based hike in prices for everyday
National Energy Action (NEA) has warned that the poorest households in the UK will wait the longest for the government’s £150 council tax rebate. The rebate forms part of the government’s response to rising energy bills and provides a payment of £150 to households living in council tax bands A – D. Payments started to
Research carried out by the Federation of Small Businesses (FSB) has found that 34% of small business owners had their mental health adversely impacted by the coronavirus (COVID-19) pandemic. The FSB’s survey also found that 24% of respondents currently have a mental health condition such as anxiety, depression or post-traumatic stress. 16% of small business
A growing number of UK businesses are at risk of going under as costs spiral and COVID loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although COVID restrictions have been lifted, some firms are still feeling the impact of disruptions to supply chains, and the price of energy and other
With inflation increasing energy and food prices, ministers have pitched ideas to help tackle the cost-of-living crisis. Inflation figures published by the Office for National Statistics (ONS) recently showed that inflation rose to 7% in the year to March. Prime Minister Boris Johnson called for innovative ideas that don’t rely on spending taxpayer money to
Research carried out by the Federation of Small Businesses (FSB) has found that close to half of UK small firms don’t expect their business to grow over the coming year as a result of the cost-of-doing-business crisis. The FSB’s latest Small Business Index (SBI) confidence reading stands at +15.3 for the first quarter of 2022,
HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid. A taxpayer’s grant is calculated by using the information from
Bosses of the UK’s largest energy firms have called on the government to intervene with ‘unprecedented’ measures to prevent a fuel poverty crisis next winter. The chief executives told MPs investigating energy prices that while pre-payment customers were already reeling from the effects of rising bills, they expected the numbers in financial distress to only
