Weekly Digest – 18 October 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Insolvencies will continue to rise for ‘foreseeable future’ under burden of high interest rates
Insolvencies climbed 17 per cent on last year in September as companies struggled under the burden of the Bank of England’s interest rate hikes.
Save up to £2,000 a year on childcare costs for your little pumpkins
Autumn is here and with October school holidays just around the corner, HM Revenue and Customs (HMRC) is reminding working families to give their childcare budget a treat this Halloween by opening a Tax-Free Childcare account.
Metro Bank seeks bids within weeks for £3bn mortgage book
Metro Bank wants rival high street lenders to submit offers by early November as it continues to repair its balance sheet, Sky News understands.
Services sector powers rise in GDP
GDP grew by 0.2% in August, according to figures released by the Office for National Statistics (ONS) this morning (October 12). The rise was powered by the services sector, which grew by 0.4%, but tempered by falls in production (0.7%) and construction (0.5%)
Sluggish UK economy stages only partial bounce-back in August
Britain’s economy partially recovered in August after a sharp drop in July but the bigger picture remained one of only sluggish growth after last year’s surge in inflation and 14 back-to-back interest rate hikes by the Bank of England.
Will the UK avoid recession? Latest GDP data provokes reaction from finance industry
Finance experts have been sharing their views on new GDP data – and what it means for the world of investment as well as the UK’s economic prospects going forward.
Public believes manufacturing is critical to the UK economy
A new study shows the majority of the general public think manufacturing is hugely important to the future of the UK economy and over three-quarters see manufacturing as delivering solutions today to the challenges of tomorrow.
UK Solvency II reforms likely to face “steep” implementation challenge, says PwC
“The proposed unleashing of investment from the insurance industry as part of the government’s Solvency II reforms may face steep implementation and governance challenges, according to new analysis by PwC UK,” the accounting giant said in an emailed release.
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