Business News

This section contains the latest business news stories.

HMRC to resume taking tax owed by debtors directly from bank accounts

HMRC has resumed its programme allowing direct recovery of money from debtors' bank accounts.

Over 750,000 young people yet to claim savings

Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds (CTFs), according to HMRC.

Budget must give UK business a competitive edge

The Autumn Budget must sharpen the UK's competitive edge to stay ahead of the pack in an increasingly dog-eat-dog world, says the British Chambers of Commerce (BCC).

Business confidence falls to new record low

Business confidence fell to its lowest level on record in September, driven by concerns over soaring costs, according to a survey conducted by the Institute of Directors (IoD).

Digitally excluded taxpayers urged to consider MTD exemption

The Low Incomes Tax Reform Group (LITRG) is urging taxpayers who cannot manage their tax affairs digitally and are set to begin using Making Tax Digital for Income Tax (MTD for IT) to check whether they are able to claim an exemption.

UK losing £2 billion annually as result of 'Tourist Tax'

Research published by the Association of International Retail (AIR) has revealed that the UK is losing out on nearly £2 billion as a result of the scrapping of VAT breaks for tourists.

More SMEs 'unlocking AI'

35% of small and medium-sized enterprises (SMEs) say they are actively using artificial intelligence (AI) technology ? a rise when compared to 2024's figure of 25%.

Business group says long-term sickness 'blighting' economy

The British Chambers of Commerce (BCC) has warned that long-term sickness is 'blighting' the UK economy and preventing it from growing.

Slowdown in living standards 'so large that families today would be £20,000 richer'

A report carried out by the Resolution Foundation has found that the scale of Britain's living standards slowdown over the last 20 years is so large that families today would be £20,000 richer if incomes had continued at the rate of growth trending in 2005.

Chancellor urged to cut National Insurance but hike Income Tax in Autumn Budget

Chancellor Rachel Reeves has been urged to cut National Insurance contributions (NICs) and increase Income Tax to create a 'level playing field' and protect workers' pay.

AI to boost trade by nearly 40% by 2040 if gaps are bridged

Artificial intelligence (AI) could boost the value of cross-border flows of goods and services by nearly 40% by 2040 thanks to productivity gains and lower trade costs, according to a World Trade Organisation (WTO) report.

Failed housing transactions cost £1.5 billion a year

Failed housing transactions cost consumers and the economy at least £1.5 billion every year, according to research published by Santander.

Bank of England leaves interest rate unchanged

The Bank of England has left interest rates unchanged at 4% as inflation remains nearly twice its target rate.

British household energy debt has tripled in a decade

The number of customers falling behind on energy bills with no repayment plan in place has more than tripled between 2012 and 2024, according to from the Resolution Foundation.