News Archive - April 2014
Budget 2014
Below is a summary of the 2014 Budget, in pdf format.
Click the icon to download the file.
Click the icon to download the file.
| budget_2014.pdf |
CBI: Outlook for economic growth is 'exceptionally strong and broad-based' - 28.4.2014
The outlook for British economy over the next three months is 'exceptionally strong and broad-based', according to the CBI.
In their latest monthly survey of 675 firms across the manufacturing, retail and services sectors, respondents recorded solid growth in activity, with a balance of +25%, up from +19% in March. Firms are optimistic that growth will pick up again over the next quarter, with the expectations balance at +42%, the highest figure since the CBI started collecting the data in 2003.
Output rose from the eight-month low recorded in March, and remains well above average, suggesting that the UK's economic recovery is 'steadily advancing'.
Katja Hall, the CBI's Chief Policy Director, said: "These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy.
"While consumer spending accounted for the lion's share of GDP growth last year, there are firm indications of growth becoming more broad-based. We expect growth to strengthen in 2014, underpinned partly by rising business and consumer confidence and supportive monetary conditions. Productivity and earnings are also expected to start recovering this year."
In their latest monthly survey of 675 firms across the manufacturing, retail and services sectors, respondents recorded solid growth in activity, with a balance of +25%, up from +19% in March. Firms are optimistic that growth will pick up again over the next quarter, with the expectations balance at +42%, the highest figure since the CBI started collecting the data in 2003.
Output rose from the eight-month low recorded in March, and remains well above average, suggesting that the UK's economic recovery is 'steadily advancing'.
Katja Hall, the CBI's Chief Policy Director, said: "These latest growth figures, and the strong expectations for the next quarter, provide further encouraging signs of increasing vigour and confidence across the UK economy.
"While consumer spending accounted for the lion's share of GDP growth last year, there are firm indications of growth becoming more broad-based. We expect growth to strengthen in 2014, underpinned partly by rising business and consumer confidence and supportive monetary conditions. Productivity and earnings are also expected to start recovering this year."
New employment laws come into effect - 8.4.2014
The beginning of the new tax year saw the introduction of a number of legislative changes affecting employers.
The new ‘early conciliation’ regime was introduced on 6 April 2014 (with some aspects taking effect from 6 May), and requires that employees seeking to bring a tribunal claim against their employer must first contact Acas with a view to attempting to reach a settlement.
In addition, tribunals can now impose financial penalties on employers who are found to have breached employees’ rights. Penalties range from £100 to £5,000 and will normally amount to 50% of the sum awarded at an employment tribunal.
6 April also sees an increase in the limit placed on compensatory awards for unfair dismissal, together with increases in the rates of statutory maternity, paternity and adoption pay, as well as statutory sick pay (SSP). The percentage threshold scheme for SSP is also abolished from this date.
Meanwhile, the introduction of the new Employment Allowance has been welcomed by many businesses.
Under the new scheme, from 6 April 2014 nearly all employers will be able to reduce their national insurance contributions (NICs) bill by up to £2,000.
Up to 1.25 million businesses, charities and community amateur sports clubs are expected to benefit from the Employment Allowance, with 450,000 being taken out of the tax altogether.
The new ‘early conciliation’ regime was introduced on 6 April 2014 (with some aspects taking effect from 6 May), and requires that employees seeking to bring a tribunal claim against their employer must first contact Acas with a view to attempting to reach a settlement.
In addition, tribunals can now impose financial penalties on employers who are found to have breached employees’ rights. Penalties range from £100 to £5,000 and will normally amount to 50% of the sum awarded at an employment tribunal.
6 April also sees an increase in the limit placed on compensatory awards for unfair dismissal, together with increases in the rates of statutory maternity, paternity and adoption pay, as well as statutory sick pay (SSP). The percentage threshold scheme for SSP is also abolished from this date.
Meanwhile, the introduction of the new Employment Allowance has been welcomed by many businesses.
Under the new scheme, from 6 April 2014 nearly all employers will be able to reduce their national insurance contributions (NICs) bill by up to £2,000.
Up to 1.25 million businesses, charities and community amateur sports clubs are expected to benefit from the Employment Allowance, with 450,000 being taken out of the tax altogether.
New payments system launched for banks - 2.4.2014
Customers of nine banks will be able to transfer small amounts of money using a mobile phone number, as of 29 April this year.
The new system will be included in existing banking apps, eliminating the need for sort code and account number details to be given out. Registration can take place immediately before the system goes live at the end of the month.
30 million customers of these banks and building societies can register for the service: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander, TSB and Danske Bank.
The collaboration is being ld by the Payments Council, and is the first service with the potential to link every current account in the UK with a mobile number. All payments will go through the Faster Payments system.
The new system is named Paym and is pronounced ‘Pay Em’. Further details can be found at http://www.paym.co.uk/.
The new system will be included in existing banking apps, eliminating the need for sort code and account number details to be given out. Registration can take place immediately before the system goes live at the end of the month.
30 million customers of these banks and building societies can register for the service: Bank of Scotland, Barclays, Cumberland Building Society, Halifax, HSBC, Lloyds Bank, Santander, TSB and Danske Bank.
The collaboration is being ld by the Payments Council, and is the first service with the potential to link every current account in the UK with a mobile number. All payments will go through the Faster Payments system.
The new system is named Paym and is pronounced ‘Pay Em’. Further details can be found at http://www.paym.co.uk/.
