In its first budget since taking office, the UK’s Labour government, led by Chancellor Rachel Reeves, has laid out policies aiming for a “fair and balanced” approach to stimulate growth while addressing fiscal stability concerns. The October 30, 2024 budget introduced significant changes, including a 1.2 percentage point increase in employer National Insurance Contributions (NICs) and an uplift in the National Living Wage. Employers will see NICs raised from 13.8% to 15% by April 2025, and the threshold for contributions will lower from £9,100 to £5,000 annually. Labour has also increased the National Living Wage to £12.21 per hour, an…
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Widespread dissatisfaction among frontline workers is estimated to cost the UK nearly £14 billion1 every year in lost time, prompting calls for businesses to improve their ways of working. Feedback from the Field, a study of frontline employees and managers undertaken by YouGov and commissioned by global technology company SafetyCulture, paints a picture of a UK workforce that feels under pressure, frustrated and unproductive. More than three in four workers (77%) claim they are dissatisfied with something at work. Among these, the main causes for dissatisfaction are the impacts of unreasonable expectations or burnout (43%), their company’s slow response to resolving issues or…
Competition is the lifeblood of business, prompting companies to continuously look for ways to improve their products, make their pitches better and, overall, offer an improved service. However, effectively leveraging competitive advantage can often be a challenge, with a study by McKinsey finding that 70 per cent of executives lack a clear understanding of what sets their organisation apart from competitors. Operational Excellence [OpEx] is a strategic approach often overlooked by companies seeking to maintain a competitive edge. Yet, it should be a primary focus for those looking for ways to stand out. OpEx involves embracing principles such as customer-centricity,…
Trust makes up the core building blocks of every relationship, however this doesn’t stop many of us telling the odd white lie. A study by Raja Group found that 69% of workers have lied in the workplace, with 47% saying they tell up to five lies every working day. Taking data from the Office of National Statistics, this is an estimated 22 million UK workers who are deceiving colleagues and clients. But why do people lie? The answer can vary, but lying to avoid punishment is believed to be the main reason why the odd lie pops out. Further reasons could be to…
Following Sir Keir Starmer’s pledge to rip out the bureaucracy that blocks investment, Consider Solutions’ CEO, Dan French, explores how businesses can set their own agenda for removing the roadblocks to efficiency and growth: “The phrase ‘Red Tape’ is enough to send a chill through the veins. The unnecessary policies, rules and activities that delay progress are still sadly present in many companies, big and small. The Prime Minister sees these processes as a barrier to economic growth, and seems hell bent on removing them sooner rather than later. Red tape exists in our individual interactions with government and consumer brands,…
As we approach the end of October, homes and workplaces across the country are decorating for Halloween and therefore more electronics will be used to help get into the spooky spirit. In the UK, over 1,000 electricity related accidents are reported to the Health and Safety Executive each year, and with Halloween, electronic decorations and candles add to the mix of possible hazards. Electrical safety experts Direct365 have identified the most common electrical hazards that occur in the workplace during this time of year, and have provided tips on ways in which we can ensure that our electronics are in safe working…
The value of bad debt suffered by small businesses has surged by a staggering 127 percent, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker, businesses have written-off an average of nearly £40,000 in unpaid invoices in the last 12 months, up from an average of £17,500 in the spring. The proportion suffering from non-payment has risen too, reaching 40 percent, up from 30 percent in March. Ahead of the introduction of the Government’s Fair Payment Code, the figures point to considerable supply chain pressure caused by late or non-payment by…
UK start-ups raised £2.2 billion in new venture capital funding in the third quarter of 2024, marking a significant decline from the £4.4 billion secured in the previous quarter, according to recent data from HSBC. In this increasingly competitive landscape, the venture capitalists at Oxford Capital have shared insight into common reasons why they wouldn’t invest in your business and what could be holding businesses back from securing funding in 2024. Lack of scalability: “Venture capitalists gravitate towards highly scalable business models poised for rapid growth. Lack of scalability and growth potential raises concerns for venture capitalists aiming for investments in businesses targeting expansive, growing markets…
As the UK gears up for the Labour Government’s first Budget, research from innovation incentives specialist ForrestBrown reveals the key policy changes business leaders want from the new Government. Data from 500 senior business leaders across the nation found widespread support for targeted policy changes in three key areas: closer ties with the European Union (EU), tax stability, and increased R&D funding. While the Government ruled out rejoining the EU’s single market and customs union, it has promised to tear down ‘unnecessary barriers to trade’ – which the survey suggests would be welcomed by many business leaders. According to the data1, 22%…
Fiona Scott, SMEToday feature writer, recently interviewed Deborah Meaden who is currently working with the team at Nestle Professional as part of their Nescafe B2B project, ‘Let’s Partner Up For Good’. The aim of the project is to provide advice and guidance to small business owners. Seven lucky winners were selected to meet Deborah face to face alongside Katya Simmons, managing director at Nescafe by Nestle Professional. The sessions were filmed to provide wider impact and support to other SMEs as common themes were discussed. The first set of videos were released last month. For more information visit https://bit.ly/489BG6q A…