Business news week round up

UK economy at a glance

Indicator Value Change on week Change on month Change on year
FTSE 100 7094.22 – 26.37 + 106.57 – 338.51
£ against US 1.30 none – 0.01 – 0.02
£ against € 1.14 none none + 0.01
UK inflation 2.4% none – 0.3% – 0.6%
UK interest rates 0.75% none none + 0.5%

* Figures are as at midday on 12th November 2018

Self-employed vulnerable to rising business debt

Debt advice service Business Debtline has revealed that a growing number of small business owners and the self-employed are contacting them due to rising debt. Overall, 36,000 small business owners and self-employed people contacted the service in 2017 and around 49% had a debt of £10,000 or more, while 23% owed more than £30,000. Business Debtline also revealed that businesses in the construction and retail sectors contacted them the most. Irregular incomes, late payments and a lack of business management skills are the main reasons why smaller businesses get into debt.

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New rules on use of personal data for marketing

The Committee of Advertising Practice (CAP) has updated the CAP Code following the introduction of new rules on the use of personal data for marketing. The new rules have been introduced to ensure the CAP Code covers the data protection issues most relevant to marketing and to align the rules with standards introduced by the General Data Protection Regulation. While the new rules will take effect immediately, they will be subject to a 12-month review period during which CAP and the Advertising Standards Authority will deal with most matters or breaches of the rules in an informal manner.

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Business tax relief to hurt small businesses

Changes in the Finance Bill will mean that the increase in the Annual Investment Allowance (AIA) will have an adverse effect on small businesses who do not meet the spending requirements by 31 December 2020.

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Government amends accounting rules in Companies Act for post-Brexit

The government has issued draft legislation to amend the filing exemptions for companies and limited liability partnerships (LLPs) ahead of the UK leaving the EU, but refers to ‘exit day’.

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