The Bank of England has warned the UK faces a “sharp economic slowdown” this year as it raises interest rates to try to stem the pace of rising prices. Rates rose to 1% from 0.75%, their highest level since 2009 and the fourth consecutive increase since December. Inflation – the rate at which prices rise […]
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The wait goes on for reform of the UK audit market. Although earmarked as a “priority”, there will be no draft bill in the forthcoming Queen’s Speech of the proposed regulatory changes that include a new watchdog, competition caps and shared audits. Government officials have briefed the media that the legislation has been dropped from […]
Government borrowing in the last financial year more than halved from the amount borrowed a year earlier when the UK saw major COVID-19 restrictions. Borrowing – the difference between spending and tax income – stood at £151.8bn, less than half the £317.6bn borrowed in 2020-21, figures showed. The government has had to borrow less since […]
A growing number of UK businesses are at risk of going under, as costs spiral and COVID-19 loan repayments come due, a report has found. Construction and hospitality are the sectors struggling most, according to insolvency firm Begbies Traynor. Loan repayment schedules should be extended to ease the pressure, it said. The government said it […]