Weekly Digest – 29 November 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Interest rates: Why there is more pain still to come

A run of 14 consecutive interest rate rises has brought worry and financial pain for mortgage holders – but it has also boosted savers’ bank balances. Millions of people in the UK are both borrowers and savers (while some are one, or neither), so the balance – or imbalance – between the two is important for our money. Documents published give a fascinating insight as to which way the scales are shifting.

More businesses closing than starting for the first time in 12 years

The number of businesses closing down jumped by 5 per cent year-on-year to hit 345,000 last year, pushing the so-called “business death rate” to a 12-year high.

Consumers bring boost to fragile UK economy

UK consumer confidence improved sharply in November, after the large fall in October. There are several reasons for this improvement, according to Tomasz Wieladek, chief European economist T. Rowe Price.

Britain’s SMEs may feel underwhelmed by Autumn Statement

With the main rate of corporation Tax at its highest in more than a decade and the income tax bands for individuals being frozen until 2029, the increased tax burden is being felt by businesses and business owners across the UK.  Small and medium-sized enterprises (SMEs) may feel underwhelmed by the tax measures announced for them, write  Bethany Barker, Associate Director at RSM.

UK consumer confidence jumps despite lingering inflation pain

British consumers have turned more optimistic about the outlook for the economy and their personal finances this month but their mood remains a long way off pre-COVID levels, market research firm GfK said .Despite lingering cost-of-living pressures, GfK’s headline consumer confidence index was stronger than anticipated in November.

Chancellor in £20bn ‘boost for business investment’ to improve UK’s productivity

Chancellor Jeremy Hunt has set out “an autumn statement for growth” as he sought to boost productivity, business investment.

Nissan invests £1.12 to build two new EV models in Britain

Nissan said on Friday it would pump £1.12 billion into its British plant to build electric versions of two models, offering a boost to the country’s auto industry and a prime minister desperate to attract foreign investment.

Major ‘cybersecurity issue’ sparks outage and stops property transactions progressing in blow for buyers

A cyberattack affecting the property legal sector could lead to exchanges and completions being delayed. The cybersecurity issue is understood to have led to an outage from a legal sector specialist infrastructure service provider, causing chaos in property chains across the UK.

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