New UK Prime Minister and cabinet – tough decisions ahead!
A new period of this government begins for us all, again! We have a new Prime Minister, Rishi Sunak and a new cabinet facing the toughest economic conditions in decades.
So what actions can we expect from the government in the next few weeks?
Chancellor Jeremy Hunt will outline the UK’s tax and spending programme on the 17 November as a full Autumn Statement. This has been delayed for further economic forecasts to be prepared. Mr Hunt has stated that this new government will set out to ensure UK borrowing falls over the medium term. The “upgrade” to a full Autumn statement also suggests wider spending and taxation policies will be announced. Prime Minister, Rishi Sunak, has warned of “difficult decisions” to be taken to ensure economic stability and confidence. We will keep you fully informed of any changes in taxation as they occur.
Faced with uncertainty, what actions should a business owner take right now?
Take some time to look at your business’s strengths, weaknesses, opportunities and threats and get a clear understanding of its position in the marketplace, the competition, the systems and the way things are done and the improvements that could be made. Focus on what the business is to look like when it is “complete” or running profitably and successfully. Then you can determine priorities – the big issues that need to be focussed on – then you can make a plan.
It is also a good idea to plan for a range of scenarios “good and bad” so that you can be flexible about the direction your business should take.
Please talk to us about your plans, we can assist with cashflow planning and “what if” scenarios.
Support with employee health and disability
The UK Government has been building and testing a new online service for employers which provides advice and guidance on managing health and disability in the workplace.
The service explains your legal obligations and good practice – it may be particularly helpful for smaller businesses without in-house HR support or access to an occupational health service.
The Health and Safety Executive (HSE) is supporting the development of this service and would like your help to test it.
By taking part, you’ll receive free information and guidance on disability and health-related employment issues. You could use it to help manage a current case, or simply look around the site to see what’s useful and identify improvements.
However you choose to take part, please take the time to provide feedback. Your views will be vital in supporting the continued development of the service.
See: Support with employee health and disability – GOV.UK (dwp.gov.uk)
The Importance of Wellbeing for SME Business Owners
Wellbeing has always been very important for SME business owners. With almost four in ten (39%) SME business owners saying that rising costs are affecting their emotional wellbeing, according to new research by Three Business, it’s more important than ever.
Almost half (45%) of SME business owners say that mental health support is just as valuable to their business, as financial and technological aid.
Find out more about what the research findings are telling us about the challenges facing SME business owners at the following online webinar 2 November 2022.
See: The Importance of Wellbeing for SME Business Owners Tickets, Wed 2 Nov 2022 at 14:00 | Eventbrite
Innovation loans future economy competition: round 6
Innovate UK is offering up to £25 million in loans to micro, small and medium sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.
Your project must lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model.
You must be able to show that you:
- need public funding
- can cover interest payments
- will be able to repay the loan on time
The closing date to apply is 9 November 2022.
