Business Update – 03 April 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Economy faces growing risks from global financial markets
The UK economy is facing heightened risks from vulnerabilities in global financial markets amid rising political tensions and higher interest rates, the Bank of England has said.
Business hiring intentions cool as minimum wage increase comes into focus
Business confidence remains high, but hiring intentions have eased as the April increase in the minimum wage comes into sharper focus, particularly for the UK’s smaller companies.
£450bn energy opportunity to grow the economy
Latest OEUK report calls on policymakers to restore confidence in the UK as a place to make a fair return and kickstart economic growth. Without stable energy policy and a globally competitive tax regime, the UK will miss out on the lion’s share of the benefits from a domestic offshore energy market that could grow to £450bn by 2040, says Offshore Energies UK (OEUK).
Britain to slow rise of minimum wage from 2025
Britain’s government has ended its push to use increases in the minimum wage to narrow the gap between the lowest earners and those on higher pay, offering some relief to employers after this year’s nearly 10% jump.
Why overhauling the planning regime is crucial to kickstarting the UK economy
The UK’s economic problems are deep and complex, but if there is one thing that could boost the economy without putting further pressure on the government’s finances, it is reforming the planning system. Britain’s overly restrictive planning regime is one of the key factors behind the UK’s single largest economic issue: stagnant productivity growth.
Thames Water: How did it get to the brink?
Thames Water faces potential nationalisation after shareholders reneged on a promise to plough in new equity, putting the company’s finances and future at risk.
Demand for temps rises as business confidence remains low
Employer demand for temps has risen amid concerns about the UK economy, which has been in recession since the last three months of 2023. In response to this higher uncertainty, hiring intentions for agency workers in the short term has risen significantly according to the Recruitment and Employment Confederation’s JobsOutlook.
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