News in Review
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnPolicy Director at the Confederation of British Industry (CBI) Matthew Fell, commented on the impact on businesses, “Fresh restrictions are a big setback for businesses, particularly for those in hospitality and retail who are in a critical trading period, as well as others such as transport. While COVID certification can support public health, careful implementation and enforcement will be required to assist businesses affected. It will be vital that the impact of these restrictions is closely monitored, and that the government is ready with targeted support as required.”rnrn rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnNew rules requiring people to present an NHS COVID passport or negative lateral flow test to enter nightclubs in England from 15 December have come at the worst possible time, The Night Time Industries Association (NTIA) has warned, with the pre-Christmas period ‘absolutely crucial’ for the sector. Chief Executive of the NTIA Michael Kill commented, “Vaccine passports will have a devastating impact on a sector already so bruised by the pandemic.” COVID passes, which have been implemented in Scotland and Wales, have caused a 30% and 26% drop-off in trade respectively.rnrn rnrnPolicy Director at the Confederation of British Industry (CBI) Matthew Fell, commented on the impact on businesses, “Fresh restrictions are a big setback for businesses, particularly for those in hospitality and retail who are in a critical trading period, as well as others such as transport. While COVID certification can support public health, careful implementation and enforcement will be required to assist businesses affected. It will be vital that the impact of these restrictions is closely monitored, and that the government is ready with targeted support as required.”rnrn rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrnNew restrictions have been imposed in England to help target the rise of the Omicron variant. The measures announced last Wednesday include increased requirements for mask-wearing, working from home where possible and proof of vaccination or COVID status at nightclubs and crowded indoor spaces. In addition, Boris Johnson addressed the nation on Sunday evening to urge people to get their booster. A target has been set to give boosters to everyone aged over 18 in England by the end of December.rnrn rnrnNew rules requiring people to present an NHS COVID passport or negative lateral flow test to enter nightclubs in England from 15 December have come at the worst possible time, The Night Time Industries Association (NTIA) has warned, with the pre-Christmas period ‘absolutely crucial’ for the sector. Chief Executive of the NTIA Michael Kill commented, “Vaccine passports will have a devastating impact on a sector already so bruised by the pandemic.” COVID passes, which have been implemented in Scotland and Wales, have caused a 30% and 26% drop-off in trade respectively.rnrn rnrnPolicy Director at the Confederation of British Industry (CBI) Matthew Fell, commented on the impact on businesses, “Fresh restrictions are a big setback for businesses, particularly for those in hospitality and retail who are in a critical trading period, as well as others such as transport. While COVID certification can support public health, careful implementation and enforcement will be required to assist businesses affected. It will be vital that the impact of these restrictions is closely monitored, and that the government is ready with targeted support as required.”rnrn rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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} /–>rnrn‘Fresh restrictions are a big setback for businesses’rnrn rnrnNew restrictions have been imposed in England to help target the rise of the Omicron variant. The measures announced last Wednesday include increased requirements for mask-wearing, working from home where possible and proof of vaccination or COVID status at nightclubs and crowded indoor spaces. In addition, Boris Johnson addressed the nation on Sunday evening to urge people to get their booster. A target has been set to give boosters to everyone aged over 18 in England by the end of December.rnrn rnrnNew rules requiring people to present an NHS COVID passport or negative lateral flow test to enter nightclubs in England from 15 December have come at the worst possible time, The Night Time Industries Association (NTIA) has warned, with the pre-Christmas period ‘absolutely crucial’ for the sector. Chief Executive of the NTIA Michael Kill commented, “Vaccine passports will have a devastating impact on a sector already so bruised by the pandemic.” COVID passes, which have been implemented in Scotland and Wales, have caused a 30% and 26% drop-off in trade respectively.rnrn rnrnPolicy Director at the Confederation of British Industry (CBI) Matthew Fell, commented on the impact on businesses, “Fresh restrictions are a big setback for businesses, particularly for those in hospitality and retail who are in a critical trading period, as well as others such as transport. While COVID certification can support public health, careful implementation and enforcement will be required to assist businesses affected. It will be vital that the impact of these restrictions is closely monitored, and that the government is ready with targeted support as required.”rnrn rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“,
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"columns_0_column": "rnrn‘Fresh restrictions are a big setback for businesses’rnrn rnrnNew restrictions have been imposed in England to help target the rise of the Omicron variant. The measures announced last Wednesday include increased requirements for mask-wearing, working from home where possible and proof of vaccination or COVID status at nightclubs and crowded indoor spaces. In addition, Boris Johnson addressed the nation on Sunday evening to urge people to get their booster. A target has been set to give boosters to everyone aged over 18 in England by the end of December.rnrn rnrnNew rules requiring people to present an NHS COVID passport or negative lateral flow test to enter nightclubs in England from 15 December have come at the worst possible time, The Night Time Industries Association (NTIA) has warned, with the pre-Christmas period ‘absolutely crucial’ for the sector. Chief Executive of the NTIA Michael Kill commented, “Vaccine passports will have a devastating impact on a sector already so bruised by the pandemic.” COVID passes, which have been implemented in Scotland and Wales, have caused a 30% and 26% drop-off in trade respectively.rnrn rnrnPolicy Director at the Confederation of British Industry (CBI) Matthew Fell, commented on the impact on businesses, “Fresh restrictions are a big setback for businesses, particularly for those in hospitality and retail who are in a critical trading period, as well as others such as transport. While COVID certification can support public health, careful implementation and enforcement will be required to assist businesses affected. It will be vital that the impact of these restrictions is closely monitored, and that the government is ready with targeted support as required.”rnrn rnrnHe continued, “Omicron will quite likely not be the last variant. We need to create consistency in our approach and build confidence by reducing the oscillation between normal life and restrictions. Prioritising daily testing, rather than self-isolation, is a good step. Firms need continued forward guidance and a commitment from government to prioritise ongoing free, mass rapid testing as we learn to live with the virus.”rnrn rnrnEconomic growth faulters prior to Omicronrnrn rnrnAlthough it’s too early to quantify the economic impact of Omicron, the most recent data from the Office for National Statistics (ONS) has shown that the UK economy grew by just 0.1% in October, even before the new variant was identified. This follows growth of 0.6% in September. Despite strong performances in second-hand car sales and the health sector, a fall in people dining out and reductions in gas use and oil extraction meant growth was much lower than many analysts had expected. ONS has outlined that overall services output has now reached pre-pandemic levels (February 2020), consumer-facing services are 5.2% below their pre-pandemic levels, while all other services are 1.4% above.rnrn rnrnWith the next Monetary Policy Committee meeting due to conclude on 16 December, the slower economic growth has led to predictions that the Bank of England will not increase interest rates.rnrn rnrnUnemployment rate falls despite furlough endingrnrn rnrnOther data released by ONS on Tuesday showed that the unemployment rate in the UK fell to 4.2% in the three months to the end of October, representing around 1.4 million people. The number of job vacancies rose to a new record of 1,219,000 – an increase of 434,500 from the pre-pandemic January to March 2020 level.rnrn rnrnScottish Budgetrnrn rnrnThe Scottish Budget, setting out proposed spending plans for 2022-23, was announced on 9 December by Cabinet Secretary for Finance and Economy, Kate Forbes. Key announcements included:rnrn rn
- rn t
- No changes to Income Tax rates in 2022-23 and whilst the starter and basic rate bands will increase with inflation, the higher and top rates will remain frozen at current levelsrn t
- Record funding of £18bn for health and social carern t
- £1.2bn funding for mental healthrn t
- An additional £200m for the Scottish Attainment Challenge to tackle the poverty-related attainment gaprn t
- An investment of £831m to deliver 110,000 affordable, energy efficient homes over the next 10 years.rnrn rnrnKate Forbes said the Budget was “progressive, but also transitional. It paves the way for a full Resource Spending Review in May 2022 which will set out the government’s long-term funding plans and the roadmap for delivering key commitments.”rnrn rnrnHere to helprnrn rnrnFinancial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.rnrn“, “_columns_0_column”: “hd_rich_text-column”, “columns_0_css_class”: “”, “_columns_0_css_class”: “hd_rich_text-css_class”, “columns”: 1, “_columns”: “hd_rich_text-columns”, “use_sidebar”: “0”, “_use_sidebar”: “hd_rich_text-use_sidebar”, “bg_color”: “”, “_bg_color”: “hd_rich_text-bg_color”, “bg_image”: “”, “_bg_image”: “hd_rich_text-bg_image”, “bg_transparency”: “0”, “_bg_transparency”: “hd_rich_text-bg_transparency”, “light_text”: “0”, “_light_text”: “hd_rich_text-light_text”, “block_title_level”: “2”, “_block_title_level”: “hd_rich_text-block_title_level”, “block_template”: “template1”, “_block_template”: “hd_rich_text-template”, “margin_top”: “default”, “_margin_top”: “hd_-margin_top”, “margin_bottom”: “default”, “_margin_bottom”: “hd_-margin_bottom”, “padding_bottom”: “default”, “_padding_bottom”: “hd_-padding_top”, “padding_top”: “default”, “_padding_top”: “hd_-padding_bottom” }, “align”: “”, “mode”: “edit” } /–>