The government has just announced that thousands of government credit cards will be cancelled as part of a crackdown on wasteful spending. With spending on these cards reportedly increasing fourfold in the last four years, it’s a reminder that keeping an eye on expenses is crucial.While your business is likely much more mindful of costs than a government department - where inefficiencies can go unchecked - this is still a great opportunity to review your own spending and see if there’s any waste you can cut out.
News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments.At the time of the 2024 Autumn Budget, the Office for Budget Responsibility (OBR) said that there was a £9.9 billion buffer available against the Chancellor’s own self-imposed borrowing rules.
According to consultancy Cornwall Insight, domestic energy prices are predicted to drop in April with analysts predicting that there could be a further fall in the summer. This is good news all round, as energy prices have been a significant factor in the UK’s high inflation rate. A drop in energy prices could lead to a drop in interest rates, and with it a more positive outlook in the economy.
The government’s promised new Fair Payments Code was launched last month to try and tackle late payment problems that can be particularly harmful to small businesses.
The government has unveiled some significant reforms to employment support, underpinned by a £240 million investment. The measures aim to address deep-rooted issues of unemployment, economic inactivity, and barriers to work, as detailed in the recently published Get Britain Working White Paper.