Newsletter...
April 2022 - ENEWS
In this month’s Enews we consider the major announcements from the Chancellor’s Spring Statement. We also update you with the latest economic growth forecasts and the Bank of England’s latest decision on interest rates. With guidance on student loans and ground rents for leaseholders, there is a lot to update you on.
- Chancellor cuts fuel duty in Spring Statement
Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever cut on all fuel duty rates, which applies from 6pm on 23 March 2022......read more - Business groups give mixed response to Spring Statement
The UK’s business groups gave a mixed response to Chancellor Rishi Sunak’s Spring Statement speech. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said......read more - OBR updates economic picture
In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts UK economic growth to be 3.8% in 2022, a significant cut from its previous prediction of 6.0%. The OBR then predicts the economy to grow by 1.8% in 2023 and 2.1% in 2024......read more - MTD for VAT brings in up to an extra £195 million in tax
Estimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to research from HMRC. The research, conducted by HMRC and peer reviewed by independent academics, showed that in 2019/20 the estimated additional tax revenue was between £185 million to £195 million......read more - Bank of England raises interest rates for third time in a row
The Bank of England has raised interest rates for the third consecutive time. The Bank also warned that the Ukraine conflict could see under-pressure households hit with double-digit inflation later this year.......read more - UK economic growth to halve this year, warns BCC
UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks including Russia's invasion of Ukraine, warns the British Chambers of Commerce (BCC). The BCC has downgraded its expectations for UK GDP growth in 2022 to 3.6% from 4.2%......read more - Student loan repayments for new borrowers to start at £25,000
The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000 for new borrowers. From September 2023, the interest rate on student loans will also be set to RPI+0%. Additionally, the length of time that students have to pay their loans back until they can be written off has been extended from 30 to 40 years......read more - CMA frees leaseholders from rising ground rents
Intervention by the Competition and Markets Authority (CMA) has freed more leaseholders from increasing ground rent terms that saw them trapped in homes they struggled to sell or mortgage. Businesses which had bought freeh¬olds from housing developer Countryside have now given formal commitments to the CMA to remove terms that cause ground rents to double in price......read more
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