Weekly Digest – 19 July 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Almost 28,00 Tax credits customers renew via HMRC app

Almost 28,000 customers have used the HMRC app to renew their annual tax credits claim, HM Revenue and Customs (HMRC) can reveal. Tax credits help working families with targeted financial support, and more than 1.5 million customers have received renewals packs. They have until 31 July to renew.

Britons hit by biggest fall in wealth since Second World War

Spiralling interest rates have caused wealth to tumble by £2 trillion, says think tank – but says young people could still be ‘winners’ if house prices fall.

Crackdown on rip-off university degrees

University courses that fail to deliver good outcomes, with high drop-out rates and poor employment prospects will be subject to stricter controls.

UK Water Industry in crisis: mounting debt threatens service reliability

Financial problems at a major UK water supplier have highlighted the dire state of the country’s water industry, which is struggling to provide a reliable service due to massive debts accumulated since privatisation over 30 years ago.

Senior doctors in England announce more strikes, rejecting pay deal

Senior doctors in England will hold two days of strikes in August, their union the British Medical Association (BMA) said on Monday, dismissing a 6% pay rise announced by government last week as a “savage” real-terms wage cut.

UK consumer group calls for government action on grocery prices

British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021.

It’s official: renters and young people are hit hardest by cost of living, says ONS

Renters and young people are among those hit hardest by the soaring cost of living, according to official data. Research by the Office for National Statistics (ONS) outlined the groups under particular financial pressure in recent months amid rampant inflation and higher borrowing costs.

Fuel retailers urged to back government price sharing scheme

Supermarkets and other fuel retailers have until August to voluntarily share live prices in a government scheme designed to prevent overcharging.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.