Weekly Digest – 11 October 2023

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

Rises in core inflation and how this affects UK businesses

Rising core inflation is intensifying the UK’s cost of living crisis, straining businesses. The country hasn’t witnessed such high inflation since the 1980s, burdening many enterprises.

Winter warning as new energy price cap comes in

Charities are warning of a tough winter ahead for many people’s finances despite a drop in domestic energy prices for the next three months.

Beyond the bubble bath: 10 meaningful habits to support your mental health

Now that ‘self-care’ has been monetised to within an inch of its scented candle-lit life, what truly bolsters our mental health? With World Mental Health Day on Tuesday, we ask the experts.

Biggest UK tax rise in 50 years’ after thresholds frozen

The government’s policy is to keep income tax and national insurance thresholds frozen until 2028, meaning many will be pushed into higher tax bands as a result of inflation.

London business confidence stalls as concerns around inflation remain for firms

According to the London Chamber of Commerce and Industry (LCCI), 38 per cent of firms expect London’s economy to deteriorate over the next year with inflation still the dominant concern.

Largest untapped UK oil field approved for development amid environmental backlash

British regulators on Wednesday gave approval for Norway’s energy giant Equinor to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands.

Buyer’s market fuels fastest fall in UK house prices in 14 years

High mortgage costs result in sixth straight month of sellers being forced to reduce prices, says Halifax. Halifax, Britain’s biggest mortgage lender, said prices fell by 4.7% in September, the biggest year-on-year decrease since 2009.

74% of UK business leaders turn to AI to tackle economic uncertainty and increased risk

Tough economic conditions across the globe have led many to believe that downturns are set to continue. In the face of significant uncertainty, financial services technology company FIS explores how corporate executives across industries are reacting and innovating in new research. Many leaders in the UK have already realised the potential of generative AI to alleviate concerns, with 60 per cent of those who have already adopted the technology explaining that they plan to increase spending on it within the next 12 months, FIS has revealed.

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