News
UK SMEs can unlock £9.3bn by exporting via e-commerce. Despite Brexit challenges, 66% have mastered EU customs, with 9% entering non-EU markets. Priorities include smoother customs, lower tariffs, and reduced trade barriers for easier global growth.
Meal-kit providers such as HelloFresh and Gousto are rethinking strategies post-pandemic, focusing on profitability and operational efficiency while navigating slowed growth. Global meal-kit revenue is projected to grow to $19.5bn by 2028.
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The UK government plans to permanently cut business rates for retail, hospitality, and leisure properties from 2026, funded by higher taxes on top-value properties like large warehouses. Employers will also benefit from increased Employment Allowance.
If Donald Trump imposes a 20% tariff on all imports, UK exports could suffer a £22 billion blow, affecting sectors like fishing, petroleum, and mining. This could reduce UK economic output by 0.8%, and UK leaders are urging the US to reconsider the impact on allies.
Government Policies
The UK is expanding its electronic travel authorisation (ETA) scheme, requiring all non-British and non-Irish nationals to apply before entry. The rollout begins November 2024, with a £10 fee and a straightforward application process.
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The UK secures a £500 million investment from Prologis to expand Cambridge Biomedical Campus, creating over 2,120 jobs. This boosts biomedical research and supports the government’s goal for economic growth, following Chancellor Rachel Reeves’ first budget announcement.
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The 2024 Budget introduces minimum wage increases, tax adjustments, and pension changes. Low-wage workers will see a pay rise, while inheritance tax and capital gains tax tighten. Meanwhile, bus fares and private school costs rise, with mixed reactions on job prospects and rental markets.
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The London East Asia Film Festival 2024 features a stellar lineup of Taiwanese films, including Dead Talent Society, a dark comedy by John Hsu, and restored classics like Woman of Wrath. This diverse programme highlights Taiwan’s cinematic depth and creativity. Tickets available at LEAFF’s website.
Government Policies
Culture Secretary Lisa Nandy introduced a new tax relief to boost British indie films, aiming to support jobs and growth across UK regions. Pinewood Studios announced a new Indie Production Hub, while Skills England will address 25,000 creative industry job vacancies.
Retail bosses warn that the removal of VAT-free shopping has placed Britain at a “massive global disadvantage,” deterring high-spending tourists. They urge policymakers to reinstate the tax rebate to regain competitiveness in the global retail market.
News
UK inflation unexpectedly dropped to 1.7% in September 2024, its lowest level in over three years, driven by lower airfares and petrol prices. This decline, below the Bank of England’s 2% target, may lead to interest rate cuts. Benefits are expected to rise by 1.7% in 2025