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.
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.
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.
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.
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.
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.
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.
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
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The UK government has launched a research programme with grants up to £200,000 to ensure AI’s safe use in driving economic growth. The focus is on mitigating risks like misinformation and cyber-attacks, aiming to boost public trust while maintaining the UK’s leadership in AI innovation.
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UK Investment Trends and UKTW.ORG Launch Event
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UKTW networking in London Taiwan Kitchen Takeover-A Taste of Taiwan with Tiffany Chang
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The UK government has launched the Regulatory Innovation Office (RIO) to accelerate the deployment of transformative technologies by streamlining regulatory processes, benefiting sectors like healthcare, AI, and green tech.
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The Bank of England could cut interest rates more aggressively if inflation remains under control, Governor Andrew Bailey suggested. With inflation nearing the 2% target, the Bank is monitoring the situation closely, especially regarding geopolitical risks that could affect energy prices.
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UK manufacturing confidence has fallen to its lowest level since March 2020, with the PMI dropping to 51.5 in September from 52.5 in August. Concerns over the upcoming autumn budget and geopolitical instability are causing manufacturers to adopt a cautious approach
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The UK and Taiwan's second semiconductor dialogue focused on enhancing collaboration in talent development and R&D. This partnership aims to strengthen their positions in the global semiconductor industry, fostering innovation and resilience in supply chains.
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Prime Minister Rishi Sunak has secured a £10 billion investment from US investors, set to create over 20,000 jobs in the UK, focusing on green energy and tech. Sunak emphasised, “Britain is open for business,” highlighting the UK’s resilience and innovation post-Brexit.
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Instant noodles have evolved from a cheap snack to a gourmet trend, with sales up 20% as food enthusiasts and social media creators embrace their versatility. The #makeitfancy movement on TikTok showcases how a humble packet of noodles can be transformed into a culinary delight.
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Britain’s return to global leadership could be a transformative strategy that not only enhances its international standing but also secures its future at home. The road ahead will require dedication, cooperation, and a reaffirmation of the UK’s values on the world stage.
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Rachel Reeves, in her Labour Party conference speech, promised Britain’s “best days lie ahead,” while defending tough economic decisions like cutting winter fuel payments for pensioners. She also committed to free breakfast clubs in schools and recovering lost Covid funds.