News
FSB calls for continued energy support
This week, FSB warned that many small firms will face closure if the Government does not extend energy support for small businesses past March 2023. FSB research found that 24% of small firms say they will have to close or downsize if energy help comes to an end on 1 April. FSB National Chair Martin McTague said: “This Christmas was supposed to the one bringing back that small business spirit – but many small firms are now worried that they might have to shut their doors for good in a few months, if not weeks.”
Bank of England rate rise is a blow to small businesses
FSB said the BoE’s decision to increase the base interest rate to 3.5% will add even greater pressure on small firms already buffeted by the cost of doing business crisis. FSB’s National Chair Martin McTague said: “Every basis point increase means extra pressure for those on floating rates, and a disincentive to apply for finance for firms looking to grow and invest.” The further rise in interest rates is another blow to small firms who are faced with near rock-bottom consumer confidence and skyrocketing input costs.
Help to Grow Digital scheme axed
FSB called the Government’s plan to scrap its flagship Help to Grow Digital scheme a “scrooge move”. Policy Chair Tina McKenzie told the Times, and City AM: “There is no viable alternative plan to boost small business digital productivity.” The announcement compounds the Government’s proposal to downgrade R&D tax credits, which have been a lifeline for many small firms.
House of Lords: UK – EU worker mobility
FSB’s Head of International Relations Lucy Monks gave evidence to the House of Lords European Affairs Committee this week on the future mobility of UK and EU workers post-Brexit. Reducing the costs and complexity of bringing in overseas talent to the UK and allowing greater flexibility through youth mobility schemes to plug gaps in the labour market were among the topics discussed in the session.
FSB on the ERC podcast
FSB’s Chief of External Affairs Craig Beaumont spoke about the impact of the Autumn Statement on SMEs, small business confidence, the proposed cut to R&D tax credits, and energy in the latest Enterprise Research Centre (ERC) podcast.
HMRC employer updates
HMRC’s December edition of its employer bulletin is now available. The bulletin contains useful updates and guidance on all HMRC regulation and is a useful tool for small business owners.
New business rates estimates
Small businesses in England and Wales are now able to receive an estimate of what their new business rate will be from 1 April 2023, following the completion of a revaluation of non-domestic properties by the Valuation Office Agency.
Strike action
Businesses are being urged to prepare for more strike action taking place over the coming weeks. The RMT announced strike action on the 16 and 17 December, and from 24 December (Christmas Eve) to 27 December; 3 and 4 January, and 6 and 7 January 2023. FSB is urging all parties to come together, to find a resolution. An end to industrial action will be a huge relief to small businesses in what should be the busiest part of the year for many.
Travel: Clearing roads for festive travel
National Highways will be lifting 900 miles of roadworks to ease travel over the Christmas period - a move that will help some small firms. The vast majority of England’s motorway and major A-road roadworks will be removed from 20 December until 3 January.
Staying safe in the cold
The Health and Safety Executive (HSE) has published advice on how to keep your employees and workplace safe during cold weather. HSE has directed employers to take note of how to protect workers in cold weather, which may be useful during the current cold snap.
Guide to cyber insurance for small firms
The British Insurance Brokers’ Association (BIBA) has launched a new guide on cyber insurance to keep small firms safe online. The guide covers a range of topics, from how small firms can assess the threat landscape, to how cyber insurance enables small businesses to protect themselves from criminal attacks. FSB members can get bespoke advice about insurance from FSB Insurance Service.
Opportunities
How to handle Subject Access Requests (SAR)
The information Commissioners Office has created a new step-by-step guide on how your small business can handle a Subject Access Request (SAR). A SAR, an aspect of GDPR, can be made by an individual to any business or organisation requesting a copy of any information held about them.
Workshop: How T Levels can help your small firm
The Department for Education (DfE) is holding a workshop in Manchester on 18 January on how T-Levels can benefit your small business. The workshop will explain the opportunities T Levels can offer for both students and employers, and how they can help to plug the skills gap for small businesses.
Funding opportunities
Innovate UK is offering up to £50,000 of funding to UK registered small and micro businesses in the creative sector, as well as financial support to help growth. The deadline for funding applications is 15 February 2023.
Insolvency service questionnaire
The Insolvency Service has launched a questionnaire to help shape how it supports SMEs experiencing financial distress, to help them avoid insolvency.
FSB’s Weekly Brief Newsletter will be taking a short break over the holiday period but will return with all your small business updates from Friday, 6 January 2023.