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Chancellor to hold Spending Review in November

Chancellor Rishi Sunak will deliver a one-year Spending Review next month, the Treasury has announced.

Last week, the Treasury abandoned plans for its long-term comprehensive spending review, amid ongoing economic uncertainty caused by COVID-19.

Next month’s review will aim to provide departments with “the certainty they need” to tackle the coronavirus outbreak, while further...

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Firms call for ‘inflexible business rates’ reform

The Government should consider reducing the business rates multiplier and targeting specific support at the hardest-hit industries, according to a professional accountancy body.

A study from the Institute of Chartered Accountants in England and Wales (ICAEW) found 31% of businesses will need Government support to survive the winter.

Of those, 62% said a reduction in business...

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House sales rise following stamp duty land tax holiday

House sales in England and Northern Ireland shot up by 21.3% in September 2020, according to the Treasury.

This follows a 15.6% increase in residential property transactions in August 2020, a direct result of the stamp duty land tax (SDLT) holiday announced on 8 July 2020.

Chancellor Rishi Sunak raised the tax-free threshold for SDLT in England and Northern Ireland to £500,000...

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NAO warns ‘considerable’ levels of furlough fraud

The National Audit Office (NAO) claims the speed at which the furlough scheme was rolled out leaves it open to considerable levels of fraud and error.

It said there is considerable risk that some employers committed furlough fraud, either by keeping employees working during lockdown or not passing on payments to workers.

Almost one in ten (9%) people the NAO surveyed admitted to...

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SMEs call for more Government support

Businesses are calling for more Government support to stop increasing costs and further alleviate the business rates burden, according to the Federation of Small Businesses (FSB).

The FSB proposed lowering the costs of employer National Insurance contributions to help small businesses create jobs at a time when many firms are laying staff off.

The organisation polled 1,564...

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