Liz Truss

2023 will be an important year for the accountancy sector

2022 was a challenging year for businesses. As we begin 2023, many are already starting to feel the impact of the cost of living crisis, and at a time where consumers are likely to start reining in their spending, the cost of running a business is at an all time…

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Inheritance tax receipts reach £4.1bn

The Treasury has received £4.1bn in inheritance tax receipts between April and October 2022, £500m more than the same period last year, according to HMRC data. This comes just days after the chancellor announced in his Autumn Statement that the threshold of £325,000 for inheritance tax would be frozen. The…

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Rishi Sunak to become next PM

Rishi Sunak is set to become the next leader of the Conservative party and the UK prime minister after becoming the sole candidate to surpass the threshold of 100 votes. Penny Mordaunt announced she was withdrawing from the race only minutes before the nominations deadline at 14:00 BST today (24…

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Liz Truss steps down as prime minister 

Liz Truss has announced that she is standing down as prime minister after a turbulent week for the government, just six weeks after taking up the premiership. The statement of her resignation was made at 13:30pm today (20 October) following a meeting between Truss and Sir Graham Brady, chairman of…

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Construction PMI sees surprise increase, RSM say

According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI saw a surprising increase to 52.3 in September 2022, up from 49.2 in August, which saw the first rebound since February. The latest rise in construction PMI was driven by increases in commercial, housing and…

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HMRC raises £2.9bn in IHT from April to August 2022

HMRC raised £2.9bn in inheritance tax receipts between April and the end of August 2022, which is a £300m increase from the same period last year, according to new figures released today. Under UK law, inheritance tax is paid at 40% on assets valued above a certain threshold. However, currently…

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Business energy bills to be capped under new gov scheme

The government has unveiled a new plan that is set to cap wholesale energy bills for businesses for an initial six-month period from 1 October.  The Government Energy Bill Relief Scheme, unveiled today (21 September) by business secretary Jacob Rees-Mogg, will reportedly bring support for households, businesses and public sector…

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CIMA calls on new UK government to address key economic problems

The Chartered Institute of Management Accountants (CIMA) has called on the new government led by Liz Truss to focus on tackling the economic problems the country faces. CIMA has written to the new prime minister making several recommendations that could make a positive impact on the accountancy sector, including reducing…

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Energy bills to be capped at £2,500 a year from October

Prime minister Liz Truss has announced today that energy bills for typical households will be capped at £2,500 annually for their gas and electricity bills from the start of this coming October.   The news comes as her first major policy announcement, and according to Sky News, the new price guarantee…

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Kwasi Kwarteng named as new chancellor

Kwasi Kwarteng has been appointed chancellor of the Exchequer by Liz Truss, following her appointment as prime minister on 5 September.  Kwarteng was previously secretary of State at the Department of Business, Energy and Industrial Strategy between 8 January 2021 and 6 September 2022. Before becoming a member of parliament,…

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