Business Update – 7 June 2023

Business Update – 7 June 2023

Small, Business

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Diesel falls 12p but should be lower, says RAC

Diesel prices in the UK saw a record drop of 12p per litre last month, according to the RAC, but the motoring group claims reductions are still inadequate considering lower wholesale costs.

Economists dismiss Tory push to scrap inheritance tax

Inheritance Tax (IHT) reform is being proposed in the UK, which would include raising the threshold for IHT to £1 million and introducing a new tax-free allowance for family homes. The reform would also include a new ‘residence nil rate band’, which would allow people to pass on their family home to their children without paying IHT.

Europe Minister to forge closer relations in Central Asia

Europe Minister, Christopher Pincher, is travelling to Central Asia to strengthen the UK’s relations with the region. He will meet with government officials and business leaders to discuss trade, security and human rights. He will also visit British troops stationed in the region.

HMRC issues scam warning to tax credits customers

HMRC has issued a warning to tax credits customers about potential scams. They advise customers to be wary of any unexpected contact, especially if it involves asking for personal or financial information. Customers should also be aware of any emails or texts claiming to be from HMRC.

Minister admits government will ‘probably’ lose Covid inquiry legal case – amid ‘cover-up’ accusations

The government is facing a legal case over accusations of a cover-up in its handling of the Covid-19 pandemic. The Minister has admitted that the government is likely to lose the case.

AI is being used to ‘turbocharge’ scams

This article discusses the potential security risks posed by AI-based scams and voice cloning technology. It highlights the need for increased security measures to protect against these threats, such as improved authentication methods and better user education. It also suggests that governments should take a more active role in regulating the use of AI and voice cloning.

European banking regulator sounds alarm over ‘clear increase’ in potential greenwashing cases

The European Banking Authority has warned of an increase in potential greenwashing cases, urging banks to ensure their sustainability claims are accurate and not misleading. Banks must also ensure they are transparent about their sustainability practices and provide clear information to customers.

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