Category: Press Releases

PRESS RELEASE : Sir John Armitt reappointed as Chair of the National Infrastructure Commission [January 2023]

The press release issued by HM Treasury on 10 January 2023.

Sir John Armitt has been reappointed as Chair of the National Infrastructure Commission (NIC) for a further two years while Julia Prescot has been appointed Deputy Chair, following consultation with the Chair. This will ensure continuity as the organisation prepares the next National Infrastructure Assessment.

Sir John Armitt has served as the Chair of the NIC since 2018, prior to which he was Deputy Chair and a commissioner since the NIC was established in 2015.

With a background in engineering, Sir John’s expertise in infrastructure and major project delivery is extensive. He has a proven track record of working at the forefront of UK infrastructure in positions that included the Chief Executive of Network Rail, President of the Institution of Civil Engineers and Chairman of the Olympic Delivery Authority, where he played a key role in coordinating the 2012 London Olympics. He was awarded a CBE in 1996 for his contribution to the rail industry and a knighthood in 2012 for his work in engineering and construction.

Julia Prescot has served as a commissioner since 2017.

She is a co-founder and Chief Strategy Officer of Meridiam, a leading global investor and asset manager specialising in public infrastructure, and has been involved in long-term infrastructure development and investment in the UK, Europe, North America and Africa. Julia is an Honorary Professor at the Bartlett School of Construction and Project Management, University College London. She also serves as Deputy Chair of the Port of Tyne.

The NIC was established to provide impartial, expert advice to government on major long-term economic infrastructure challenges. In autumn 2023, the NIC is due to publish the second National Infrastructure Assessment. This will analyse the UK’s long term economic infrastructure needs, outlining a strategic vision over the next thirty years, and setting out recommendations for how identified needs should be met.

Chancellor of the Exchequer Jeremy Hunt said:

“I am very pleased to reappoint Sir John Armitt as Chair of the National Infrastructure Commission. Sir John’s extensive engineering and major project delivery expertise is hugely valuable, and I look forward to continuing to work with him to deliver sustainable economic growth across the UK.

“I am also very happy that Sir John will be joined by Julia Prescot, who has been appointed as Deputy Chair, to jointly lead the organisation as they prepare for the next National Infrastructure Assessment.”

Sir John Armitt said:

“Chairing the Commission is both a great privilege and a serious responsibility, offering impartial, expert advice to government on the role of infrastructure in helping solve some of the UK’s biggest economic and environmental challenges.

“I welcome Julia’s appointment as Deputy Chair which will assist our preparations for the next National Infrastructure Assessment in particular. Together, we and our fellow Commissioners look forward to presenting the Assessment to ministers and working with them, alongside others in the public and private sectors, to ensure our infrastructure is ready to face the future.”

Sir John’s new appointment period will end in January 2025 and Julia Prescot’s term as Deputy Chair will end in April 2027.

In addition to these appointments, the Chancellor intends to launch a competition to appoint a new commissioner to the NIC as a successor to Bridget Rosewell. Further details on this will follow shortly.

January 10, 2023
PRESS RELEASE : Seneca Valley Virus confirmed in pigs in England [January 2023]

The press release issued by the Department for Environment, Food and Rural Affairs on 10 January 2023.

The UK Chief Veterinary Officer has today confirmed that the five cases of vesicular disease in pigs identified in farms in England between June and September 2022 were Seneca Valley Virus (SVV).

The confirmation comes following an extensive investigation by the Animal Plant Health Agency (APHA).

Seneca Valley Virus only affects pigs for a short period with infected pigs making a full recovery. There is no risk to human health.

SVV is not a notifiable or reportable disease in the UK nor a listed disease by the World Organisation of Animal Health (WOAH). However, the clinical signs however do resemble notifiable vesicular diseases, in particular Foot-and-Mouth Disease. Defra is therefore calling on pig producers and vets to continue to promptly report any clinical signs of vesicular disease in pigs so that APHA can carry out an official investigation.

High biosecurity standards should always be maintained. For pig keepers this means:

– Regular reviews of their biosecurity measures and address any weaknesses, minimising movements of vehicles, people or equipment onto pig units

– Controlling rodents, flies and as far as possible, wild birds

– Isolating incoming pigs away from the resident herd for at least one month

– Sourcing pig food or ingredients from reputable pig feed companies and never feeding kitchen or catering waste or meat to pigs

– Following the National Pig Association import protocol if importing live pigs

– To minimise the risk of disease introduction and keepers should inspect their pigs at least once a day, staying vigilant for lameness and vesicular (blister) foot or snout/mouth lesions. The advice applies to all pig keepers, no matter how many pigs they own.

Pig keepers and the public are also reminded that it is illegal to feed pigs meat or meat products, and kitchen or catering waste. Doing so endangers the health of the pigs and risks introducing exotic diseases, such as foot-and-mouth disease or African swine fever, into the country.

January 10, 2023
PRESS RELEASE : Leading the world in lighting efficiency lightens the load on energy bills [January 2023]

The press release issued by the Department for Business, Energy and Industrial Strategy on 10 January 2023.

Increasing minimum efficiency standards for lighting could cut energy use and save money for households and businesses across Great Britain. New proposals would introduce performance standards that are higher than regulations currently in place in either the US or EU switching to more efficient lighting can save a household around £2,000 to £3,000 over the lifetime of the bulbs, depending on the size of the home

Households and businesses across Great Britain could cut their energy use and save money on bills by having some of the most efficient lighting in the world under new government proposals being announced today (Tuesday 10 January).

The new proposals will ensure that lighting in domestic and non-domestic buildings in England, Scotland and Wales meets minimum energy performance standards that are higher than regulations currently in place in either the US or the EU.

Introducing higher standards for lighting products will see only the most energy efficient light bulbs, such as ones powered by low energy-use LEDs, available in shops, making it easier for consumers to replace old bulbs with ones that use less energy while still providing the same levels of lighting performance.

With new bulbs being cheaper to run, replacing a household’s halogen bulbs with LEDs consumers can expect savings of around £2,000 to £3,000 over the lifetime of the bulbs, depending on the size of the home.

Business and Energy Minister Lord Callanan said:

“Putin’s warmongering in Ukraine means everyone is feeling the effect of higher energy bills this winter, but these new standards can help lighten the load by ensuring British homes and businesses are lit as efficiently as possible.

As we’ve shown in the government’s energy saving campaign, small changes, like switching to more efficient light bulbs, can add up to big savings.

By going further with these regulations than either the US or EU, British homes, factories and offices will have some of the cheapest and greenest lighting in the world, helping keep down bills and reducing energy usage.”

Global innovation in lighting technology in recent years has made it possible to achieve greater energy savings and the proposed new minimum energy performance standard reflect what is already technologically and reasonably achievable for lighting products.

As of March 2022, half of product models on the GB market already met this standard, but with lighting accounting for a significant portion of electricity use in buildings, the proposed regulations could result in 1.7 million tonnes of carbon savings by 2050, the equivalent of a year’s worth of carbon emissions from 2.5 million UK households.

If adopted, the proposals in the government consultation being launched today would come into force in late 2023, with further increased minimum standards introduced from September 2027.

Stew Horne, head of policy at Energy Saving Trust said:

“Energy Saving Trust welcomes the government’s proposals to improve lighting performance standards, which would directly benefit households and businesses by saving energy and reducing bills. We look forward to helping shape these standards as part of the transition to decarbonisation.”

Making homes and businesses more energy efficient and so bringing down fuel bills is part of the government’s wider long-term commitment, announced as part of the Autumn Statement, to reduce the UK’s final energy consumption from buildings and industry by 15% by 2030 against 2021 levels.

Improving the energy efficiency of homes is the best long-term method of cutting household energy use and bringing down bills. That is why the government is accelerating the pace of upgrading the energy efficiency of housing with £6 billion of funding committed to 2028 in addition to £6.6 billion in this parliament.

A further £4 billion has been committed through ECO4 scheme, which is delivering home insulation measures to low income and more vulnerable households, and the £1 billion ECO+ scheme, which will install measures in households who have previously not been able to access support through the Energy Company Obligation scheme.

The government has also launched the £18 million ‘It All Adds Up’ energy saving campaign to raise public awareness of straightforward actions that people can take to cut their bills by bringing down the amount of energy needed to keep their homes warm and stay safe this winter.

This comes in addition to an unprecedented package of government support that is helping households meet their energy costs this winter, including the Energy Price Guarantee, saving a typical household over £900, the Energy Bills Support Scheme providing a £400 discount to millions and the most vulnerable receiving £1,200 each this year.

January 10, 2023
PRESS RELEASE : Jobs and investment boost for Liverpool and East Anglia as Freeports given green light [January 2023]
The press release issued by the Department for Levelling Up, Housing and Communities on 10 January 2023.

Freeports in Liverpool and East Anglia have received final government approval meaning the majority of English Freeports are now fully up and running.
Majority of English Freeports now fully up and running as Freeport East and Liverpool City Region get final government sign off

Up to £25million in seed funding from government will be released to boost development in each Freeport

Freeports will play key role in creating tens of thousands of jobs and driving economic growth with billions of pounds of investment

Freeports in Liverpool and East Anglia have received final government approval today (Tuesday 10th January) meaning the majority of English Freeports are now fully up and running.

Freeport East and Liverpool City Region will join Freeports that are already delivering jobs and investment across areas including Plymouth, Solent, and Teesside, as part of the government’s mission to level up, spread opportunity and drive economic growth. This is in addition to £52 million invested to bring two Green Freeports to Scotland, as well as at least one Freeport in Wales. The locations of these will be announced in due course, and discussions are ongoing to extend the Freeport programme to Northern Ireland.

Taking full advantage of the freedoms of leaving the EU, businesses in Freeports will be offered generous tax incentives and a simplified customs procedure, unlocking much-needed investment and high-quality jobs. The two Freeports will now receive up to £25 million seed funding each from the government over the next few years, on top of potentially hundreds of millions of pounds in locally retained business rates to upgrade infrastructure and stimulate regeneration in their local areas.

Combined, the six fully operational Freeports are expected to generate millions of pounds in investment and thousands of highly skilled jobs, boosting local economies and benefitting the whole of the UK.

Levelling Up Minister Dehenna Davison said:

Freeports are magnets for investments, putting places like the Wirral and Harwich on the global stage and the frontier of innovation.

With £25 million of seed funding, these Freeports will unlock local expertise and skills to boost key local industries, create jobs and grow our national economy.

We are maximising the opportunities of leaving the European Union to drive growth, boost innovation and encourage investment in the UK.

Freeport East which is on the world’s major trade routes connecting the UK directly with markets around the world will become a world-leading centre for clean energy production, offering a unique set of opportunities and support for investors, traders, manufacturers and suppliers. The Freeport estimates that it will deliver thousands of new jobs and generate £5.5 billion over 10 years, for the local economy.

Located at the UK’s biggest western facing port, Liverpool City Region will drive growth in the UK’s advanced manufacturing, biomanufacturing, logistics, and low carbon industries. It estimates that it will deliver thousands of new jobs and £850 million for local economies.

Richard Ballantyne OBE, Chief Executive, British Ports Association, said:

We are pleased to see two more freeports moving forward and this is an exciting time for the sector. These announcements will bring new investment and new jobs to Felixstowe, Harwich and Merseyside. The establishment of freeports in these areas builds on strong maritime foundations and we welcome the continued confidence Government has in ports to drive sustainable growth.

Ben Murray, Maritime UK Chief Executive, said:

We’re delighted to see both Liverpool City Region and Freeport East officially launched with bold programmes to develop their local proposition for inward investment, innovation, and exports.

With Freeport East and Liverpool focused on clean energy, advanced manufacturing, biomanufacturing, and logistics, they will help strengthen our maritime clusters and grow our maritime sector, complimenting the freeports launched at the end of last year.

The freeport programme is catalysing economic growth and job creation in coastal towns and cities around the UK. As we start the year, we look forward to growing the role of maritime in the levelling-up mission.

Freeports benefit from a package of measures, comprising tax reliefs, customs advantages, business rates retention, planning, regeneration, innovation and trade and investment support.

Liverpool City Region Freeport and Freeport East join three newly operational Freeports announced at the end of last year, including Teesside Freeport which will drive investment and industrial growth in renewables; Plymouth and South Devon Freeport which will harness the region’s marine and defence expertise to deliver thousands of skilled jobs into the region; and Solent Freeport which will grow its ambitious maritime economy, making the Solent a thriving hub for the world’s marine and maritime sector.
January 10, 2023
PRESS RELEASE : New cutting edge bag scanners to halt illegal items at prison gates [January 2023]
The press release issued by the Ministry of Justice on 10 January 2023.
83 scanners installed at prison gates to thwart smuggling by visitors

sharp image quality to detect drugs and phones that lead to violence behind bars

builds on raft of prison security measures introduced by this government to cut crime and keep public safe

Over 80 high-tech X-ray machines will be installed by the end of March – building on the body scanners, drug-trace machines, metal detection archways and more that have stopped tens of thousands of items from wreaking havoc inside prisons.

For the first time, prisons beyond the high security estate will use the new, improved machines to check baggage brought in by the thousands of staff and visitors who enter and exit prisons every day.

To date, these machines have stopped huge hauls of illegal contraband from getting into prisons with recent finds including:

99 sheets of ‘spice’ paper, worth almost £60,000 inside prisons, in a cardboard box with a false bottom

nearly £40,000 worth of cannabis and tobacco concealed in curry and beef stew tins, and

a bottle of washing-up liquid that tested positive for heroin

The most challenging 44 prisons will be the first to benefit from the machines – developed by VMI Security – which offer high-quality, sharp images to detect drugs, phones and high-density materials.

Deputy Prime Minister and Justice Secretary, Dominic Raab, said:

These X-ray bag scanners are a powerful addition to the body scanners, drug-trace machines, metal detection archways and extra drug dogs we have added in recent years to keep drugs, mobile phones and other contraband out of our prisons.

This is getting more prisoners off drugs, and helping to keep our streets safer.

The latest development follows the success of our 75 X-ray body scanners, across 74 male prisons, which have disrupted around 20,000 attempts to smuggle harmful items into prisons in 2 years.

Last year, dozens of prisons were also kitted out with new drug-trace machines that can detect microscopic smears of new psychoactive substances such as ‘spice’ on mail and items of clothing – stopping dangerous drugs from getting onto wings.

The £100 million investment into cutting-edge security across the prison estate forms part of the ambitious Prisons Strategy White Paper, published just over a year ago.

The comprehensive plan committed to making prisons safer, modern and more innovative for the thousands of people who work and are held in them – including a zero-tolerance approach to the smuggling of dangerous contraband which can thwart prisoners in their efforts to rehabilitate.
January 10, 2023
PRESS RELEASE : New approach to sustainable drainage set to reduce flood risk and clean up rivers  [January 2023]

The press release issued by the Department for Environment, Food and Rural Affairs on 10 January 2023.

New developments and the environment will benefit from a reduced risk of flooding and pollution thanks to a new approach to drainage.

The recommendation to make sustainable drainage systems mandatory to new developments in England is the result of the Government’s review – published today (10 January). This will reduce the risk of surface water flooding, pollution and help alleviate the pressures on our traditional drainage and sewerage systems.

New developments can inadvertently add to surface and sewer flood risk by covering permeable surfaces like grassland and soil that would otherwise assist in dealing with heavy rainfall.

The new approach to drainage will ensure sustainable drainage systems are designed to reduce the impact of rainfall on new developments by using features such as soakaways, grassed areas, permeable surfaces and wetlands. This reduces the overall amount of water that ends up in the sewers and storm overflow discharges. Certain features such as tanks and water butts also allow for water reuse and reduce pressures on water resources.

Following today’s publication of the review, regulations and processes for the creation of sustainable drainage systems at new developments will now be devised, through the implementation of Schedule 3 to the Flood and Water Management Act 2010. Implementation of the new approach is expected during 2024.

Environment Minister Rebecca Pow said:

Our traditional drainage systems are under increasing pressure from the effects of climate change, urbanisation and a growing population.

The benefits of sustainable drainage systems are many – from mitigating flood risk by catching and storing surplus water and reducing storm overflow discharges, to enhancing local nature in the heart of our developments and helping with harvesting valuable rain water.

Taking a more consistent and effective approach to sustainable drainage systems will improve the resilience of our drainage and sewer infrastructure, while reaping these broader benefits.

Schedule 3 provides a framework for the approval and adoption of drainage systems, a sustainable drainage system approving body within unitary and county councils, and national standards on the design, construction, operation, and maintenance of sustainable drainage systems for the lifetime of the development. It also makes the right to connect surface water runoff to public sewers conditional upon the drainage system being approved before any construction work can start.

Government will now give consideration to how Schedule 3 will be implemented, subject to final decisions on scope, threshold and process, while also being mindful of the cumulative impact of new regulatory burdens on the development sector.

This will include a public consultation later this year, which will collect views on the impact assessment, national standards and statutory instruments.

January 10, 2023
PRESS RELEASE : US Treasury Secretary Janet L. Yellen’s Meeting with Finance Ministers from Australia, Canada, New Zealand, and the United Kingdom [January 2023]

The press release issued by HM Treasury on 10 January 2023.

Secretary of the Treasury Janet L. Yellen’s Meeting with Finance Ministers from Australia, Canada, New Zealand, and the United Kingdom.

WASHINGTON – U.S. Treasury Secretary Janet L. Yellen chaired a meeting of the “Five Finance Ministers” which includes Australia, Canada, New Zealand, and the United Kingdom. The ministers shared perspectives on global economic challenges and reflected on the distinct challenges stemming from Russia’s illegal and unprovoked war against Ukraine. The ministers also discussed the need for cooperation to respond to the threat and use of economic coercion.

Secretary Yellen underscored the importance of close collaboration among partners and allies to secure our economies and develop greater resilience against global supply chain disruptions caused by Russia’s war, the ongoing effects of the COVID-19 pandemic, and other factors. The ministers look forward to future engagements and reaffirmed their commitment to deepen cooperation to further shared priorities in the Indo-Pacific and beyond.

January 10, 2023
PRESS RELEASE : Appointment of Bishop of Blackburn [January 2023]

The press release issued by 10 Downing Street on 10 January 2023.

The King has approved the nomination of The Right Reverend Philip North, Suffragan Bishop of Burnley, for election as Bishop of Blackburn, in succession to The Right Reverend Julian Henderson following his retirement.

Background

Philip was educated at the University of York and trained for ministry at St Stephen’s House, Oxford. He served his title at St Mary the Virgin in the Diocese of Durham and was ordained priest in 1993. In 1996 Philip took up the role of Vicar at Holy Trinity and St Mark’s Hartlepool and was also appointed Area Dean of Hartlepool in 2000.

In 2002 Philip was appointed Priest Administrator of the Shrine of Our Lady of Walsingham, in the Diocese of Norwich, before being appointed Team Rector of the Parish of Old St Pancras, in the Diocese of London, in 2008.

Philip took up his current role as Bishop of Burnley in 2015.

January 10, 2023
PRESS RELEASE : The UK and the SEC Thailand sign new MoU on financial services [January 2023]

The press release issued by the Foreign Office on 10 January 2023.

On 9 January 2023, the UK Government and the Securities and Exchange Commission of Thailand (SEC Thailand) signed a new Memorandum of Understanding (MoU) on Financial Services to further strengthen their partnership in the financial sector.

The MoU aims to promote inclusive economic growth and support Thailand on the transition towards low carbon and sustainable economy. It builds on the previous MoU under which the two parties have been collaborating for the past few years.

Under the previous MoU, the UK and the SEC Thailand worked together with the UK providing technical assistance in areas including accounting standards, the development of financial technology (FinTech) ecosystem, sustainable finance such as green bonds and climate risk disclosure for listed companies, e-Know Your Customer (e-KYC) and cybersecurity.

The new MOU will focus on supporting Thailand to further develop the regulatory environment for the FinTech sector, promote sustainable finance, and increase awareness of sustainable investment in Thailand and other ASEAN countries.

The cooperation will be funded by the UK’s ASEAN Economic Reform Programme and the UK’s Partnering for Accelerated Climate Transitions Programme, which support knowledge and expertise sharing, and regular practices on financial technology and sustainable finance.

Ms. Ruenvadee Suwanmongkol, Secretary-General of SEC Thailand, said:

FinTech and sustainable finance are key areas emphasized by SEC Thailand. We strongly believe that the new MoU with the UK Government will support the enhancement of the financial ecosystem as well as promote the development for inclusive and sustainable economic growth.

Recognising the partnership, Mark Gooding, His Majesty’s Ambassador to Thailand, said:

Financial services are a key driver of the modern economy. We are proud to take another step in our long-time partnership with SEC Thailand with a particular focus on the cutting edge of finance: FinTech and sustainability.

January 10, 2023
PRESS RELEASE : The government unveils new “Energy Bills Discount Scheme” for businesses [January 2023]
The press release issued by HM Treasury on 9 January 2023.
- Scheme will provide a discount on high energy costs to give businesses certainty while limiting taxpayers’ exposure to volatile energy markets
- Businesses in sectors with particularly high levels of energy use and trade intensity will receive a higher level of support.
A new energy scheme for businesses, charities, and the public sector has been confirmed today (9th January), ahead of the current scheme ending in March. The new scheme will mean all eligible UK businesses and other non-domestic energy users will receive a discount on high energy bills until 31 March 2024.

This will help businesses locked into contracts signed before recent substantial falls in the wholesale price manage their costs and provide others with reassurance against the risk of prices rising again.

The government provided an unprecedented package of support for non-domestic users through this winter, worth £18 billion per the figures certified by the OBR at the Autumn Statement. This is equivalent to the cost of an increase of around three pence on people’s income tax.

The government has been clear that such levels of this support, unprecedented in its nature and huge scale, were time-limited and intended as a bridge to allow businesses to adapt. The latest data shows wholesale gas prices have now fallen to levels just before Putin’s invasion of Ukraine and have almost halved since the current scheme was announced.

The new scheme therefore strikes a balance between supporting businesses over the next 12 months and limiting taxpayer’s exposure to volatile energy markets, with a cap set at £5.5 billion. This provides long term certainty for businesses and reflects how the scale of the challenge has changed since September last year.

The Chancellor of the Exchequer, Jeremy Hunt, said:

My top priority is tackling the rising cost of living – something that both families and businesses are struggling with. That means taking difficult decisions to bring down inflation while giving as much support to families and business as we are able.

Wholesale energy prices are falling and have now gone back to levels just before Putin’s invasion of Ukraine. But to provide reassurance against the risk of prices rising again we are launching the new Energy Bills Discount Scheme, giving businesses the certainty they need to plan ahead.

Even though prices are falling, I am concerned this is not being passed on to businesses, so I’ve written to Ofgem asking for an update on whether further action is action is needed to make sure the market is working for businesses.

From 1 April 2023 to 31 March 2024, eligible non-domestic customers who have a contract with a licensed energy supplier will see a unit discount of up to £6.97/MWh automatically applied to their gas bill and a unit discount of up to £19.61/MWh applied to their electricity bill, except for those benefitting from lower energy prices.

A substantially higher level of support will be provided to businesses in sectors identified as being the most energy and trade intensive – predominately manufacturing industries. A long standing category associated with higher energy usage; these firms are often less able to pass through cost to their customers due to international competition. Businesses in scope will receive a gas and electricity bill discount based on a supported price which will be capped by a maximum unit discount of £40.0/MWh for gas and £89.1/MWh for electricity.

Energy Bill Discount Scheme summary

For eligible non-domestic customers who have a contract with a licensed energy supplier, the government is announcing the following support:
- From 1 April 2023 to 31 March 2024, all eligible non-domestic customers who have a contract with a licensed energy supplier will see a unit discount of up to £6.97/MWh automatically applied to their gas bill and a unit discount of up to £19.61/MWh applied to their electricity bill.
- This will be subject to a wholesale price threshold, set with reference to the support provided for domestic consumers, of £107/MWh for gas and £302/MWh for electricity. This means that businesses experiencing energy costs below this level will not receive support.
- Customers do not need to apply for their discount. As with the current scheme, suppliers will automatically apply reductions to the bills of all eligible non-domestic customers.
For eligible Energy and Trade Intensive Industries, the government is announcing:
- These businesses will receive a discount reflecting the difference between a price threshold and the relevant wholesale price.
- The price threshold for the scheme will be £99/MWh for gas and £185/MWh for electricity.
- This discount will only apply to 70% of energy volumes and will be subject to a ‘maximum discount’ of £40.0/MWh for gas and £89.1/MWh for electricity.
The Chancellor has also today written to OFGEM, asking for an update in time for the Budget on the progress of their review into the non-domestic market. He has asked for their assessment of whether further action is action is needed to secure a well-functioning market for non-domestic customers following reports of challenges certain customers are facing, including in relation to the pricing and availability of tariffs, standing charges and renewal terms, and the ability of certain sectors to secure contracts.

Businesses in England will also benefit from support with their business rates bills worth £13.6 billion over the next five years, a UK-wide £2.4 billion fuel duty cut, a six month extension to the alcohol duty freeze and businesses with profits below £250,000 will be protected from the full corporation rate rise, with those making less than £50,000 – the vast majority of UK companies – not facing any corporation tax increase at all.
January 10, 2023