6 August 2024

Interest rates cut by the Bank of England

In a closely contested decision, interest rates were reduced from 5.25% to 5% on Thursday by the Bank of England, marking the first cut since the pandemic's beginning in March 2020.

Interest rates determine the cost of borrowing set by High Street banks and money lenders for things like mortgages and credit cards.

The decrease to 5% means that homeowners with tracker mortgages will experience an immediate reduction in their monthly mortgage payments. Those with variable-rate deals may also benefit from the reduction. It is also good news for small businesses that previously struggled to access affordable finance.

 

The NHBF Top 100 Influencer Index Award: Nominations are now closed

The NHBF Top 100 Influencer Index Award Ceremony nominations are now closed. Thank you to everyone for their nominations. Keep an eye out on our social media channels for further announcements.

 

Selling goods or services on a digital platform

The UK is signed up to the Organisation for Economic Development (OECD) Model Reporting Rules for Digital Platforms. The rules started in the UK since 1 January 2024.

If you sell on digital platforms, the platform operator may need to:

  • collect and check specific details about you
  • report details to HMRC

A digital platform is any software, including mobile apps and websites, which allows you to offer services and goods to users.

Who is a seller

You’re a seller if you register on the platform to sell goods or services, even if you’re not directly offering the goods or services yourself.

As a seller on a digital platform, you might:

  • provide personal services, like freelancing
  • rent out property or transport
  • sell goods

This applies whether you’re an individual, like a sole trader, or an entity, like a company.

Click here for more details

 

Campaigning for You: Low Pay Commission Meeting

As part of their regional visits around the UK, Commissioners met with NHBF and NHBF Member Arena Hair in Wolverhampton.

Discussions included how businesses have responded to wage rises in April and the likely impact of further rises in the future. The LPC is gathering evidence and will provide recommendations to the government by October.