25 July 2023
Unexpected fall in UK inflation
In an unexpected surprise, the Office for National Statistics has reported a drop in UK inflation to 7.9% for the year ending in June. This figure represents a welcome slowdown compared to May's 8.7%, though it still exceeds the Bank of England's 2% target.
The Office for National Statistics uses a basket of goods that mirrors the average purchases made by people across the UK to calculate the rate of price increases across the economy.
Positive signs, but energy costs continue to impact the hair & beauty industry
Amidst the economic woes, the National Hair & Beauty Federation's latest State of the Industry survey reveals a gathering sense of optimism in the sector. However, it also highlights several challenges that continue to affect businesses negatively.
The rising energy costs are particularly concerning for the hair and beauty industry, impacting salons and barbershops in various ways.
Read the full press release here.
Final week for Top 100 Nominations
This is the final week until the nomination process for this year's Top 100 Influencer Index closes. Now in its third year, this event is the only one of its kind where we celebrate individuals in the hair, beauty, and barbering sector who innovate and passionately contribute to their field.
The Top 100 is open to all professionals actively working in the hairdressing, barbering, beauty, wellbeing, or aesthetics sector. Nominees should possess a relevant qualification in their respective industry from a regulated awarding organisation or have continuous experience working in the industry for five or more years.
Nominate someone (or yourself) today by clicking here!
Remember to share your nominations on social media using the hashtags #NHBFTop100influencers and #Hairandbeautytop100.
Campaigning for you – Treasury Minister responds to State of the Industry Survey recommendations
The NHBF sent Victoria Atkins MP, Financial Secretary to the Treasury, the results of the April State of the Industry survey and put forward our latest recommendations to Government.
We received a considered reply, covering the following points:
- Energy: The Government is encouraging the regulator Ofgem to finish its review of the non-domestic retail market ‘at pace’ and welcomes ‘their commitment to take swift compliance and enforcement action against any supplier who has breached market rules’.
- Apprenticeships: It is positive that HMT are open to further dialogue in response to our call for employer incentives: ‘We would welcome further engagement on what more the Government can do to encourage private sector investment in employee training’.
- VAT: The Minister said that exceptions to the 20% VAT rate are ‘limited by legal and fiscal considerations’ and added that ‘the request to reduce the VAT rate to 5% must be viewed in the context of over £50 billion of requests for relief from VAT [received] since the EU referendum’. The Government recognises that ‘accounting for VAT can be a burden on small business’ and notes that in 2018 the ‘Government consulted….but there was no clear option for reform’. We will keep pushing on this issue, including looking at ways to develop an evidence base to support our case.
- Ensuring a level playing field: The letter points to action to tackle those who avoid or evade business rates. We are currently working with HMRC on a wider communications campaign about tax avoidance and disguised employment.
The letter thanks the NHBF for ‘your organisation’s commitment to the businesses you represent’.