It has been an interesting few weeks, with businesses and the wider population facing financial difficulties and uncertainty. Businesses are having to adapt to the challenges ahead, while the UK has welcomed yet another new Prime Minister.
With so many ongoing changes, here is the business and accountancy news that made the headlines in October.
Small Businesses Find Success on Amazon
Amazon has published its UK SME Impact Report, which revealed that online selling has helped create 250,000 jobs across the UK.
More than 15,000 UK small and medium-sized businesses selling through Amazon generated over £100,000 in sales during 2021. More than 700 achieved sales of £1 million or more for the first time.
David Gutfreund, founder of The Light Factory, is one of the many business owners who has found success by selling through Amazon.
He said: Were passionate about helping customers enhance their homes with fantastic lighting, and with Amazons support, we have been able to grow our business and reach even more homes around the UK.
We have been able to pilot initiatives in partnership with Amazon, providing mutual benefits and learning opportunities. One such project resulted in our Manchester warehouse being approved to offer the Amazon Prime Badge, which means we can drive sales through our own infrastructure, with Amazons support on logistics.
This partnership has allowed us to continuously invest in and grow The Light Factory, and we feel privileged to now employ more than 100 people from the local area.
Prices of Essential Items Soar
The prices of pasta, tea, chips and cooking oil have increased significantly, with the cost of vegetable oil rising by 65% in one year.
The Office for National Statistics reported that the price of essential food items in supermarkets had risen by 17%.
The organisation found considerable increases in the prices of common household staples. Pasta prices rose by 60%, while the price of tea increased by almost 50%.
Chips, bread, biscuits and milk also recorded large increases, although the prices of orange juice and minced beef decreased.
Business Leaders Call for Stability
Business leaders across the UK have called on Prime Minister Rishi Sunak to stabilise the economy.
The current economic uncertainty has left many business leaders worried and frustrated about what the future may hold as the cost-of-living crisis worsens.
Tony Danker, Director-General of the Confederation of British Industry, the UKs largest business lobbying organisation, said: The politics of recent weeks have undermined the confidence of people, businesses, markets and global investors in Britain. That must now come to an end if we are to avoid yet more harm to households and firms.
Loan Scheme Extended for Businesses
An £884 million loan scheme for new businesses is being expanded.
The Start Up Loans programme has already provided more than 95,000 loans to start-ups across the UK since it began in June 2012, offering an average of just over £9,000 in financial support.
A further 33,000 loans have been made available, while the programmes eligibility has been expanded to support businesses that have been trading for up to three years, rather than the previous limit of two years.
Businesses can apply immediately under the new criteria.
Former Business Secretary Jacob Rees-Mogg said: This government is relentlessly focused on driving growth to create better jobs, boost wages and fund our vital public services, such as the NHS.
Encouraging entrepreneurship and helping new businesses thrive are critical to growing the economy and raising living standards.
Looking Ahead
With Rishi Sunak appointed as the new Prime Minister, businesses across Britain can expect further changes. A new budget is due to be announced, which will hopefully provide support to businesses and households throughout the coming months.
Have a great November, and remember to keep an eye on the news for further updates.