It has been an interesting few weeks, with businesses and the general population facing financial difficulties and worries, businesses having to adapt to challenges ahead and the UK getting yet another new Prime Minister.

With so many ongoing changes, here is all the news in business and accountancy from October…

 

Small Businesses Seeing Success On Amazon

Amazon has published its UK SME Impact Report, which showed 250,000 jobs have been created across the UK to date due to selling online. Over 15,000 UK SMEs selling on Amazon surpassed £100,000 in sales in 2021, and over 700 reached sales of £1 million or more for the first time.

David Gutfreund, the Founder of The Light Factory, is just one of many business owners who’s discovered success by selling on Amazon. He said: “We’re passionate about helping customers to enhance their homes with fantastic lighting, and with Amazon’s 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 learnings. One such project resulted in our Manchester warehouse being approved to offer the Amazon Prime Badge, which means we drive volume through our own infrastructure, with Amazon’s support on the logistics. This partnership has allowed us to continuously invest and grow The Light Factory, and we feel privileged to now employ more than 100 people from the local area.”

Price of Essential Items Soar

The price of pasta, tea, chips and cooking oil has increased, with vegetable oil going up by 65% in a year.

The price of essential food in supermarkets has risen by 17%, the Office for National Statistics (ONS) said.  It found increases in the price of household staples in supermarkets, as pasta prices rose by 60%, while tea prices went up by almost 50%. Chips, bread, biscuits and milk also recorded large increases, but the price of orange juice and beef mince has decreased.

Business Leaders Call For Stability

Business leaders in the UK have called for Prime Minister Rishi Sunak to stabilise the economy.

The current economic uncertainty has left many business leaders worried and frustrated with the future awaiting them as the cost-of-living crisis worsens.

Tony Danker, the director general of the Confederation of British Industry, the UK’s biggest business lobby group, 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 Extended For Businesses

An £884 million loan scheme for new businesses will be 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 support.

33,000 new loans have been made available, expanding the programme’s eligibility to support businesses trading for up to 3 years, up from 2 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 like the NHS. Encouraging entrepreneurship and new businesses to thrive is critical to growing the economy and raising living standards.”

With Rishi Sunak being appointed the new Prime Minister, businesses in Britain can expect to see changes coming, with a new budget to be announced that will hopefully support people through the next few months. Have a great November and remember to keep an eye on the news for updates.