Newsletter 22nd November 2022

CBI Boss: Jeremy Hunt Has No Development Strategy

According to the chairman of the UK's largest business lobby group, the chancellor's Autumn Statement included no strategy to reignite economic growth.

According to Tony Danker of the Confederation of British Industry (CBI), Jeremy Hunt instead favoured stability. The CBI said that without stronger growth, the UK would be unable to meet the rising health and social care costs.

In his Autumn Statement, Mr Hunt said that he would cut spending by ￡55 billion and raise taxes by the same amount to bring prices down and keep public services safe. At the same time, the government's economic forecaster said that in the next few years, as living costs increase?and the country goes into recession, people's living standards will drop more than ever before.

Mr Hunt's Autumn Statement follows his predecessor's budget announcement, which was widely criticised for failing to deliver on its promise of tax cuts.

Some of Mr Kwarteng's other suggestions, he said, should be evaluated as well. This included loosening immigration, regulatory, and planning rules.

Monday kicked?off the annual conference for the Confederation of British Industry (CBI), representing 190,000 businesses throughout the United Kingdom.

Tesco, Asda, and Lidl Ration Eggs Due to Supply Issues

Tesco is the latest supermarket to limit eggs owing to supply concerns.

Customers are now restricted to purchasing three cartons of eggs at the checkout due to growing expenses for chicken producers and an avian flu epidemic.

Following Asda and Lidl, Britain's largest supermarket chain, Tesco has put limitations on purchases.

Farmers have worried that rising energy costs and wheat prices would hurt them. They have also expressed concern about the lack of funds they get from supermarkets for the selling of eggs. The government has advised farmers to keep all poultry inside due to Britain's largest-ever avian flu epidemic.

A farm in County Durham has been determined to have a bird flu epidemic. All the birds on the property will be culled, and a 3km protective zone and a 10km monitoring zone have been established.

Retailers are trying hard to minimise the outbreak's effect on consumers.

Energy Firms Accused of?Failures?Before Winter

This winter, energy providers must do more to assist disadvantaged consumers, according to the industry's regulator, who discovered "serious flaws" in the work of five suppliers.

According to Ofgem, customers are missing out on free gas safety inspections; vulnerable customers are not receiving the care they need and ensuring those on prepayment meters are identified and supported.

Although certain best practices were discovered, all 17 vendors must improve even more.

Severe flaws suggest that it "either discovered that a major percentage of the supplier's procedures and policies were missing or insufficient, or their data revealed that they are not producing excellent customer outcomes."

E (Gas & Electricity), Ecotricity, Green Energy UK, Octopus, and Shell all have moderate flaws. This implies that the supplier "did not have some of the rules or procedures that we would anticipate, or the training and advice offered to their workers was not at the level we felt essential."

British Gas, Bulb, EDF, E.ON, Ovo, Scottish Power, and Utility Warehouse all had minor flaws discovered. This implies that Ofgem found no evidence of substantial concern.

Ofgem said that providers had participated constructively in the process and have taken rapid action to make the necessary adjustments since getting their indicative ratings in October.

UK Services Sector Welcomes Swiss Visa Extension

UK and Switzerland extend the Services Mobility Agreement for three years, allowing UK experts to work in Switzerland for 90 days without needing a permit.

The United Kingdom and Switzerland agreed to extend the Services Mobility Agreement after extensive negotiations. The agreement, which has been in place since the beginning of 2021, has had a revolutionary impact on firms' capacity to deliver services in each other's nations by enabling personnel to work effortlessly.

The agreement's renewal means that UK professionals, ranging from accountants and attorneys to advertising creatives, may travel and work freely in Switzerland for up to 90 days each year without requiring a visa.

Switzerland is the UK's sixth biggest service export market, accounting for more than ￡12 billion in exports last year. The bulk of these, worth ￡6.5 billion, were accounted for by 'other business services such as accounting, architectural, and legal services, while financial services accounted for ￡1.9 billion.

The SMA will be extended for another three years, offering welcome clarity to UK and Swiss businesses. Moving qualified individuals across nations is critical for service exports, easing project completion and face-to-face talks that help gain new customers and close transactions.

The two nations have also agreed to begin discussions on a new free trade agreement in 2023, which will set long-term contracts for service mobility and promote commerce between the UK and Switzerland.