15 November 2022
This week's update covers the following:
- NHBF calls on the Chancellor to protect the hair & beauty sector
- NHBF Top 20 Influencers Index Announced
- Bank holiday proclaimed in honour of the coronation of His Majesty King Charles III
- Self-Assessment: time to pay
- UK Economy Shrinks
- Shop vacancies decrease
NHBF calls on the Chancellor to protect the hair & beauty sector
The National Hair & Beauty Federation (NHBF) has urged the new Chancellor, the Rt Hon Jeremy Hunt MP, to adopt a six-point plan to protect the hair & beauty sector.
The NHBF argues that hair & beauty is experiencing a 'cost of doing business crisis, with energy and business costs escalating, inflation at 10%, and consumer confidence falling. This is paired with a sector skills crisis undermining businesses' ability to recruit entry-level apprentices and experienced staff. Commercial rents are also rising, and businesses could pay more through business rates after revaluation in spring 2023.
NHBF Top 20 Influencers Index Announced
After a successful launch last year, the award-winning NHBF Top 100 Influencer Index's Top 20 (sponsored by Pirkx, City and Guilds and The Hair & Beauty Charity) for 2022 have been announced.
Keeks Reid, a freelance Beauty Editor, hosted a packed award event at Electric Space, London, where the Top 20 found the exact number they rank. In first place and this year's winner was Jamie Genevieve. The event was also live-streamed on the NHBF's YouTube channel.
Bank holiday proclaimed in honour of the coronation of His Majesty King Charles III
The Prime Minister has announced an additional bank holiday to mark the Coronation of His Majesty King Charles III next year.
The bank holiday will fall on Monday, 8 May, following the Coronation on Saturday, 6 May.
In line with the bank holiday to mark Her Majesty Queen Elizabeth II's Coronation in 1953, this will be an opportunity for families and communities across the country to come together to celebrate.
Self-Assessment: time to pay
HMRC is urging those who submit tax returns under Self-Assessment to submit returns for 2021/22 well before the 31 January 2023 deadline to give anyone unable to pay their tax bill in full by that date more time to access Time to Pay facility. According to HMRC, since April 2022, almost 21,600 Self-Assessment customers who could not pay their tax bill in full have set up a payment plan to spread the cost into manageable monthly instalments – an increase of around 3,900 customers on the previous year.
UK Economy Shrinks
The UK economy shrank between July and September as the country heads into what is expected to be a long recession.
The economy contracted by 0.2% during the three months as soaring prices hit businesses and households.
Shop vacancies decrease
The COVID-19 pandemic and the cost of doing business have significantly impacted high streets and town centres across the UK for many years, with empty shops causing a decrease in footfall for small businesses such as salons and barbershops.
However, the latest report from the British Retail Consortium (BRC) has shown in the third quarter of 2022, the overall GB vacancy rate decreased to 13.9%, which was 0.1 percentage points better than Q2 and 0.6 percentage points better than the same period last year. This was the fourth consecutive quarter of falling vacancy rates.
Geographically, London, South East and East of England had the lowest vacancy rates. The highest rates were in the North East, followed by Wales and the West Midlands.