21 March 2023

Spring Budget 2023

Chancellor Jeremy Hunt outlined his goals for the Spring Budget 2023 to Parliament last Wednesday.

In his first budget, the Chancellor laid out a series of initiatives. Below are the key points NHBF Members may find helpful. 

  • Economic situation: The UK has narrowly avoided recession in 2023, and inflation will fall to 2.9% (from 10.7%) before the end of the year.
  • Childcare: the government is offering 30 hours of free childcare to children over the age of 9 months.
  • Energy support for households has been extended for three months until the end of June.
  • No changes were announced to the Energy Bills Discount Scheme for businesses, which will run from April 1 2023, to March 31 2024.
  • Returnerships: a new 'returnerships' apprenticeship for workers over 50 years will support more experienced workers back into the workplace, supported by a £63m investment.
  • Levelling up funds: further funds will go into regeneration projects, levelling up partnerships and 12 investment zones across the UK.
  • Corporation Tax: to increase from 19% to 25% for businesses with taxable profits over £250,000. Businesses with profits between £50,000 and £250,000 pay between 19% and 25%. No change for businesses making profits of less than £50,000.
  • Fuel duty has been frozen again. The 5p cut to petrol and diesel, due to end in April 2023, will remain in place for another year.

This is the Spring Budget 2023 in full. You can find supporting and related documents in the link.

 

Cyber Security for small businesses

The National Cyber Security Centre (NCSC) has launched its latest Cyber Aware campaign to help make the UK the safest place to live and work online.

The campaign's latest phase is aimed at sole traders, micro and small businesses, and small organisations.

By completing the NCSC's Cyber Action Plan, small businesses and organisations will receive a tailored list of actions to help protect them online.

Using the NCSC's new Check Your Cyber Security service, small businesses and organisations will be able to:

  • Check their internet-connected computers and systems for vulnerabilities to ransomware.
  • Receive advice on how to help mitigate any cyber risks.
  • Tell them if their web browser is up to date.

The tool is free, quick, and easy to use and provides tailored feedback which flags specific weaknesses, the risk they pose and how to fix them. It is designed for small organisations with little resources to dedicate to cyber.

The NCSC is also hosting a free webinar on March 28, where there will be a demo of the two tools above – you can sign up here.

 

Could you be a champion for T Levels?

The Department for Education Apprenticeships and Skills Teams want to grow their network.

If you're enthusiastic about the benefits of technical education, you can promote T-Levels and industry placements by joining the T Level Ambassador Network. As a member, you'll be giving T Levels your endorsement. That will help raise awareness and improve opportunities for businesses and young people.

You can play your part by becoming a T Level Ambassador just like NHBF's director of quality & standards, Caroline Larissey.

The process is easy; DfE asks you to consider the current asks of ambassadors, including participating in DfE and third-party T Level events, sharing good practices, endorsing T Level messages on social media, and identifying industry placement opportunities from your networks.

You can pick and mix between the different 'asks', and you're expected to deliver only some of them, but DfE will ask you to commit to what you can provide and report to them every quarter on what you have achieved.

If you want to inspire and influence people to choose business and individual success, become a T Level Ambassador today, please email the DfE’s Ambassador Network Team to find out more.

 

National Minimum Wage Increase

Is your business ready for the National Minimum Wage increase?

The NMW (National Minimum Wage) and NLW (National Living Wage) increase from April 2023. The NLW will increase to £10.42 from £9.50, and the NMW will also increase across the various age groups. Apprenticeship pay will go up from £4.81 to £5.28.

Ensure you understand the National Living Wage (NLW) and National Minimum Wage (NMW) rates and know what your employees should be paid. Plus – find out what help and advice are available from the NHBF for your salon or barbershop.