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COVID-19: "Find an open bike shop" website launched by ACT and BA

9 Apr 2020

The ACT and the BA together have created a tool whereby key workers and others can quickly find open bike shops.
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Future of speciality retail under challenge by big business

9 Apr 2020

The IRC, has identified that independent retail business owners personally fall through the gap in the Government's Coronavirus Business Support Programme.
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Government pressures banks to support small independent businesses

3 Apr 2020

The Business Secretary has called on high street lenders to ease access to the Coronavirus Business Interruption Loans Scheme (CBILS) for small independent retailers during the crisis.
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National Living Wage Increases and Future Targets

2 Apr 2020

The National Living Wage and National Minimum Wage rates increased yesterday, following recommendations made to the Government by the Low Pay Commission
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Local Bike Shop Day 2020 postponed following retailer vote

31 Mar 2020

As Local Bike Shop Day is a day encompassing the whole trade, the final judgement was given to the bike shops that had signup to take part. Out of all the respondents the overwhelming majority -... Read more…

IRC supports Government's challenge to business insurers

31 Mar 2020

The Treasury Select Committee led by Mel Stride MP, has challenged the Association of British Insurers (ABI) regarding the support offered to business via their members, with specific regard to... Read more…

Nearst enables you to stay in contact with your customers via Whatsapp

27 Mar 2020

ActSmart partner NearSt introduce the option to add WhatsApp chat functionality on your NearSt shop page!
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eBay Supports Small Businesses by Waiving Fees

27 Mar 2020

eBay has today pledged to support small business owners by offering a 30day payment holiday for existing sellers and is waiving fees for all new businesses registering to list or sell until... Read more…

Deferral of VAT payments as a result of COVID-19

27 Mar 2020

UK VAT registered business with VAT payments due between 20 March 2020 and 30 June 2020 have the option to defer the payment until a later date or pay the VAT due as normal
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Coronavirus Job Retention Scheme guidance

27 Mar 2020

Check if you could be covered by the Coronavirus Job Retention Scheme
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National Living Wage Increases and Future Targets

Posted on in Business News, Cycles News, Political News

The National Living Wage and National Minimum Wage rates increased yesterday, following recommendations made to the Government by the Low Pay Commission (LPC).

This short report accompanies the 2020 increases in the National Living Wage (NLW) and National Minimum Wage (NMW). This year's increase in the NLW, to £8.72, brings the rate to the target of 60 per cent of median earnings, originally set in 2015. The report looks at the effect of the National Living Wage over time on pay and employment over that time period. 

The Government has set a new target for the NLW to reach two-thirds of median earnings by 2024. The report sets out how the LPC will approach its new remit and the higher target. At this stage a projected pathway to the 2024 target has now been set out, given uncertainty about the impact of the ongoing Covid-19 outbreak.

The Low Pay Commission have stated they will consider the impact of the COVID-19 outbreak on the future of the National Living Wage targets, which is set to reach two thirds of median earnings by 2024, by considering two options:

1) Reducing wage rates in a given year, but commit to reach existing targets by 2024

2) Delay the timeframes for meeting the NLW target.

The full The National Minimum Wage in 2020 document is available here.

 

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