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Avoid the Triple Effect of the VAT rise

By the time you read this, the Government will have implemented the rise in VAT from 17.5% to 20%, but many of you will still be struggling with some of its implications. Announced in the Chancellor George Osbourne’s Budget, the rise on 4th January 2011 represents one of his key policy changes introduced to try to reduce the country’s budget deficit. This contrasts sharply with the previous Government’s policy to reduce VAT to 15% for a limited period, to stimulate growth; in other words asking consumers to buy their way out of recession. While this turnaround has forced many organisations to rethink marketing and policy strategy – the good news for the finance and AP departments is that this latest VAT change (the third over a period of 26 months) has meant that many organisations feel that they are well versed in how to cope.

Fears of double dip fade as Britain records better than expected growth figures of 0.8 percent

Thursday, 25th November 2010

Fears of a double-dip recession faded last night as Britain continued its stronger-than-expected recovery. The economy grew by 0.8 per cent in the third quarter of the year thanks to a rebound in exports, official figures showed.

It was slower than the 1.2 per cent growth for the previous three months but was still welcomed by experts who said it showed the recovery was on track.

However, hard-pressed families are cutting back their spending in a worrying sign that the pace of recovery could slow further in the coming months.

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Financial technology revenues grow due to focus on innovation, rankings show

Thursday, 21 October 2010

Revenue for financial technology firms has increased due to continued focus on innovation among banks, the authors behind a new report have claimed. The rankings of the top 100 financial technology firms by the American Banker, Bank Technology News and IDC Financial Insights showed that revenues for the industry were up by one half of a per cent when compared with the previous year.

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Payments revolution gathers pace as cheque usage plummets

Thursday, September 9th 2010

The total value of payments in the UK economy fell 0.6% in the second quarter of 2010, according to the latest data from the Payments Council.

Cheque usage dropped by £21.5bn, down 10% compared to the same period in 2009 as businesses and consumers switched to faster and more convenient electronic payments and cards.  Every day of the quarter, on average a staggering 290,000 fewer cheques were written than the year before - over three fewer per second.

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