The UK rate of inflation fell to 8.7% in April from 10.1% in March, according to the latest data from the Office of National Statistics (ONS).

The fall has been attributed to energy price rises slowing from their hikes in 2022.

The rate at which grocery prices rose slowed marginally in the year to April, but at 19.1% is close to record highs.

The ONS said that while food price inflation was still close to its recent peak, the prices of staples like bread, cereal, fish, milk and eggs were rising slightly less quickly.

Chancellor Jeremy Hunt said:

‘The IMF said yesterday we’ve acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast.

‘So, as well as helping families with around £3,000 of cost-of-living support this year and last, we must stick resolutely to the plan to get inflation down.’

Internet link: ONS

HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website.

More than 800,000 taxpayers claimed refunds for work expenses during the 2021/22 tax year.

Although the average claim was £125, over 70% of claimants missed out on getting the full amount they were due because they used an agent to make their claim instead of claiming directly with HMRC.

HMRC says that it is quick and easy to claim a tax refund directly on GOV.UK. This is the only way to guarantee receiving 100% of the repayment – with no small print and no middlemen taking a cut, it adds.

Jonathan Athow, HMRC’s Director General for Customer Strategy and Tax Design, said:

‘Every penny counts and we want to make sure employed workers are getting what they deserve – their hard-earned cash straight back into their pockets. To make a claim just search ’employee tax relief’ on GOV.UK. It is the quickest way of getting a tax refund on your work-related expenses and ensures you get 100% of the money back.’

Internet link: GOV.UK

The Public Accounts Committee (PAC) has criticised the government for losing billions of taxpayers’ money to fraud and error in pandemic support.

The Department for Business and Trade (DBT) is ‘effectively writing off’ nearly £1 billion paid out erroneously by local authorities on its behalf in pandemic support. Meanwhile, of an estimated £2.2 billion lost to fraud and error in Covid-19 schemes, only about £10 million has so far been recovered.

The PAC’s report says the DBT continues to make slow progress on its counter fraud activities related to the Bounce Back Loan Scheme, and its ‘lack of curiosity’ about lenders’ performance increases the risk of losses for the taxpayer.

Despite accepting that grant payments made through councils to their local businesses under Covid-19 business support grant schemes were ‘not in line with how the scheme was meant to work’, the Business Department does not expect to recoup these funds. Of the estimated £985 million of grants paid out in error, only £5.3 million has been recovered.

Dame Meg Hillier MP, Chair of the Public Accounts Committee, said:

‘At a time of financial crisis, the Department for Business has lost billions of taxpayers’ desperately needed funds. It shows no real signs of making the improvements that would prevent the big mistakes it has made over many years, especially during the pandemic, happening all over again.’

Internet link: Parliament website

Businesses are still facing major difficulties in hiring new staff, according to a survey conducted by the British Chambers of Commerce (BCC).

The latest Quarterly Recruitment Outlook (QRO), a survey of more than 5,000 UK firms, found that 80% of those attempting to recruit have faced challenges.

While recruitment difficulties are being experienced across the economy, firms in the hospitality and manufacturing sectors were the most likely to report recruitment difficulties. This is closely followed by the construction and engineering sector and then professional services; and the public, education and health sector.

The BCC is calling on the government to work with business on solutions including skills training, investment and urgent reform of the Shortage Occupations List (SOL).?

Jane Gratton, Head of People Policy at the BCC, said:

‘People shortages are a massive issue and employers can see little sign of improvement. The high number of unfilled job vacancies is damaging businesses and the economy. Firms are struggling to fulfil order books and turning down new work.

‘There is no quick fix and employers and the government need to work together to find solutions. While firms can do more to make workplaces more flexible and jobs easier to access, the government must redouble its efforts to encourage and help people into work.’

Internet link: BCC website

£177.6 million was lost to impersonation scams in 2022, data published by trade association UK Finance has revealed.

The data showed that there were 45,367 cases of impersonation scams in 2022. It also revealed that just 51% of individuals always check whether a request for personal data or money is legitimate. Just 38% of 18–34-year-olds always checked, according to UK Finance’s research.

Impersonation scams involve criminals pretending to be a trusted organisation such as a utility company, your bank or the police, and often begin with an email, text or call with a request for money or personal information.

UK Finance says individuals should stop and take a moment to think before parting with money or information; challenge any unsolicited communication; and protect themselves and their finances by contacting their bank immediately if they think they’ve fallen for a scam.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said:

‘We receive genuine communication from trusted organisations on a daily basis, meaning it’s not always easy for us to spot when an approach for information is in fact from a criminal.

‘Anyone can be caught out by a scam in the heat of the moment and criminals are constantly adapting their tactics to appear legitimate.

‘It has never been more important to take steps to check for genuine communication and follow the advice of the Take Five to Stop Fraud campaign and to stop, challenge and protect.’

Internet link: UK Finance website