Month: January 2024

The government has sold 1.03 per cent of its shares in Natwest as it continues to quietly reduce its stake in the bank.
According to a stock exchange announcement, the Treasury reduced its stake from 37.97 per cent to 36.94 per cent.
It is unclear what price the shares were sold at. The stock closed at 220p on Tuesday. Natwest and the Treasury did not respond to a request for comment on details of the sale.
It follows a similar move at the beginning of December when the Treasury reduced its holdings in the bank from 38.53 per cent to 37.97 per cent.
The government acquired an 84 per cent stake in the lender, then known as Royal Bank of Scotland, during the financial crisis and has been trying to unwind the position ever since. The government plans to fully sell its shares by 2026.
However, the taxpayer has lost out as the bank’s shares have tumbled far below the 499p price paid by the government.
The stock fell below 200p in October and November as the bank’s public image suffered from the fallout of a row with former Ukip leader Nigel Farage over the closure of his Coutts account.
Chief executive Dame Alison Rose resigned in July after she admitted to discussing the Brexiteer’s Coutts account with the BBC.
The scandal prompted a wide-ranging inquiry into “debanking” by the City watchdog, as well as a surge in complaints over the issue.
Chancellor Jeremy Hunt has said that the government is looking at a Tell Sid-style share sale plan for Natwest, offering its stake to retail investors.
A Treasury spokesperson said: “This update shows that our ongoing trading plan continues to make progress towards the government’s objective to return its shareholding in Natwest to private ownership in a way that represents value for money to taxpayers.”
Read more:
Government sells off more NatWest shares ahead of Hunt’s Tell Sid-style share sale plan

Shipping giant Maersk said Tuesday it will pause operations in the Red Sea “until futher notice” after another attack by Iran-backed Houthi rebels in Yemen over the weekend.
“We have decided to pause all transits through the Red Sea/Gulf of Aden until further notice,” the Danish company said in a statement to customers. “In cases where it makes most sense for our customers, vessels will be rerouted and continue their journey around the Cape of Good Hope.”
Maersk said last week it was prepared to allow vessels to resume sailing through the Red Sea, thanks to the start of a U.S.-led international naval operation to protect ships from Houthi rebel attacks.
Houthi rebels based in Yemen have been attacking commercial vessels in the Red Sea for months in retaliation for Israel’s assault on the Hamas-ruled Gaza Strip. The attacks have caused major disruptions in shipping, with many companies pausing or rerouting shipments around the Cape of Good Hope, adding costs and delays.
Maersk paused all Red Sea sailings for 48 hours signaled after another attack on Saturday. On Monday, the company signaled it would once again resume shipments after the pause expired but has since reversed course.
“We remain committed to minimizing the impact on our customers’ supply chains and will continue to keep you updated on the situation,” the company said.
Read more:
Maersk pauses shipping operations in Red Sea indefinitely after new attacks

As the UK and EU come together with a new renewables and climate change strategy, exporters and importers will face new reporting requirements and tax levies, say leading tax and advisory firm Blick Rothenberg.
Simon Sutcliffe, a customs expert and Partner at the firm, said: “The two customs unions of the UK and EU are aligning them themselves closer and closer in terms of a climate plan. The detailed reporting requirements and taxing of companies who move these types of goods, although a worthy cause, will add to the administrative burden and cost for business and no doubt increase prices for consumers as these costs are passed on.”
He added: “New reporting requirements and taxes due to be set in motion in 2024 will see the UK and EU move closer to each other in their climate change and environmental levies targeting import and export companies which will mean them paying higher levies and possibly fines.”
Simon said: “The proposed UK Carbon Border Adjustment Mechanism (CBAM) is measure that will be in addition to the UK’s existing Plastic Packaging Tax (PPT) which already that taxes UK manufactured plastic packaging for goods and goods imported in plastic packing for sale in the UK marketplace.”
He added: “HMRC will begin the process of consultation in 2024 before implementation in 2027. CBAM will cover recording the importation of goods that have a carbon impact and will cover such items as iron. steel, aluminium, glass, ceramics, fertilizer, and electricity, with a view to taxing those carbon polluting industries by 2027.”
Simon said: “The EU already has EU CBAM and has plans for a similar UK style PPT tax plan called the ‘EU Plastic Levy’ but it’s scope and implementation is not currently aligned across all the EU states. The EU may formalise their Plastic Levy commitments in the coming years to align the UK and the EU further on environmental issues surrounding trade and supply chains of certain goods.”
He added: “UK Companies already struggle with administering the UK’s Plastic Packaging Tax (PPT) having sufficient access to the production processes further down their supply chain to be able to comply with the tax. The introduction of another levy requiring even more information will put further strain upon them.
“Now as the UK draws nearer to the EU on its renewables and climate change combatting methods by the adoption of a new reporting requirement and tax levies aimed at importers and exporters, businesses will have to understand and have access to their supply chains to meet the reporting requirements.”
Read more:
UK and EU climate change strategy will see new reporting procedures and rising consumer prices

With the rise of the gig economy and the increasing number of individuals making money online, the UK government is introducing new measures to tackle tax evasion.
As part of these measures, popular online platforms such as eBay, Airbnb, and Etsy will now be required to report the income of their sellers directly to HM Revenue and Customs (HMRC). The move, dubbed the “Side Hustle Tax,” aims to ensure that individuals and businesses are paying the correct amount of tax on their online earnings.
The decision to implement these regulations comes as HMRC seeks to crack down on tax evasion and ensure a level playing field for all taxpayers. The rise in online marketplaces and the growing popularity of side hustles have made it easier for individuals to generate additional income outside of their primary employment.
By requiring platforms like eBay, Airbnb, and Etsy to report seller income directly to HMRC, the government aims to increase transparency and ensure that all taxable income is declared. This move will make it harder for individuals to evade their tax obligations and level the playing field for traditional businesses that have been subject to strict reporting requirements for years.
According to recent statistics, the number of individuals making money online has skyrocketed in recent years. The gig economy, which includes various types of freelance work and side hustles, has witnessed significant growth, with an estimated 4.7 million people in the UK now working in this sector. However, concerns have been raised that some individuals may not be accurately reporting their online earnings, resulting in lost tax revenue for the government.
The implementation of the Side Hustle Tax aims to address these concerns, ensuring that online sellers are paying their fair share of taxes. By requiring platforms to report income, HMRC will have access to accurate data about individual earnings, enabling them to identify potential tax evaders and take appropriate action.
While the new regulations may be seen as a positive step towards increasing tax compliance, some individuals and businesses are concerned about the potential impact. Small-scale sellers on platforms like eBay and Etsy, who may rely on their online income to supplement their primary earnings, may find the additional reporting requirements burdensome.
Experts suggest that the new regulations could result in increased costs for businesses, as they may need to invest in systems to automate the reporting process. Additionally, there are concerns that the Side Hustle Tax could discourage individuals from engaging in online entrepreneurship, stifling innovation and creativity in the digital economy.
However, supporters argue that the regulations will create a fairer tax system, ensuring that everyone pays their fair share. They believe that the increased transparency will help deter tax evasion and promote a more level playing field for all businesses, both online and offline.
In response to the new regulations, a spokesperson from eBay stated, “We are committed to ensuring that our sellers comply with tax regulations. We will work closely with HMRC to ensure a smooth implementation of the reporting requirements.”
It is worth noting that the Side Hustle Tax is not unique to the UK. Countries such as the United States and Australia have also implemented similar measures to address tax evasion in the digital economy.
As the gig economy continues to grow and more individuals turn to online platforms to generate income, it is crucial for governments to adapt their tax policies to keep pace with these changes. The Side Hustle Tax represents the UK government’s efforts to ensure that individuals and businesses are paying their fair share and contribute to the overall tax revenue.
While the new regulations may face some challenges and concerns, it is hoped that they will ultimately contribute to a fairer and more transparent tax system, benefiting both the government and the individuals and businesses involved in the online marketplace.
Read more:
HMRC introducing new side hustle tax targets Britons making money online

China’s BYD has taken the lead over Tesla as the top electric car maker worldwide.
BYD, a Chinese automobile manufacturer, has surpassed Tesla, which is owned by Elon Musk, to become the number one seller of electric vehicles in the world.
Warren Buffett, the renowned American investor, has been a staunch supporter of BYD since 2008. It appears that the company will produce more cars than Tesla for the second year in a row.
BYD, Build Your Dreams, reported that 3.02m of its new energy vehicles were produced in 2023, surpassing Tesla’s 1.84m cars that were revealed on Tuesday.
BYD’s overall sales include 1.6 million battery-only vehicles and 1.4 million hybrids, putting Tesla in the lead when it comes to the production of just battery-powered autos.
In the final three months of 2019, BYD surpassed Tesla in purely electric vehicle sales; they sold 526,000 as opposed to Tesla’s 484,000.
BYD’s products are generally priced lower than Tesla, which obtains a fifth of its sales from China.
BYD and Nio, two Chinese electric car manufacturers, have been aiming to become major players in the international market, primarily Europe.
In December, Chinese auto maker BYD announced they would be constructing a new facility in Hungary. This is in conjunction with their current five models available for sale in Europe and the further three models they plan to launch this year.
In 2021, the firm stated that it would not be constructing its earliest European vehicle plant in Britain due to Brexit’s effects.
By 2030, the highest-selling electric car producer in China is striving to sell approximately 800,000 vehicles a year in Europe.
BYD declared that the United Kingdom was not among the top 10 possible sites for its first European car factory, as per a recent report in The Guardian.
Wang Chuanfu, a former professor from university, established the Hong Kong-listed BYD in 1995 and plans to become a major player in the international electric vehicle industry.
The development of technology in our modern world has been exponential, greatly surpassing our expectations. There has been a significant rise in the advancement of tech, far beyond what was predicted at the beginning of the 21st century. The speed of progress has been extraordinary, with more and more capabilities being added to the world of technology every day.
Read more:
BYD overtakes Tesla as world’s top electric vehicle manufacturer

Joseph Black and Oliver Jacobs are the founders of tech firm UniTaskr which helps struggling students find flexible work and real-life experiences with some of the world’s leading companies including Amazon, Sony, Spotify, and Red Bull.
The company’s success has been built upon its technology platform and user app, which regularly tops the “Lifestyle & Business” category on Apple’s App Store, thanks to a workforce of over 300,000 verified students, offering services such as blogging, digital marketing, photography to over 20,000 client businesses.
Earlier this year, UniTaskr entered the US market where it has added thousands of members to its network, with anywhere up to 1,000 students joining every day. Such figures have enabled UniTaskr to surpass its projected targets for 2023, with an 80% increase in revenue and 30% expansion in its total user base, solidifying its reputation as the “go-to” provider of skilled freelance services.
Why are multinational companies like Amazon and Spotify so keen to utilise a student workforce?
JB – Multinational corporations like Amazon and Spotify value the student workforce for its inherent agility, fresh perspectives, and tech-savvy nature. Students bring a dynamic blend of innovative ideas, adaptability, and a pulse on evolving trends, making them an invaluable asset in industries seeking modern insights and nimble approaches. Their diverse skill and cutting-edge tech familiarity, align perfectly with the fast-paced, innovation-driven environments these companies operate within. Hiring students not only infuses new energy but also introduces a wealth of contemporary thinking and digital fluency, essential for driving forward-thinking strategies within these global entities.
Since founding UniTaskr how has your market changed and how have you adapted to it?
OJ – The market landscape has evolved drastically, witnessing a global surge in demand for youth based freelance talent. To adapt, UniTaskr focused on enhancing its technological platform, introducing innovative new tools like the ‘UGC Studio,’ and strategically targeting industry leaders. This journey involved continuous feedback-driven enhancements, scaling operations, and catering to the diverse needs of an expanding user base. By embracing these changes, UniTaskr positioned itself as a responsive and agile platform, effectively meeting the evolving demands and expectations of both freelancers and clients within the dynamic freelance ecosystem.
What factors influenced your decision to expand your business into the USA and what challenges did you have to overcome in the process?
OJ – The decision to expand into the USA was influenced by the country’s tech-friendly ecosystem, vast market potential, and innovative landscape. Challenges included navigating different regulatory frameworks, understanding diverse consumer behaviours, and establishing a brand foothold in an evolving market. Adapting our strategies to resonate with American audiences and comprehensively understanding regional nuances were crucial. Overcoming these obstacles involved meticulous market research, agile adaptation of our business model, and forming strategic partnerships to effectively establish UniTaskr’s presence within the US market.
How does the business environment in the USA align with your overall business strategy and goals?
JB – The business environment in the USA remarkably aligns with our overarching strategy at UniTaskr. The US offers an exciting opportunity due to its emphasis on innovation and robust entrepreneurial spirit. This alignment perfectly complements our global ambition of revolutionising youth based freelance work. The market’s receptiveness to innovative solutions and disruptive technologies resonates with our aim to continuously evolve and offer cutting-edge solutions. UniTaskr’s strategic goals of expansion and innovation align seamlessly with the USA’s business landscape, fostering an environment conducive to achieving our long-term objectives.
UniTaskr recently secured a million-pound investment. How will the business utilise it?
OJ – Our recent million-pound investment will be pivotal in steering our growth trajectory. The funds will primarily fuel several key areas within our business. We aim to allocate a significant portion to scaling our operations, expanding our user base, and enhancing our technological infrastructure. Additionally, we’ll invest in further research and development efforts to introduce new features, ensuring an enriched user experience. Strategic market penetration, particularly in vital regions like the US and UK, forms a crucial part of our investment strategy. Overall, these funds will be instrumental in driving UniTaskr’s innovation, market expansion, and sustained growth as a leading freelance platform.
What is the key in your mind to attracting and securing investment?
JB – In my view, the key to attracting and securing investment lies in several fundamental aspects. Firstly, having a compelling and clear vision for the business is paramount. Investors are drawn to innovative ideas with a strong value proposition and a well-defined market need. Additionally, demonstrating a robust and scalable business model, backed by concrete data and market validation, is crucial. Building and showcasing a passionate, skilled team capable of executing the vision effectively significantly boosts investor confidence. Furthermore, fostering transparent and open communication, coupled with a track record of consistent progress and adaptability to market dynamics, forms the bedrock of attracting and securing valuable investments.
What challenges did you and your partner have to overcome to secure funding?
JB – Securing funding presented several challenges. One major hurdle was proving our platform’s scalability and market viability, especially as a relatively young company. Convincing investors of UniTaskr’s potential amidst market uncertainties was challenging. Additionally, differentiating ourselves in a competitive landscape required showcasing our unique value proposition effectively. Overcoming these obstacles involved persistent efforts in presenting data-backed evidence, a compelling narrative of our growth trajectory, and demonstrating the platform’s value proposition clearly. Building trust and credibility with potential investors was an ongoing process that required consistent dedication and resilience from both myself and my partner.
How important is relationship building when it comes to securing funding? What advice can you give to our readers who are starting their fundraising journey?
OJ – Relationship building is integral to securing funding. Establishing genuine connections and fostering trust with potential investors is crucial. Building strong relationships requires open, transparent communication, showcasing progress, and aligning goals and values. Advice for those starting their fundraising journey: Focus on building long-term relationships. Clearly articulate your vision and demonstrate how investor support aligns with their interests. Leverage networking opportunities, attend industry events, and seek mentorship. Remember, it’s not just about securing funds; it’s about building partnerships that support your business’s growth and success.
Read more:
Companies like Amazon and Sony are hiring students in droves – Meet the UK tech entrepreneurs supplying them

Businesses are failing to adopt new artificial intelligence technologies, research from the universities of Leeds, Sussex and Cambridge shows.
Despite the high profile of technologies such as generative AI, the proportion of British organisations saying that they have taken the plunge remains in the low double digits.
In a sample of 1,150 employers asked by researchers if they had invested in AI-enabled technology in the past 12 months, only 11 per cent said they had. Larger organisations, particularly those in the IT and public administration sectors, were more likely to have invested, with smaller businesses less so.
The findings build on the same study made in 2022, when 2,001 companies were questioned and 36 per cent said they had invested in AI-enabled technologies such as industrial robots, chatbots, smart assistants and cloud computing over the past five years.
Mark Stuart, pro dean for research and innovation at Leeds University Business School, which led the research, said there was no evidence yet of a technological revolution gripping British businesses. “If you ask people, they are experimenting individually, but if you ask them whether they are doing it strategically and embedding AI [in their companies], they are not,” he said.
Of the companies that had invested in AI, just under a third had spent money on generative AI services such as OpenAI’s ChatGPT. It means that only about 3 per cent of UK employers have invested strategically in generative AI, according to the researchers.
Most worrying for policymakers is the emergence of a digital divide between the minority of early adopters that say they are continuing to invest and the majority of companies that remain unconvinced of the merits of even beginning to do so.
Of the employers polled in 2023, 11 per cent of those that had not already invested in AI-enabled technologies were planning to invest in the next two years, up from 10 per cent of those interviewed in 2022.
The research also highlighted a continued gap in digital skills training, with 40 per cent of the companies reporting that they had provided such training in the past two years. Fewer than 10 per cent of the companies expected to invest in such training this year.
The Employers’ Digital Practices at Work survey was funded by the Economic and Social Research Council.
Read more:
British businesses ‘missing out on AI revolution’ finds new university backed research

The success of local businesses hinges on their ability to adapt and thrive in the online realm. As consumers increasingly turn to the internet to discover, evaluate and engage with local services and products, the significance of Search Engine Optimisation (SEO) cannot be overstated.
Today, we delve into why SEO is vital for local businesses, elucidating its transformative impact on visibility, credibility, and ultimately, the bottom line.
1. Enhanced Visibility and Discoverability
Imagine this scenario: a potential customer in your vicinity is searching for a product or service that your business offers. Without a robust SEO strategy, your business may be buried under a sea of competitors, making it difficult for this customer to find you.
SEO acts as a beacon, optimising your online presence to ensure that your business ranks higher in search engine results. This heightened visibility not only increases the likelihood of attracting local customers but also positions your business as a relevant and trustworthy option.
2. Geo-Targeting
One of the standout features of local SEO is its ability to target specific geographic areas. Local businesses thrive on their community, and SEO tools enable them to reach potential customers in their vicinity.
Through strategies like local keyword optimisation, Google My Business optimisation and local link building, businesses can tailor their online content to resonate with the needs and preferences of the local audience. This precision targeting ensures that your business shows up when local customers are actively searching for what you offer.
3. Building Trust and Credibility
Consumers are more likely to trust businesses that appear at the top of search engine results. The perception is that these businesses are reputable and reliable, as search engines are seen as unbiased third-party entities.
By implementing SEO best practices, local businesses not only improve their rankings but also build a solid foundation of trust and credibility in the eyes of potential customers. Therefore, it’s worth exploring affordable SEO services in the UK.
Agencies that offer these services can help businesses obtain positive online reviews, input accurate business information and optimised websites. As a result, businesses can achieve a positive digital reputation, reinforcing the credibility of their local business.
4. Mobile Optimisation
With the prevalence of smartphones, a significant portion of local searches is conducted on mobile devices. SEO is crucial for ensuring that your business website is optimised for mobile users.
Mobile-friendly websites not only improve user experience but also align with search engine algorithms, which prioritise mobile responsiveness. By catering to the growing number of mobile users, local businesses can tap into a vast market of consumers who rely on their smartphones to find products and services in their local area.
5. Cost-Effective Marketing
Traditional advertising methods can be costly, especially for small and local businesses with limited budgets. SEO, on the other hand, offers a cost-effective and sustainable marketing strategy.
By investing in optimising your online presence, you are essentially making a long-term investment in the visibility and success of your local business. Compared to traditional advertising channels, SEO provides a higher return on investment over time, making it an invaluable asset for local businesses looking to thrive in the digital age.
To Finish Up
The importance of SEO for local businesses cannot be overstressed. In a world where the internet is the go-to resource for consumers seeking local products and services, an effective SEO strategy is the key to unlocking visibility, credibility and success.
By embracing the power of SEO, local businesses can position themselves as the preferred choice in their community, ensuring sustainable growth and a thriving customer base.
Read more:
Unlocking Success: The Vital Role of SEO for Local Businesses