News

New laws on trading in scrap metal were passed today and will come into force later this year in a bid to cut back on sharp increases in criminal trading. The Scrap Metal Dealers Act will build on measures which have already been taken to clamp down on illegal trading.

The UK economy has grown more than expected in 2012. Growth in several sectors including construction caused the Office for National Statistics to revise its forecasts – changing the expected figure of no growth to 0.3 percent.

The value of the UK pound has fallen following news that credit ratings agency Moody’s has downgraded the UK’s coveted AAA credit rating. The news, announced on Friday, has caused the pound to fall to a two-and-a-half year low against the dollar.

A lack of competition in the audit market is failing shareholders as it encourages the big four accountancy firms to favour management interests, the Competition Commission (CC) said today. Read the full story inside.

The IMI says automotive businesses must invest in new skills or risk failure. In the run up to the public launch of its Professional Register in April, the IMI says the motor trade faces a “perfect storm” for failure in the next three years. A lack of management skills, little customer service skills and a rise in vehicle technology is all contributing to that.

A new manufacturing initiative has been launched by Government, aimed at boosting component manufacturing in the automotive sector. The plan, dubbed the Proving Factory, will result in 250 extra jobs being created directly, with a further 1000 created in the wider supply chain.