The Chartered Institute of Payroll Professionals
News On Line
Back to contents
Acas extends consultation on a draft code on handling requests for a predictable working pattern
Published: 11 January 2023 Emailed: 17 January 2024
The draft Acas code provides practical guidance to employers, workers, agencies, and hirers on the forthcoming statutory right to request a predictable working pattern. The law is expected to come into force this autumn. While the code is not legally binding, it will be taken into account by courts and employment tribunals when considering relevant cases.
As this is an entirely new area of regulation, Acas are particularly keen to hear as many views as possible to inform their drafting of the code and to make sure it works effectively for all its users.
Acas encourage all interested individuals and organisations to respond to this consultation, you can read and respond to the Acas draft code of practice by 26 January 2024.
Back to contents
Inflation sees small uptick for first time in almost a year Published: 17 January 2024 Emailed: 17 January 2024
For the first time since February 2023, inflation has risen once again. The Office for National Statistics data series puts CPI inflation at 4%.
This is a 0.1 percentage point change from last month’s figures. While this is not a huge change, it may have some impact on the Bank of England’s Monetary Policy Committee’s decision to increase or lower the bank rate. The bank rate is next due to be reviewed on 1 February 2024. This may also be disappointing news for any business looking to use the December figures of inflation in determining January pay awards. Does this indicate the levelling off of inflation at roughly 4% per year, or can the Bank of England get this back down to their targeted 2%?
Back to contents
Bank rate maintained at 5.25% Published: 1 February 2024 Emailed: 7 February 2024
The Bank of England’s Monetary Policy Committee (MPC) has announced that the bank base rate will be held again at 5.25%. This will mean no changes are required to HM Revenue and Customs’ (HMRC’s) late payment interest fees.
The MPC voted six to three in favour of keeping the bank rate the same, with two members preferring an increase of 0.25 percentage points up to a total of 5.5%, and one member preferred to reduce the bank rate by 0.25%, to 5%.
With the next CPI rate due to be released on 14 February 2024, and the spring budget due on 6 March. Will this have an impact on the next bank rate decision, which is due on 21 March 2024?
Back to contents
cipp.org.uk
Page 220 of 314
Made with FlippingBook - Online magazine maker