Hundreds fined for being Maskless

Transport for London (TfL) has reintroduced fines for passengers who fail to wear masks on public transport. It has been reported that 536 passengers have been charged with £200 penalties for breaching this regulation and a further 1,000 had been stopped from boarding these transport services.

Why has the government reintroduced this?

As there are growing concerns of the Omicron variant rising, the government feel that it would be in the best interests to maintain the health and safety of others. Although scientific evidence provides that face coverings may prevent one from contracting the disease, it may help to reduce the distribution of infecting others in public spaces.

Next’s decision to raise prices

The high street retailer, Next has planned to hike its prices due to the rising wages and manufacturing costs of products. As many costs in the UK have increased such as energy bills and fuel, this has influenced the surge of shop prices rising.

How high will these prices rise?

Next have decided to increase their prices at a reasonable level to meet inflation costs. Therefore, the store’s fashion items such as clothing and accessories will rise by 1% and homeware items by 6%. This isn’t the only store to change its business plans as Greggs are also on board with the idea of hiking prices.

HMRC waive tax fines

The normal deadline for citizens to submit their self-assessment tax returns is 31 January. However, the HMRC has extended the deadline to 28 February. This means that thousands may avoid being fined with a £100 penalty. If, however, individuals struggle to pay by then, they are free to set an instalment plan which will spread the cost over time by 1 April. This doesn’t mean that individuals are still in the clear, as they will be expected to pay interest.

What’s the reason for this?

As COVID has put a lot of pressure on individuals and tax advisers, HMRC has understood that this placed difficulty in completing online submissions. Although this allows flexibility for individuals, there is also the risk of individuals being unable to reach the deadline as it draws closer.

Stock market worries of energy prices going up

Due to the rise of inflation, this has grown a concern amongst individuals who are worrying about their finances. This has also influenced businesses to increase the prices of their products and services over the next three months.

As energy prices have risen highly in the UK, this is one of the contributing factors of businesses taking steps the reach the same level.

By: Rukiyya Shah