The Plan 1 student loan interest rate reduced to 6% (from 6.25%) from 30 August. This rate change applies across the UK with the Department for Education (DfE), the Welsh Government and the Department for the Economy in Northern Ireland (DfE NI) all confirming the change.
The reduction follows the Bank of England Base Rate changing to 5% earlier in August.
Those running payrolls and payroll bureaus should notice a reduction in student loan deductions for relevant employees in their September payrolls. If not, you may need to confirm that your payroll software has correctly updated.
See: https://www.gov.uk/government/news/change-to-plan-1-student-loan-interest-rate-announcement
A letter to local authorities confirms amendments that the government has made to the eligibility criteria for Supporting Small Business Relief, a scheme available in England.
A High Court order has confirmed that Emma Sleep, a mattress seller, behaved illegally and broke consumer law by using misleading countdown timers, false ‘high demand’ messages and ‘discount claims’.