Unit 1 Micro: Teacher Update on New Regulations

The end of September has brought a raft of new or changed regulations affecting different markets. Here is a summary of some of them for students and teachers wanting to keep up to date:

Cigarette vending machines banned in England - The sale of tobacco from vending machines has been banned in England, with anyone caught selling cigarettes in machines facing a fine of £2,500 - details here

Changes in beer duty come into force - the arrival of People’s beers? - low strength beers have had their excise duty cut whilst stronger beers have seen a tax rise. Beers below 2.8 per cent ABV are receiving a duty cut and beers above 7.5 per cent paying more. The impact is likely to cut the retail price of low-strength beers by around 50 pence per pint. Details here: Bury St Edmunds: Greene King launches Tolly English Ale and also here

Minimum wage rises - the 1st of October is the date when the UK’s statutory pay floor is increased. Almost 900,000 workers, mainly women, will get a pay rise when the minimum wage breaks through the £6-an-hour barrier. The adult rate for the minimum wage jumps by 15p to £6.08, by 6p to £4.98 for 18 to 20-year-olds, and up by 4p to £3.68 for 16 and 17-year-olds, while the apprentice rate goes up by 10p to £2.60. Details here

Default retirement age is abolished - The default retirement age in the UK has been fully abolished after being phased out from April 2011. New legislation stops employers from compulsorily retiring workers once they reach the age of 65. Details here

Scotland bans cheap alcohol deals - From the 1st October 2011, shops and supermarkets in Scotland can no longer make offers such as buy-one-get-one-free and multi-buy discounts on wine. The 2011 Alcohol Bill also restricts alcohol advertising around premises, and brings in age verification requirements and a new tax on some licence holders. Details here - hinting at the law of unintended consequences coming into play!