Business News Articles

Impact of cuts been ‘understated’
The coalition government's spending cuts and the rise in VAT to 20% in January will result in over 1.6 million job losses, according to data released by the Chartered Institute of Personnel and Development (CIPD). The figure from the CIPD - which encapsulates both the private and public sector - is much higher than previous estimates. The CIPD say the full impact of the government's Spending... more

Manufacturing output increases
The rate of growth in the UK's manufacturing sector increase in October for the first time since March, according data released by the Chartered Institute of Purchasing and Supply (CIPS). The CIPS said its Purchasing Managers' Index rose to 54.9 from September's 10-month low of 53.5. With a figure of 50 or above indicating growth, it is a sign of renewed strength in the manufacturing sector. Ho... more

Number of new jobs rises
The number of new jobs offered in the UK increased by 3% last month compared to the previous month, according to the Reed Salary Index. Job demand has risen 7% compared to 11 months ago, and beats the previous highpoint of 105 (recorded in February) by two points to give a Reed Job Index reading of 107. While overall job demand rose across the country, job demand rose to its highest since th... more

Retail sales decline again
Retail sales slowed in October from the previous month, according to the latest Confederation of British Industry (CBI) distributive trades survey. This is the fourth month is succession that retail sales have declined. The survey found that 58% of retailers said sales rose in October, with 22% reporting a fall, a balance of +36%. This is down on the +49% in September, and below the +47% ret... more

Business pensions to be compulsory
The government has stated that all UK companies - regardless of their size - should offer a company pension scheme or enrol their staff into the new National Employment Savings Trust (Nest). Nest is due to start next yea and the deadline for all firms joining is September 2016. To be eligible, staff will have to earn at least £7,475 a year. The government says it will mean that between four... more

Pay rises falling below inflation
The average pay rise for employees in businesses was between 2-3% - less than inflation - in the last quarter, according to data released by IDS. The survey showed that just 20% of employees received an increase worth 3% or more and that one in five employees saw their pay completely frozen. "The modest loosening of pay policies that we have seen across the private sector during 2010 continu... more

House prices fall 0.7%
House prices declined 0.7% in September from the previous month, according to figures released by building society the Nationwide. The average home now costing £164,381 - which is still 1.4% higher than it was a year ago. "If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end o... more

SMEs see rise in online sales
Small and medium-sized businesses have seen a growth in online sales, according to data released by ecommerce specialist Actinic. The figures show that online revenue for SMEs increased 18% in the three months to 30 September 2010 when compared to the same time period last year. "These growth figures indicate that online sellers in the SME sector are faring well against poor high street sale... more

Economy grows 0.8%
The UK economy grew by 0.8% between July and September, according to figures released by the Office for National Statistics. This figure follows expansion of 1.2% in the second quarter of the year and is better than the 0.4% growth that economists had predicted. The economy has now expanded for four consecutive months and economic growth over the past six months has now hit 2%, the fastest p... more

Savers losing £12bn in interest
Savers are losing out on a possible £12bn in interest payments by staying with low-rate accounts, according to research collated by Which? The data showed that nearly half of 1,200 savings accounts in the UK paid interest of 0.5% or less. If all savers switched to accounts with the highest rates they could receive an extra £12bn a year. "Whilst we pressure the banks to be more upfront abou... more