Business News Articles

Retail sales rise 0.6%
UK retail sales increased 0.6% in May compared to April, according to the Office for National Statistics (ONS). Analysts said sales of televisions and food ahead of the World Cup had boosted the figures, with some retailers offering customers money-off offers for trading in older sets and offering cashback for every goal scored by England. Annual growth in sales volumes in May reached 2.2% -... more

Car production rises 54% in May
Car production increased by 54% in May, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). This is the seventh consecutive month that car production has risen and car production is up 62% over the year-to-date. These figures are encouraging given that the government's car scrappage scheme - which had a positive impact on sales - has now ended. "The rec... more

Bank of England given new powers
Chancellor George Osborne has said that he will give the Bank of England the role of regulating the financial sector. It was also announced that the existing regulatory systems, led by the Financial Services Authority, will be dismantled. "On the structure of regulation, our plan is to hand over to the Bank of England responsibility for macro-prudential supervision, that should never have be... more

Third of firms refused for a bank loan
More than a third of small and medium-sized businesses have been declined a bank loan in the last quarter, according to data released by Sage. The survey of 1,500 SMEs also revealed that 58% of the businesses questioned did not feel they were given an attractive rate for their loan. "The decision on a loan can make or break a firm, so it is a concern that so many SMEs that evidently believe ... more

Unemployment rises to 2.47m
The number of people unemployed in the UK has risen 23,000 to 2.47m during the three months to April, according to the Office for National Statistics. The number of people out of work for more than a year increased by 85,000 to 772,000, while unemployment among 16 to 24-year-olds rose by 11,000 to 926,000. However, the number of people claiming jobseekers allowance declined in May by 30,900 to ... more

Inflation falls to 3.4%
UK inflation fell to 3.4% in May from 3.7% in April, according to the Office of National Statistics. The fall is bigger than the 3.5% that many analysts predicted but means that inflation is still well above the Bank of England's target of 2%. The Office of National Statistics said the drop was helped by lower food prices, as well as slower rises in the price of petrol, alcohol and tobacco. ... more

London creates most UK start-ups
London leads the UK for new business creation, according to research from national accountancy group UHY Hacker Young. A net total of 24 new businesses per 10,000 people were created in the capital in the year to January 1 2009. This puts London at the top of the list of the UK's 50 largest towns and cities for net number of new businesses created, significantly higher than the UK average of... more

Business confidence declines
Business confidence among UK companies has seen its largest drop since 1995, according to BDO's Business Trends survey. The Business Trends survey from accountants BDO fell to 97 in May from 103.3 the previous month - the largest drop since the survey began. BDO's survey is compiled by the Centre for Economics and Business Research and covers 11,000 companies from a range of industries. "... more

Tamara Mellon, Jimmy Choo shoes
Tamara Mellon, founder of Jimmy Choo shoes, is to receive an OBE in the Queen's birthday honours list. The British company, which produces top of the range shoes, has seen its business expand despite the recession. Mellon is a member of the New Enterprise Council, a group of entrepreneurs that advise the Conservative Party on policies related to the needs of business. "I am so thrilled to... more

UK growth forecast downgraded
The new independent fiscal watchdog has downgraded the economic growth projections for the UK economy. The Office for Budget Responsibility (OBR) has predicted that the UK economy will grow by 2.6% in 2011, down from the 3.25% estimate in Labour’s last Budget. The new coalition government are already committed to cutting the country’s record peace time deficit, but these new figures wil... more