Business News Articles

BT prepares for strike action
Small and medium-sized business owners have been warned that BT staff are preparing for industrial action. The Communication Workers Union (CWU) is expected to announce plans later today for a ballot over a strike. The CWU, which represents 55,000 staff and is BT's biggest union, is asking for higher pay. Following a pay freeze last year, BT is offering an increase of 2% in pensionable pay w... more

Queen’s Speech prioritises debt reduction
In the first Queen's speech of the new coalition government it was stated that cutting the record budget deficit and restoring growth would be the new government's first priority. The speech revealed that scraping identity cards and the national identity register could save over £86m and confirmed that employers will not need to pay an increased rate, but staff will need to increase their nati... more

Economic growth revised to 0.3%
The UK economy's growth in the first quarter of the year has been revised upwards to 0.3%, according to the Office for National Statistics (ONS). The ONS had originally estimated that the economy grew by 0.2% in the first three months of the year but output was boosted after a strong rebound in industrial production and business services. Year-on-year output was down 0.2%, although this was ... more

£10m funding scheme launched in London
Mayor of London Boris Johnson has announced a £10m fund designed to support London's small businesses and help them overcome the effects of the recession and create jobs. The London Development Agency and the European Regional Development have provided the £10m of funding equally. The service is aimed at helping around 4,5000 businesses raise nearly £65m. The funding is to be split betwee... more

25% of firms to hire new staff this year
Over a quarter of UK businesses plan to take on new staff in the coming year, according to a survey by the Confederation of British Industry (CBI) and Harvey Nash. The CBI survey showed that 28% of firms planned to increase recruitment over the next 12 months. The data also revealed that just 5% of companies have implemented a recruitment freeze this year - down from over 65% last year. Just... more

SMEs sceptical of new legislation
Businesses in the UK are sceptical over the effect new employment legislation will have on their companies, according to data released by the Chartered Institute of Personnel and Development (CIPD). The survey also revealed that business owners view the Working Time Regulations and the Agency Worker Regulations - due to come into force October 2011 - as of most hindrance to business. Only 28% a... more

Five-day BA strike begins
British Airways cabin crew have begun a five-day strike over a long-running dispute regarding jobs and pay. The Unite union is also demanding the restoration of travel concessions to staff that took part in the last round of strikes in March. BA has said it plans to fly more than 60,000 customers a day during the strike and will operate 60% of long-haul flights and 50% of short-haul services... more

Cost of red tape rises to £88bn
The cost of red tape to British businesses has risen to £88bn, according to data released by the British Chambers of Commerce (BCC). The BCC's latest ‘burdens barometer' -which uses the government's own figures - highlights the cumulative cost to business of new red tape since 1998. The figure of £88bn is a jump of over £11 billion since last year. The new Conservative-Liberal Democrat ... more

Business investment rises £29m
Businesses increased investment in their companies in the first quarter of the year, according to figures released by the Office for National Statistics. The first three months of 2010 saw business investment rise by 6% to £29m compared to the last quarter of 2009. However, investment is still 11% lower than in the first quarter of last year. "Importantly, business investment has risen in t... more

Borrowing for April hits record £10bn
Public borrowing rose to £10bn in April, a record for the month, according to data released by the Office for National Statistics (ONS). The figure - up from last year's £8.8bn - has underlined the size of the task facing the new government and Chancellor George Osborne. The ONS figures also revealed that the amount borrowed by the government last year had been revised down from £163bn to... more