Business News Articles

UK government borrowed £12bn in February
The UK government have revealed that they borrowed £12.4bn in February, less than economists had predicted. These figures mean that the UK's total borrowing for the financial year is now more than £130bn. The government's borrowing forecast for the year to the end of March is £178bn. Chancellor Alistair Darling has pledged to halve the budget deficit in percentage terms over the next four... more

Unemployment falls to 2.45m
The number of people unemployed in the UK has declined by 33,000 to 2.45m between November and January according to the Office for National Statistics. The jobless rate now stands at 7.8% and the number of people claiming Jobseeker's Allowance fell by 32,300 - the highest rate since 1997, to 1.59 million in February. However, the data also revealed that long-term unemployment, which includes... more

Small firms confident about UK economy
Over three-quarters of small and medium-sized businesses expect GDP growth to stay at the same level or increase over the next six months, according to the latest HSBC Global Small Business Confidence Monitor. The monitor also reveals that 25% of small firms plan to increase their capital expenditure over the next six months and 95% predict they will not be making any jobs cuts. "SMEs have pl... more

Employment law harming UK companies
Complex employment law is stifling UK economic competitiveness and risks future job creation, according to a report by the British Chambers of Commerce (BCC). The BCC argues that basic workplace protections have been supplemented with burdensome rights to request, extended time-off provisions and unreasonable health and safety restrictions. The report finds that employers find it difficult t... more

SMEs warned over handling of redundancies
Small and medium-sized business owners have been warned over how they handle redundancies, with over a third of ex-employees telling more than ten people about their treatment, according to data released by recruitment website Careerplan4.me. The data also reveals that of the 1,000 jobseekers surveyed, half believe their overall treatment by their last employer was unfair or poor, while only 14... more

Employment drops 1.9% since 2008
Businesses in the UK took a flexible approach to reducing labour costs in the recession, according to data released by the Bank of England. This approach meant that the rate of redundancies was much milder than the steep drop in national output, as firms implemented pay freezes and flexible working patterns rather than cutting jobs. The Bank of England's quarterly bulletin revealed that empl... more

30% of bosses unaware of their obligations
More than a third of small and medium-sized business owners think that employment law obligations are not relevant to their business, according to new research from the Department for Business, Innovation and Skills. The survey also revealed that 20% of small business owners said they understand their obligations but worry whether they get it right and less than a third of small business owners... more

BA staff to strike in March
The union representing British Airways cabin crew has confirmed that its members will start a three-day strike from March 20th and a four-day strike from March 27th. Unite, BA's union, confirmed staff would not strike over Easter, but warned there could be further action after the 14th of April if a resolution had not been agreed. Consumer group Which? said passengers should be able to get t... more

50% drop in house sales in UK
The number of houses sold in the UK at the start of the year has declined to levels seen at the height of the recession, according to a survey by Acadametrics. The amount of transactions completed fell to 36,000 in January, a drop of 52% compared with the previous month, and then only crept up to an estimated 40,000 in February. This decline has been attributed to the traditional seasonal sl... more

Network Rail staff vote for strike action
Network Rail maintenance workers have voted in favor of strike action, meaning that industrial action over Easter is a real possibility. The Rail Maritime and Transport (RMT) union said 65% of members voted and of those 77% backed industrial action. The ballot was called over plans to cut up to 1,500 maintenance jobs and change working practices. Network Rail has said that the job cuts are n... more