Business News Articles

Banks win overdraft charges case
The Supreme Court have ruled in favour of the banks in the dispute with customers seeking billions of pounds of overdraft charge refunds. The court has overturned earlier court rulings that allowed the Office of Fair Trading (OFT) to investigate the fairness of charges for unauthorised overdrafts. At stake is an estimated £2.6bn of annual income for the banks, which had appealed against ear... more

Tube travellers face Christmas disruption
Small business owners in London have been warned that they could face travel disruption at Christmas as a tube union has voted to bring in a ban on overtime working. Engineering electrical workers on the underground could take the action in a row over pay. Members of the union Unite have rejected a ‘full and final' two-year pay deal by London Underground and have voted against a full strike a... more

Business investment declines 3%
Business investment in the third quarter of the year declined 3% from the previous three months and is 21% lower than the third quarter of 2008, according to data released by the Office for National Statistics (ONS). The ONS revealed that the amount of business investment in the third quarter of the year was £28m. This is a smaller fall than in previous quarters but the persisent decline is a ... more

Bank mortgage approvals rise
The number of new mortgages approved by the main banks for house purchase grew slightly in October, according to figures releases by the British Bankers' Association (BBA). The BBA's figures reveal that new mortgages approved by banks rose from 42,073 in September to 42,238 last month. The figures reflect the gradual improvement in the property market over the last six months. "The longer it... more

Small firm job losses ‘slowing’
The amount of small and medium-sized businesses that are cutting jobs has declined, according to a survey carried out by Clifton Asset Management (CAM). The survey revealed that the percentage of small firms letting go of staff has declined from 34% in spring to 28%. However, 52% of SMEs surveyed believe the economy will remain in the doldrums for another 12 months or more, with just 12% foreca... more

Business confidence at 6-year high
Confidence among British businesses has risen to the highest level for six years, according to data released by the Institute of Chartered Accountants (ICAEW). The ICAEW's Business Confidence Monitor climbed to 24.6 for the fourth quarter of the year - a large increase from the previous quarter's reading of 4.8. This is the highest reading since the Business Confidence Monitor began in 2003 and... more

60% of SMEs are a 'credit risk'
Over 60% of small and medium-sized businesses are deemed to be above normal credit risk in terms of defaulting on trade payments or getting into financial difficulties, according to data released by Graydon UK, a commercial credit agency. This equates to over two million UK firms being adjudged to be at an increased risk of falling into financial difficulty over the next year. According to Gray... more

40% of staff have stolen sensitive data
Small business owners have been warned that over 40% of staff have taken sensitive data from a business to a new job and a third would pass on company information if it proved useful in getting friends or family a job, according to a survey by Cyber-Ark. Employers need to tighten up procedures, with 57% of respondents stating that it's become a lot easier to take sensitive information from thei... more

Drop in car production smallest this year
UK car production declined by 6.7% in October compared with a year earlier - the smallest annual decline of the year, according to data released by the Society of Motor Manufacturers and Traders (SMMT). The SMMT have revealed that there were 106,400 cars made last month as the continuing impact of the government's scrappage scheme helping boost sales. However, despite the smallest annual dec... more

Bank lending to businesses falls £4.6bn
The flow of lending to businesses contracted for an eighth consecutive month in September, according to the Bank of England. The Bank's Trends in Lending report revealed that Bank lending to businesses fell by £4.6bn in September. That was more than the £1.1bn contraction in August but less than the record £15.6bn contraction in July of this year. The central bank has identified constrain... more