Business News Articles

Mortgage lending rises 5%
Mortgage lending increased by 5% in October to reach £13.5bn, according to the data released by the Council of Mortgage Lenders (CML). Lending has risen to £13.5bn compared to £12.9bn in September, but October's figure is still down 27% compared to the money that was lent to homebuyers in October 2008. "This is typical seasonal activity between September and October - the average monthly ... more

UK borrowing reaches £11bn in October
The county's public sector net borrowing reached £11.4bn for October, according to the Office for National Statistics. The figure was the highest since records began and means that public sector net debt as a percentage of gross domestic product (GDP) totaled 59% in October. The record rise for the month takes public sector net borrowing for the financial year so far to £86.9bn Public borr... more

1m business rates bills to decline
Over one million business rate bills will fall next year as a result of revaluation, according to the government. The government have confirmed that they will not collect a penny more of extra revenue as a result of the 2010 revaluation. Around 60% of business properties will see falls in their rate bills next year and for those paying more, the government is putting in place a £2bn relief ... more

Decline in factory orders slows
UK factory orders fell at their slowest pace in November for almost a year and export demand was the highest since April, according to the Confederation of British Industry's Industrial Trends Survey. The CBI's survey found that a balance of 45% of firms said total order book levels were below normal, the least negative since December 2008. 27% of manufacturers anticipate a higher volume of ... more

Retail sales rise 3.4%
UK retail sales in October rose at the fastest annual pace since May 2008, according to figures released by the Office for National Statistics (ONS). ONS data revealed that sales in October were up 3.4% from a year ago and increased 0.4% from September. The figures also revealed how important the online sector is becoming, with online sales recording a 15.8% year-on-year increase in sales fr... more

Bannatyne backs business competition
Dragons' Den star Duncan Bannatyne is calling on entrepreneurs across the UK to take part in an innovative business planning competition to help drive the knowledge economy in Wales. The serial entrepreneur is backing the 2010 Technium Challenge, a Welsh Assembly Government and European Union backed project, which looks to uncover the most innovative technology companies across the UK with high... more

New banking laws unveiled by Gov
The government has outlined two new bills in the Queen's Speech designed to strengthen financial regulation and reduce the country's debt. The Financial Services Bill calls for a new Council for Financial Stability and gives the Financial Services Authority increased powers to regulate banks. The Fiscal Responsibility Bill would commit the government to halve its budget deficit within four year... more

300,000 home firms started in recession
The recession has helped to create 300,000 home-based businesses, according to the Home Business Report released by Enterprise Nation. According to the report 5,500 people are swapping the daily commute for a home-based venture every single week, with many using redundancy to fund their projects. The report also revealed that 60% of small businesses in the UK were started at home. "This year... more

50% of businesses consider pay freeze
Half of employers in the UK are planning to freeze pay completely in 2010, according to data released by the Confederation of British Industry (CBI). However, the CBI's survey also revealed that hiring freezes are starting to thaw, with the number of firms operating a recruitment freeze dropping from 61% in the spring to 37%. "The worst of the recession may be over but firms remain ultra cau... more

Small firm working trends revealed
Over a third of small business owners are now working over 50 hours per week to try and combat the recession, according to research released by Abbey and Alliance & Leicester. The data also reveals that 15% of small firm owners are working in excess of 65 hours a week; the equivalent of a minimum of 13 hours per day over a five day working week. 34% of small business owners say that they are... more