Business News Articles

Late payment claims rise by 114%
Rising pressures on cash flow this year have driven more businesses than ever to exercise their right to charge late payment interest (LPI) on bad debt, according to data released by debt recovery law firm Lovetts. In the second quarter of this year there has been a 114% increase in the number of firms that added LPI on to their debts compared to the same quarter in 2008. This rise comes as ... more

SMEs using own cash to fund their firm
More than half of UK entrepreneurs think that their most likely source of funding for major business projects will have to come from their own cash flow, according to a survey by business advisory firm Deloitte. The survey highlights the tough lending conditions that currently exist, despite banks slowly beginning to lend more. Despite tougher lending conditions entrepreneurs continue to rel... more

Firms urged to offer internships
Small companies can boost their business be offering young people internships, according to the Chartered Institute of Personnel and Development (CIPD). The CIPD have suggested that rather than take on graduates small firm owners would be better off offering work placement internships to see how individuals respond to different challenges and ensure they do not hire someone that is not suitable... more

British Airways sets new seat charges
British Airways have announced that passengers may have to pay to choose their seats before they travel. The charges will be implemented from October 7th and will affect those seeking to ensure they sit together and people with a preference for window, aisle or emergency exit seats. Prices range from £10 per person for European economy flights to £60 for long haul trips in business class. ... more

Stealth bank charges harming small firms
New stealth banking charges are nullifying the slow increase in bank lending to small and medium-sized businesses, according to Clifton Asset Management (CAM). The financial firms say that they have found that lenders are trying to persuade SMEs to convert their overdrafts into loans that have higher interest charges and more stringent repayment terms. "The evidence of recent weeks seems to ... more

UK default retirement age kept in place
The High Court has ruled that the UK retirement age of 65 was lawful when introduced thee years ago and that it will remain in place until a government review in 2010. In the ruling Mr Justice Blake said he recognised the "very substantial weight" of arguments put forward to increase or even scrap the retirement age but was satisfied that the government has brought forward their review of the i... more

30% of staff to leave when recession ends
Small business owners have been warned that over a third of employees are planning to leave their current job once the recession ends. Research from recruitment firm Robert Half revealed that 37% are planning to leave their current job as soon as the economy is more stable, and nearly 50% within six months of official Government figures confirming that the recession is over. According to the... more

Staff reveal worst traits of bosses
The worst traits that small business bosses can exhibit during the recession are hiding the extent of problems, making problems appear worse than they are and being distant with staff, according to a survey of SMEs by XLN Telecom. The survey of over 400 small and medium-sized firms also revealed that the next worst traits are cancelling promised pay rises and bonuses and driving around in a lux... more

Third of SMEs not backing up data
Just under 30% of small and medium-sized businesses are putting sensitive and confidential data at risk by not backing it up, according to research conducted by Buffalo Technology. The most common answer from small companies as to why they were not backing up their data was a lack of time, with 34% citing this as the main factor. 14% said that they did not think that it was important and 13% fo... more

Small firms adapting to downturn
Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills. The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewar... more