Business News Articles

Expenses claims costing UK businesses ‘£1bn a year’
Around £1bn of fraudulent or incorrect expense claims are paid out by UK businesses each year, according to a survey by Globalexpense. The research of almost 5m expense claims from 140 companies revealed that around a quarter of the expenses submitted by employees are fraudulent or incorrect. Around £350m worth of claims are completely bogus, while a further £670m are not technically cove... more

Business conservatism could ‘lead to missed opportunities’
UK firms are being warned that they could miss out on business due to increased risk aversion brought on by the economic climate. A study by insurer RSA and forecasting group the Future Foundation found that 63% of companies surveyed thought that new found business conservatism would lead to missed opportunities. The research also revealed that risk taking was once exemplified by entrepreneu... more

Foreign investment in UK companies rises 11%
The number of new foreign investments in British companies increased by 11% last year, despite the onset of the global economic downturn, according to figures released by UK Trade and Investment. Businesses from 53 different countries - the largest variety ever in a single year - invested in UK firms in 2008, maintaining the UK's position as Europe's number one investment destination. With o... more

UK public borrowing reaches £19.9bn in May
UK public sector net borrowing reached £19.9bn in May, according to data released by the Office for National Statistics (ONS). This is the biggest figure since the ONS records began in 1993 and means that public sector borrowing has already reached £30bn in the first two months of the financial year. The total outstanding government debt has now increased to £775bn, which equates to over ... more

Tube strike update
London Underground officials are due to meet with RMT boss Bob Crow and other union members on Friday in a bid to avert another tube strike. Bob Crow has demanded written assurances that there will be no compulsory redundancies, but London Underground are unwilling to meet his demands and are planning numerous cost cutting measures. The recent 48-hour tube strike was the first strike to affe... more

Government propose broadband tax of £6 a year
Millions of phone users could face a charge of 50p a month under new government plans to assist the implementation of high-speed broadband throughout the UK. The £6 a year tax on households with telephone lines would raise £150m annually to develop the fibre optic services needed for universal broadband. The scheme would "help accelerate Britain's recovery from the biggest economic shock t... more

British Airways asks staff to work for free
British Airways has asked its workforce of 40,000 to work without pay to help the airline survive in the economic downturn. BA, which recently recorded a record loss of £400m for 2008, has asked staff to volunteer for between one-week and one month's unpaid leave or unpaid work. "I am looking for every single part of the company to take part in some way in this cash-effective way of helping... more

Redundant workers have ‘six month window' to find work
Redundant workers have a six-month window to find work before the stigma of unemployment affects them, according to a new report by the Institute of Leadership & Management (ILM). With unemployment figures reaching a 12-year high those currently out of work will be alarmed by the findings of the survey, which revealed that 28% of employers are unlikely to hire someone that they consider to be l... more

Unemployment rises to highest level since November ‘96
UK unemployment rose to 2.26m in the three months to April, the highest figure in twelve years, according to figures released by the Office for National Statistics. The jobless rate increased to 7.2%, the highest level since July 1997 and the total number of people claiming unemployment benefit rose by 39,000 in May. Despite the rise in unemployment and the jobless rate the overall figures a... more

Barclays issue 40% of all new Enterprise loans
Barclays has issued 40% of all Enterprise Finance Guarantee (EFG) loans in the UK, according to data based on government figures. The EFG is the government's £1.3bn scheme which provides loans to UK businesses through 26 financial institutions and is available up to 31 March 2010. The government guarantees up to 75% of the business loan. The scheme started slowly with many small businesses ... more