Business News Articles

Businesses raise pension longevity estimates
The average business in the UK has increased its estimate of how long pension scheme members will live after they retire by three and a half years since 2004, according to KPMG's 2009 Pension Accounting Survey. The UK Pension Regulator has been pushing businesses to use more realistic estimates of how long members will live after retiring, a calculation which has the effect of raising estimates... more

Small firm owners ‘failing staff that drive'
Many small businesses that require employees to drive as part of their job are failing in their legal duty of care in several key areas, according to a survey by Matrix Global Services. The survey revealed that 40% of respondents have never seen their company's driver handbook, 22% of private vehicle drivers did not have the correct business-use insurance and 5% have a medical condition that sh... more

UK inflation at lowest level since January 2008
UK annual inflation dropped from 2.2% in May from 2.3% in April, according to the Office for National Statistics. The small decline means that inflation is still above the Bank's target of 2%, but the annual inflation reading for May is the lowest since January 2008. Another inflation measure, the Retail Prices Index (RPI), which includes mortgage interest payments and housing costs, decline... more

ACCA: tax laws should be changed to help small firms
Modifications must be made to tax laws to make them more open, transparent and cut down the burden faced by businesses, say the Association of Chartered Certified Accountants (ACCA) in a new policy paper. The new ACCA paper highlights 12 areas that require specific attention by governments across the world, including simplifying legislation, tightening the rules on the difference between tax av... more

60,000 new car orders under scrappage scheme
More than 60,000 orders for new cars under the scappage scheme have been placed, according to government figures. The scheme provides a £2,000 discount when a new car is bought and a car over ten years old is exchanged, with the money provided equally by the government and the car industry. The scrappage scheme was announced at the end of April and the latest figures cover orders from then ... more

CBI: economic recovery will be 'slow and gradual'
The UK's recession will be shorter and less severe than previously expected but growth will not return until next year, according to the Confederation of British Industry (CBI). The CBI has revised its forecast for the economy, predicting a growth in output from January next year and unemployment peaking at just over 3m. In April the CBI predicted that unemployment would reach 3.25m and that th... more

70% of small businesses turning to smartphones
Seven out of ten small businesses are turning to a smartphone when replacing or upgrading their current handsets, according to data released by O2. Smartphones allow small businesses greater flexibility as staff are able to work remotely and access data using the devices. The shift to converged devices has almost doubled in the last year, with many small firms now combining their personal and b... more

Economists: unemployment rate ‘will not top 3m’
Economists have offered more optimistic predictions over future levels of unemployment in the UK, with the majority now predicting that it will not breach 3m. Until recently the consensus had been that the jobless total - currently 2.2m - would reach around 3.5 to 4m but the recent growth in industrial output and increased business confidence have led to a revision of the figures. Economists... more

Small companies see running costs decline 1.4%
The cost of running a small business declined 1.4% over the first quarter of the year due to rising deflation, according to the Business Inflation Guide. This is the second successive quarter of sustained deflation for the small business community, with this last quarter of 2008 seeing costs drop 2.9%. Declining labour, advertising, vehicle and raw material costs have all contributed to the ... more

Union threatens further strike action on Tube
RMT leader Bob Crow has threatened further industrial action if London Underground fails to meet union demands. The RMT and the London Underground are due to meet for talks next week in a bid to resolve their dispute. "If we don't make progress and come to an agreement with Transport for London then we will definitely strike again. It won't be next week, as you have to give seven day's notic... more