Business News Articles

70% of UK companies plan to cut or freeze pay
The majority of businesses in the UK are planning to freeze wages this year, according to research conducted by the British Chambers of Commerce (BCC). The BCC's survey of more than 400 companies found that 58% of companies are planning to freeze salaries and 12% will cut their employees' wages. "There was some support in the Budget, but more is needed to help Britain's embattled businesses ... more

Leading entrepreneurs warn that tax rise could damage UK economy
Leading entrepreneurs have warned that the Chancellor's new 50% tax on those earning more than £150,000 could lead to an exodus of talent and a decline in the number of jobs in the UK. "Higher taxes may be politically attractive in the short term, but I think that this could be a real hindrance to the next wave of UK entrepreneurs and international companies looking to invest," said Sir Richar... more

New employment law will ‘harm small firms’
Almost half of small firms in the UK have faced difficulties coping with the mass of UK employment law, according to a new report by the British Chamber of Commerce (BCC). The findings are released the day before Equalities Minister, Harriet Harman, publishes the new Single Equalities Bill. The BCC have warned that the new legislation will increase the pressure on small firms that are already s... more

UK car production declines 50%
The number of new cars produced in the UK dropped by more than 50% in March compared to a year earlier, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). However, the 51% fall is an improvement on the record drop of 59% that occurred in February. The SMMT have welcomed the government's recent announcement in the Budget that motorists trading in old cars ... more

25% of small firm owners say Budget will negatively affect them
Over a quarter of small and medium-sized companies expect the measures announced in the Budget to actually worsen the economic environment for them, according to a survey by simplybusiness.co.uk. 92% of the small firms surveyed do not believe that the measures go far enough to support them and 80% expect the Budget to have little or no positive impact on their business. "Small businesses are... more

Only 24% of small firms taking legal action to pursue debts
Despite the current economic climate small firms are reluctant to take legal action to pursue money that it owed to them, according to research by invoice finance service provider Cattles. The survey of over 300 small companies found that only 24% had taken legal action to recover outstanding monies, in spite of 77% being aware of their legal right to charge debtors a percentage on unpaid invoi... more

CBI positive despite 60% fall in manufacturing output
Demand for UK manufactured goods declined at the fastest rate in thirty years in the last quarter, according to research by the Confederation of British Industry (CBI). In the first three months of 2008 demand plummeted, with 60% of firms reporting a fall in the volume of new orders compared with the previous quarter, and 13% reporting an increase. General business sentiment continued to fal... more

UK economy declines 1.9%
The UK economy declined 1.9% in the first quarter of 2009, according to data released by the Office for National Statistics (ONS). This follows the previous quarter's contraction of 1.6% and means that the UK has experienced the worst six-month decline in GDP since the ONS began publishing the figures. This is the third consecutive quarter of negative growth in GDP and confirms that the econ... more

Positive Action event to help firms beat the recession a success
Around 200 people attended the University of Hertfordshire's Positive Action event, which offered advice and guidance about how businesses can combat the recession. Stand holders at the event - whose partners included Business Link, the Federation of Small Businesses and Herts Chamber of Commerce and Industry - included numerous colleges and business partners such as SA Law, Clydesdale Bank, Et... more

Properties sold and mortgages approved increase in March
The number of properties sold and the amount of mortgages approved in the UK both increased in March, according to official figures. There were 60,000 homes sold in March compared to just over 40,000 in the previous month - an increase of 40% - according to figures released by HM Revenue & Customs. The housing market is a good barometer of the health of the economy, and there were further si... more