Business News Articles

Average price of a UK house declines 2.3% in February
UK house prices declined on average by 2.3% in February, dampening hopes that the housing market had begun to recover following January's 2% rise, according to the Halifax’s House Price Index. However, Halifax's chief economist, Martin Ellis has emphasised that it is not unusual for house prices to fluctuate from month to month. "Historically, house prices have not moved in the same direct... more

SME owners dissatisfied with banks but 70% still turning to them first for credit
Over six out of ten small business owners are dissatisfied with their banks and have already switched, or are considering switching banks, but over 70% of respondents believe they are still the best places to access credit, according to a poll by the Federation of Small Businesses (FSB). The poll of over 500 FSB members also revealed that over 85% of SME owners think that that bank decisions on... more

EU rule that UK’s compulsory retirement age of 65 is legal
The European Court of Justice (ECJ) has ruled that the UK's compulsory retirement age of 65 in not in breach of EU law. In the UK a British employer can dismiss a member of staff without redundancy payments when that person reaches 65 years of age. The ECJ ruled that the practice was legal if it had a legitimate aim related to employment and social policy and that it was up to the UK's High ... more

UK consumer confidence rises for the first time since October
Confidence among UK consumers rose slightly in February despite the current recession, according to a survey of 1,000 customers by Nationwide. The building society's Consumer Confidence Index increased by two points to 43 - the first rise since October last year. The rise has been attributed to the growing perception among UK consumers that there are significant savings to be made on goods a... more

Job vacancies drop at sharpest level for over a decade
Job vacancies declined last month at the fastest rate in 11 years as employers cut or freeze staff due to the recession, according to a poll by consultants KPMG. "The UK jobs market is continuing its downward spiral, with placements falling for the 11th month in succession and vacancies down across most sections," said Mike Stevens, head of business services at KPMG. Starting salaries for ne... more

European Union to cut trademark costs by 40%
Small and medium-sized companies are expected to be the biggest beneficiaries following an announcement that the cost of obtaining trademark protection in European countries will be reduced by around 40% from May this year. The European Union has announced that it will cut the official application and registration costs in up to three classes from €1,600 to €1,000. In making the announce... more

Age discrimination claims rise over 25% as jobs are cut in recession
Age discrimination claims have risen by 27% in the last 12 months as the recession leads to more staff cut-backs, according to research by law firm Eversheads. The European Court of Justice (ECJ) is due to decide on a landmark case this week whether the British government's decision to allow employers to force staff to retire at 65 breaches their human rights. Hundreds of age tribunal claims... more

Insurance firm AIG report record quarterly loss
Insurance firm AIG have reported a loss of £43bn in the final three months of last year - the largest ever-quarterly loss in corporate history. AIG has so far received $150bn in financial support from the US Government and the troubled insurer will receive another $30bn to tide it over. The Federal Reserve and the Treasury have said that they have bailed out AIG as it poses a genuine risk t... more

Almost a quarter of Britons want to start their own business
Nearly a quarter of Britons surveyed have ambitions to start their own business, with the most popular choice of new company start-up being an internet-based business, according to a poll of over 2,000 adults by YouGov. Despite the current recession the general public still have ambitions to go into business themselves, with 23% of those surveyed wanting to set-up a new company, with this figur... more

Wage subsidy fund would ‘help to save jobs’
A wage subsidy fund would reduce the amount of staff that small and medium-sized businesses cut back on, according to the Trade Union Congress (TUC) and the Federation of Small Businesses (FSB). The TUC and FSB have called on the government to subsidise up to 60% of a worker's wage by a combination of a specially set up fund and the job seekers allowance. With unemployment figures in the UK ... more