Business News Articles

Trade Union call for larger increase in statutory redundancy pay
Statutory redundancy pay should be raised to ensure that sacked workers are adequately compensated, according to the Trade Unions Congress (TUC). The maximum weekly amount used to calculate redundancy payments will rise from £330 to £350 from February the 1st but the TUC has called on this to be raised to £500. The Union has also called for the lump sum that staff receive before they have... more

Bank of England may print more money to combat recession
Alistair Darling has implemented procedures that would enable the Bank of England to begin quantitative easing - printing money. With the Bank of England's interest rate cuts to 1.5% having a limited impact on the economy, it is predicted that this new measure could occur in the next few months. The chancellor has exchanged letters with the Bank's governor, Mervyn King to work out a timetabl... more

Small firms face 100% rise in utility bills
Over a million small firms have been warned that their electricity and gas bills could increase by 100% this year, and are being advised to check their contracts to ensure they are not due to be automatcally renewed. Price comparison service Make It Cheaper advise that the increases will apply to any business on a fixed price energy contract which expires and is automatically renewed. Small ... more

90% of small firms won’t cut back on insurance during recession
The majority of small and medium-sized companies will not be cutting back on insurance cover during the recession, according to data compiled by independent survey company, the Survey Shop. Of the SMEs surveyed 66% reported that the value of having secure insurance does not decrease during the current economic downturn. Only 11% thought that the value of insurance has currently decreased. Th... more

New light bulb could cut bills by 75%
A light bulb that can last up to 60 years and cut bills by 75% has been unveiled, and will be available to buy in two years time. With costs rising for small business, investing in the £2 light bulb that is 12 times more efficient than traditional bulbs makes good business sense. "This won't just be good news for the environment, it will also cut electricity bills," said Prof Colin Humphrey... more

UK company failures increase 30% in final quarter of 2007
The number of UK company administrations increased by a third in the final quarter of 2007, according to a survey by business advisory group Deloitte. The amount of company failures rose by 30% in the last quarter of 2008, compared to the corresponding period in 2007. In 2008 there was a total of 3,025 company administrations - 20% more than in 2007. "Businesses should take this as a warn... more

TV advertising revenues to decline £600m by 2010
Television advertising is predicted to fall from the £3.4bn achieved in 2007 to £2.8bn in 2010, according to data from Enders Analysis. Despite increasing numbers of people staying at home during the recession and watching television, any businesses wishing to advertise are enjoying the lowest rates for several years. With the average number of adverts seen by a viewer reaching an all-time... more

Small firms could benefit from taking on apprentices
Small business owners should take on apprentices to ensure that their workforce is sufficiently trained, says The Forum of Private Business (FPB). A survey by the FPB found that 68% of small business owners considered the skill levels of graduates as ‘average' and 18% stated that the general labour skills in the UK are ‘poor' or ‘very poor.' By using apprentices small firms can ensure ... more

Pension Protection Insurance claims increase by 118%
Unemployment claims on Payment Protection Insurance (PPI) rose over 118% from November 2007 to 2008, according to figures released from the ABI. In November of 2008 19,105 people claimed unemployment on PPI, up from 8,772 the year before. "Many people are already feeling the effects of the recession, through rising unemployment. Losing your job is stressful enough, and even more so when you ... more

Government announce £2.5bn package for UK car industry
The government has announced a series of packages and loans worth £2.5bn to support the UK's car industry. Business secretary Lord Mandelson announced the deal yesterday, ahead of a meeting with several leading car manufacturers. The package is designed to unlock bank lending to the industry by offering guarantees based around £1bn worth of guarantees from the UK and around £1.3bn from th... more