Business News Articles

UK unemployment reaches 1.92m
Unemployment in the UK increased by over 130,000 between September and November to bring the total to 1.92m - the highest figure since September 1997. The actual number of those unemployed will be much higher, as the official figure does not take into account the tens of thousands of job losses that have occurred since November. The figures also showed there were 530,000 job vacancies in the... more

GDP fall of 1.5% in final quarter means UK is officially in recession
The UK officially in recession for the first time since the 1990s, as government figures reveal a second successive quarter of negative growth. Gross domestic product (GDP) declined by 1.5% in the final quarter of 2008, following on from the previous quarters fall of 0.6%. The news is not a surprise, as the UK has recently experienced large job losses, a depressed housing market, and unemplo... more

Federation of Small Business annual conference to be held at Celtic Manor
The Federation of Small Business (FSB) has announced that its annual conference will be held at Celtic Manor in south Wales. The theme of the event will be ‘Firing up the British Economy', and advice will be given to small firms as to how they can help pull the country out of recession. Speakers at the event include; small business minister, Baroness Vadera, the newly appointed shadow busi... more

EU rules that long-term sick employees can claim holiday
The European court of justice (ECJ) have ruled that staff on long-term sick leave are entitled to accrue holiday while off work. The ECJ judges ruled that those who are unable to work through sickness are still eligible to four weeks of holiday a year, and should receive the money if they leave employment before claiming this. The ruling is a blow to many small businesses that are struggling... more

British Gas announce 10% gas price cut
British Gas has announced that it is to reduce the price of its standard tariff gas prices by 10% from February the 19th. The company is the first major gas supplier to cut its rates since the price of oil significantly declined from a peak in summer 2008, and they claim that the cut will save the average household £84. However, British Gas did raise their prices by a record 35% in July 200... more

Confusion over new government package hampering SME credit
Small companies are still struggling to access credit, despite the government's multi-billion package to get the banks lending again, which included a £1.3bn fund guaranteeing loans to SMEs. A senior source at Barclays has said that the bank has not yet received the forms that small companies need to fill in to access the fund. "The infrastructure is lacking behind the grandiose statements.... more

House prices could rise by end of 2009
By the end of the year house prices could start to rise again, according to research by Lombard Street Research (LSR). The LSR housing affordability index, which compares house prices to other financial indicators such as average earnings and mortgage rates implies that those now buying house are doing so at a reasonable level. "There are actual signs from the market that things are actually... more

One in ten small business owners working 100 hours a week
Small business owners in the UK are working more than 60 hours a week, with almost one in ten putting in 100 hours a week, according to a poll by BT Tradespace. The survey found that 8% of SME owners were working a 100-hour week, while the most common number of hours put in was 50-60, with 21% of respondents working this amount of time every week. With many small companies struggling in the ... more

Only 3% of small business owners planning to cut back on IT spending
Small companies in the UK are less likely to cut back on IT spending during the current economic downturn than they are on a number of different areas such as travel costs, advertising and staff bonuses. YouGov, on behalf of electricity supplier Opus Energy, polled over 500 small business managers and the research found that only 3% would prioritise IT as an area in which to reduce spending. ... more

Some small firms receiving no interest from bank accounts
Some small businesses are receiving 0% interest rates on their bank accounts, according to new research by MoneyFacts. The study found that the small firms have £55 billion on deposit in UK banks and are receiving an average interest rate on company savings of £10,000 of 0.19%, down from the 2.6% it was at the same time last year. Small firms with business cheque accounts with a balance of... more