Business News Articles

Pension schemes face deficit of £155bn
Almost 90% of defined benefit pension schemes in the UK were in deficit in the end of November, according to the Pensions Protection Fund (PPF). The schemes in deficit at the end of last month - 6,690 of them - have a collective funding shortfall of £155bn. At the same time last year the figure stood at £53bn. Figures releases by the PPF show that in November just 1,047 -14%- of all pensi... more

Banks agree new code of lending to small firms
Banks have agreed to a revised ‘statement of principles' of practice to govern their dealings with small companies. The new principles were agreed at a meeting yesterday between business secretary Lord Mandelson and representatives from small businesses and banks. The new principles are designed to provide small firms greater protection until statutory controls are implemented next year. ... more

Recruitment to drop to 15-year low
Recruitment is expected to drop to a 15-year low over the coming months, a survey by employment agency Manpower suggests. ... more

A third of small firms have no formal internet policy
Almost a third of small and medium sized businesses do not employ a formal internet policy, according to a recent survey by Easynet Connect. The research found that 18% of SMEs in the UK impose a complete ban and 49% employ a formal Internet policy, such as limiting use to lunchtime. 32% of small firms have no formal policy, allowing completely unrestricted Internet use by their staff. "A... more

Retail sales fall for second consecutive month
Retail sales in the UK have fallen for two months in a row for the first time in almost four years, according to a survey by the British Retail Consortium (BRC) and KPMG... more

Co-founder of Carphone website forced to resign
The co-founder of Carphone Warehouse, David Ross, has resigned as a director following a scandal over his use of company shares. Mr Ross admitted to using over 130m of his 177m shares as security against personal loans without the prior knowledge of anyone in the company. The co-founder of the telecommunications company has stressed that he had no intention of selling the shares and none of ... more

Maternity benefits scheme could ‘undermine flexible working'
The government has introduced measures forcing employers to offer non-cash benefits to workers on maternity leave. The rule, introduced at the start of October, means that employers have to continue to provide non-cash benefits for staff on maternity. Since staff previously paid for childcare vouchers by using a percentage of their salary, this new rule means employers offering this benefit ... more

One in three small companies still having difficulty accessing credit
A third of small business are still struggling to get credit from banks, despite recent commitments to lend fairly, according to research by the Federation of Small Businesses (FSB). The survey of 500 firms revealed that over 30% had experienced a rise in the cost of new or existing credit in the past two months. "With interest rates down, it is more important that ever that the governments ... more

HSBC announces £1bn fund for UK small firms
HSBC has created a new £3.4bn working capital fund for small and medium sized businesses, with £1bn allocated to UK customers. Britain's biggest bank has stated that the money will be made available to ensure that small firms can continue to have access to credit during the current economic crisis. "SMEs are the lifeblood of most economies and it is their success that will create economic ... more

Drop in factory gate prices
A fall in the price of oil saw a 0.7% drop in the cost of goods leaving the UK, figures showed... more