Business News Articles

Property repossessions up by 12%
The number of properties being repossessed by lenders in the UK rose by 12% to 11,300 in the third quarter of 2008, figures from the Council of Mortgage Lenders revealed.... more

RBS agrees to fixed-term credit lines
The Royal Bank of Scotland (RBS) has announced fixed overdraft contracts and rates for its business customers for at least the next 12 months. The move means small businesses will not be subject to credit lines being cut at short notice; something which is pushing many viable small companies to the verge of bankruptcy. ... more

Small firms turning from car purchasing to leasing
Small businesses are moving away from outright purchase of vehicles and towards leasing in order to free up cash flow. "Cash is king at the moment and banks are increasingly calling in debts. By switching to vehicle leasing businesses can free up capital and acquire additional funding lines," said Mike Bell, director at My Lease. So instead of having money tied up in a depreciating asset l... more

Business Post launch next day iMail service
Business Post has launched a next day delivery service, which allows customers to electronically transmit letters. The cost of the service starts at 60p a letter compared to 36p a letter for the first class service that Royal Mail offer. It is expected that UK businesses will extensively use the service. Business Posts chief executive Guy Buswell commented that iMail is the first time that c... more

Banks claim lending to small businesses has risen 10%
Banks lending to small firms has increased by 10% during the 12 months to September 2008 to £44bn, according to the British Bankers Association (BBA). The BBA claims that lending to small firms has risen to a figure just under £45bn. The association added that lending increased by £1bn in the third quarter of the year and that the amount of money being borrowed had risen by 4% to over £9bn.... more

Annual pension levies could be tied to risk of investment
The Pensions Protection Fund (PPF) has announced plans to tie annual levies more closely into the risk that each scheme poses. This would be the first time that pension payments have been linked into the risk of a particular strategy. "It is not about telling trustees how to invest, and our economic analysis suggests that there are no economic incentives [in the plan] to changing strategy, s... more

Small firm liability insurance set to rise
he cost to businesses of obtaining liability cover is set to rise due to underwriters increasing premiums. The insurance group Zurich has said that is will lift premiums by at least 6% to a total of 8%, in line with claims inflation. "The deteriorating economic climate will reduce investment returns for everybody, including insurers, and this has been factored into pricing," said Graham Prio... more

October high street sales better than expected
High street sales fell by far less than had been expected in October, raising hopes that the Christmas season may not be as bad as many retailers have feared. Figures from the Office for National Statistics revealed there was a 0.1% fall in total sales; far less than the 0.9% drop that many analysts had predicted. ... more

£30m fund available to firms for staff training
Almost £30m is to be made available to UK employers to help train their staff to ensure workers have the right skills for their job. The money is being made available via the UK government, which is aiming to support firms and ensure employers are continuing to fill positions. Minister for employment and welfare reform Tony McNulty commented that in the current climate it is essential that ... more

Small firms should ‘be able to pay tax more flexibly’
The number of unpaid tax bills increased 20% last year last year, according to official figures released by the National Audit Office. The number of tax debts in the UK rose last year to 15.8m, sparking fears that many small firms will struggle to pay the tax they owe. The Chartered Institute of Taxation (CIOT) has called for small businesses to be allowed to pay tax owed on a more flexible ... more