Business News Articles

SMEs missing out on government contracts
Small businesses bidding for government contracts are still being affected by the three-year accounts rule - despite its abolition seven years ago. The Government has advised SMEs that are rejected for contracts with local councils and other public sector agencies because they lack the three years of accounts to complain directly to Whitehall. The three year accountancy rule was scrapped in ... more

UK unemployment hits 11-year high of 1.82m
Unemployment in the UK has reached an 11-year high, with the number of people out of work rising by 140,000 to 1.82m. According to official figures released today, in the three months to September the unemployment rate rose to 5.8%, an increase of 0.4% from the previous quarter. The number of people claiming Jobseeker's Allowance rose by over 36,000 to 980,900 in October - the highest monthl... more

Government to monitor SME lending
The government has announced plans to create a new panel to monitor the extent to which banks are lending money to small firms. At the first meeting of the Small Business Finance Forum, the five main high street banks agreed to provide data on the availability, risk and cost of finance to small companies. ... more

Retail sales show yearly fall
UK retail sales fell by 0.1% over the past 12 months, figures from the British Retail Consortium revealed. Total sales in October were down 0.1% on the figure for the same month in 2007 – the first yearly drop since April 2005 – while like-for-like sales, which do not include new outlets, fell by 2.2%. ... more

Pound hits record low against Euro
Sterling has fallen to its lowest rate against the Euro since the creation of the European single currency in 1999. This is unwelcome news for any small UK firms that import from within the eurozone, as it puts them at a disadvantage against firms that use the euro. The euro briefly reached 82.09p against the pound, meaning that £1 bought just 1.22 euros. The European currency's third recor... more

Small firms on edge of bankruptcy
Many viable small companies could be forced out of business by Christmas if they do not receive financial support from the banks, the British Chambers of Commerce has warned. “The BCC has serious concerns about the availability of credit, and the tightening of credit conditions for small businesses,” said David Frost, director general. ... more

Demand for temporary staff at lowest level since '97
Temporary workers are being dismissed as small businesses look to cut costs, according to research by KPMG. The number of temporary workers has increased in recent years as firms looked to become more flexible, but in the current climate their jobs are more vulnerable than permanent employees. The survey found that demand for temporary staff in the UK has fallen to its lowest levels since 19... more

Duncan Bannatyne to host new investment programme
Serial entrepreneur and television dragon Duncan Bannatyne is fronting a new TV show called Beat The Bank. In the programme a newly wed couple looking to raise money to purchase a home are introduced to three experts - who all offer unconventional investments. The couple invest £10,000 of their own money into one scheme and Duncan Bannatyne invests in the other two. After three months th... more

Cost of TV advertising will fall to 'lowest level for a decade'
Prices for television adverts will fall to their lowest rates for over a decade, according to forecasts from media agency Zenith Optimedia. The agency predicts that -in real terms- by 2009 television advertising will be 40% cheaper than in 1987 and that revenue generated by TV advertising will fall by 3% next year. This survey follows a report by PwC that in over 65% of cases a business tha... more

More small firms moving to cash accounting
An increasing amount of small businesses are switching from ledger accounting to cash accounting to help boost their businesses cash flow. Small firms that have an annual turnover of less than £1.35m can move to from ledger to cash accounting. This switch means businesses only pay VAT on receiving payment from a customer, instead of every quarter, regardless of whether the customer has paid or... more