Business News Articles

Scotland set for recession
Scotland is on the verge of recession with business confidence at a record low, according to a survey by the Scottish Chambers of Commerce (SCC). The organisation found that 74% of respondents in construction were less confident than they had been in June, with a similar situation in the retail (65%), tourism (62%) and manufacturing (53%) sectors. ... more

EU backs change to bank accountancy rules
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Tories unveil cashflow plan
The Conservative Party has called on the government to allow small and medium-sized businesses to delay paying VAT for six months. “This is a measure that could be implemented to help cashflow and in some cases prevent companies from going to the wall,” said shadow chancellor George Osborne. ... more

Large firms ‘paying no tax’
A quarter of the UK’s largest businesses paid no corporation tax during 2005-6, according to the Commons public accounts select committee. The committee of MPs has called on HM Revenue and Customs to pursue companies that avoid paying tax more robustly and criticised the variations in the amount companies paid. ... more

Banks ‘must help small firms’
The government is to insist banks improve their treatment of small businesses as part of its bailout package. One of the conditions of the £37bn bailout to Royal Bank of Scotland, Lloyds TSB and HBOS is that banks return to 2007 lending levels while the business secretary Lord Mandelson is also calling for greater sensitivity when dealing with small companies. ... more

Insurance companies impose exit fees on customers
Business owners wanting to move money from insurance policies to ease cash-flow issues may have to leave the money invested or lose up to £4,000. The insurance companies Norwich Union, Friends Provident and Scottish Widows have imposed punitive charges on customers withdrawing their money in the hope of protecting funds following stock market drops. This action will affect 2m customers, and... more

Firms ignorant on waste rules
The vast majority of small businesses are still unaware of the 2006 Waste Electrical and Electronic Equipment (WEEE) Regulations, more than a year after they came into force. A survey by environmental guidance website www.netregs.gov.uk found that only 12% of small company owners could name the WEEE Regulations unprompted and just a third (36%) had heard of them once they were named. ... more

Price comparison sites criticised
Some insurance comparison websites contain out-of-date information and can mislead customers, according to an investigation by the Financial Services Authority (FSA). As part of its research, the body found cases where compulsory excess levels were either incorrect or not included in the quote, incorrect pricing and sites only offering a limited number of product features. ... more

Insurance risk reward plan
Small businesses that take steps to implement risk management strategies should receive lower insurance premiums, according to a new campaign. Document management company Diraq is currently lobbying members of the all-party Parliamentary group for small businesses to gain support for its proposals. ... more

Bank governor warns of recession
The governor of the Bank of England has warned that the UK is likely to sink into recession in 2009. His comments to a business dinner in Leeds saw the pound fall to a five-year low against the dollar. He also revealed that UK banks were closer to collapse in recent weeks than at any point since the First World War. ... more