Business News Articles

Profit warnings highest since 2001
The UK is experiencing its highest level of profit warnings since the end of the dotcom boom in 2001, according to figures from Ernst & Young. The accountancy firm revealed there were 114 profit warnings in the first three months of 2008, a rise of 11% on the same period last year and the highest level for a first quarter in seven years. ... more

New self-assessment tax return
HMRC has unveiled a new tax return form for self-assessment tax-payers, which it claims is easier for people to complete, following a two-year pilot with 70,000 people. According to the body, the form has fewer questions, simpler language and an improved layout and is the first major revamp since 1997. ... more

Interest rates cut to 5%
The Bank of England has cut interest rates to 5% in a bid to bolster an increasingly fragile economy. The move is designed in part to boost the housing market, which saw the biggest fall in prices since September 1992 in March. ... more

Manufacturing factory output rises
UK factory output rose at its strongest annual rate in more than a year in March, suggesting the manufacturing industry has yet to be adversely affected by the global credit crunch. Figures from the Office for National Statistics revealed that manufacturing output rose by 0.4%. Analysts had predicted a rise of 0.1%. ... more

Mortgage lending at 16-year low
The number of mortgages awarded for houses has dropped to its lowest level since September 1992, figures from the Council of Mortgage Lenders (CML) show. The body’s figures revealed there were just 49,000 mortgages granted in February and loans of house purchases made up only 30% of all mortgage-lending. ... more

BCC urges action on crime
A leading business group has urged the government to make more of an effort in cutting crime against businesses. A survey by the British Chambers of Commerce (BCC) claims crime costs companies £12.6bn every year and revealed that 59% of businesses had suffered at least one criminal incident in the last 12 months. ... more

Body criticises eco-fuel policy
The Forum of Private Businesses has criticised the government’s decision to replace an incentive to use eco-friendly fuels with regulation. The government announced in the 2008 Budget that it would stop the 20p a litre reduction for firms that invest in bioethanol and biodiesel in Spring 2010 and replace it with the Renewable Transport Fuels Obligation, which specified that by 2010 at least ... more

Rise in UK bankruptcies
The amount of UK companies going out of business rose by 8.5% in the first three months of 2008, according to credit-rating agency Experian. The organisation revealed 4,798 businesses ceased trading as the credit crunch started to spread beyond the financial sector. ... more

Manslaughter bill becomes law
The corporate manslaughter law – which will make it easier for company directors to be prosecuted for deaths caused through their negligence – has now become law. Under the new rules, prosecutors will only need to prove that senior management played a role in the person’s death rather than having to demonstrate that a single person was responsible. ... more

Most households to cut spend
Most households will reduce the amount they spend this year as mortgage payments rise and the credit crunch worsens. The poll by Axa Insurance revealed that 70% intended to reduce their outgoings, with 37% saying they would eat out less, 19% cutting back on socialising and 8% planning to skimp on their insurance cover. ... more