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Email details to be kept for a year

Details of every email sent or received in the UK will have to be retained by internet service providers (ISPs) from March of this year.
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Interest rate cut to lowest ever level of 1.5%

The Bank of England has announced a rate cut of 0.5% in the base rate of interest, taking the cost of borrowing to the lowest level ever seen in Britain. The rate cut from 2% to 1.5% has been welcomed in principle by the Federation of Small Business (FSB), although there are concerns over whether the banks will pass this saving onto their customers. "With rates now at their lowest ever level, small businesses are more concerned about access to money. The FSB would like a cast-iron guarantee that the banks will not only pass on the interest rate cuts, but pass on the money to the small businesses that need it," said FSB chairman John Wright. "The small business sector is the sector to see the UK out of recession in 2009 and into economic recovery, but this can only work if credit lines start flowing to viable businesses again," added Mr Wright. This is the first time since the Bank of England was founded in 1694 that the rate has fallen below 2%.
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Banks told to spend £1bn on IT to ensure savers can access funds

he Financial Services Authority (FSA) has told Britain's banks that they must spend almost £1bn upgrading computer systems so that customers can recover their money if a bank collapses. The FSA has called for a five-year investment of at least £892m to ensure that individuals and business owners can access a list of their deposits within 48 hours of a financial institution failing This would mean that customers can access their savings within seven days of a bank failing, and the FSA hopes the measure will improve confidence in UK banks. The proposal is being met with resistance from some banks who wish to decrease expenditure and preserve their capital.
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Entrepreneurs working an extra day a week to beat recession

Entrepreneurs are working an average of an extra eight hours a week in a bid to counter the effects of the credit crunch, according to new research by entrepreneurial thinktank the Tenon Forum. This average increase in working hours by company owners equates to working an extra day a week. "In these uncertain times, bosses and their staff need to work together to ensure their businesses are in the best possible position to have a successful year in 2009," said Carl Jackson from the Tenon Forum.
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Glasgow underground users get mobile phone access

Commuters to Glasgow’s international financial services district (IFSD) are among the first people in the UK to be able to use their mobile phones on the underground network.
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HMRC warning over tax return scam

HMRC is warning business owners yet to file their online tax returns to watch out for bogus emails requesting bank or credit card details.
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80% of small firms using environmentally friendly practices

80% of small businesses have made changes to ensure their firms are more environmentally friendly, according to research conducted on behalf of Alliance & Leicester Commercial Bank by YouGov. Over 800 SMEs were surveyed and while 29% said that they expected the improvements to lower their energy costs over 60% revealed that the main motivation was personal principles. Over 40% of the small business owners surveyed revealed that they had spent up to £15,000 on initiatives to make their business more environmentally friendly. As well as reducing their firms carbon footprint going green can save companies expenditure - more important than ever in the current economic crisis. "With the economic downturn set to continue, businesses are looking at adopting new ways to reduce overheads and by incorporating a number of initiatives to save energy, considerable cost savings can be made," said Steve Jennings from Alliance & Leicester.
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BA sees business travel decline 12%

British Airways has reported a 12% decline in business and first class passengers last month as the airline industry continues to be one of the worst affected areas on the credit crunch. This may be good news for business passengers as the world's third largest airline has been cutting prices in an attempt to revive its business. BA's non-premium traffic is showing more resilience, with figures down just 1.7% in December 2008.
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Record decline in jobs leads to lower staff wages

The declining UK jobs market has led to staff being forced to accept lower wages, according to a survey by recruitment consultants KPMG and the Recruitment and Employment Confederation (REC). December 2008 was the third consecutive month that salaries decreased, and also saw the number of staff in permanent or temporary work fall to its lowest levels since the survey began in 1997. Due to rising unemployment and the declining job market, any small business owner looking to recruit new workers is in a very strong position regarding salary negotiations. "These figures are deeply worrying and show that the contraction in the labour market is rapidly accelerating," said REC chief executive Kevin Green.
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Business urged to renegotiate contracts

Small business owners can make substantial savings during the economic downturn by renegotiating contracts with suppliers, according to a management consultancy.
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