Business News Articles

Service sector growth hits 3-year high
The service sector in the UK expanded in February at the fastest monthly pace for three years, according to data produced by the Chartered Institute of Purchasing and Supply (CIPS). The CIPS index rose to 58.4 from 54.5 the previous month, its highest since January 2007. Any index score above 50 indicates growth. Areas covered in the services sector include transport and communication, finan... more

Deadline for rates refund approaching
Small and medium-sized businesses in the UK have been reminded that they only have five weeks remaining before they lose their right to claim refunds totaling a potential £134,500,000 in overpaid business rates going back to 2005. March the 31st is the final day on which the Inland Revenue's Valuation Office will accept formal appeals challenging the level of rates paid for the last five years... more

Over half of workers expect no pay rise
More than half of the UK's workforce - approximately 16m workers - do not expect a pay rise this year, according to a survey by YouGov. The survey also revealed that a further nine million expect to receive a pay rise below the level of inflation. The data also shows that a third of consumers in the UK think they will be worse off this year than last and more than five million consumers spen... more

Banks forced to write-off record amount
The amount of debts that financial institutions have had to write off because of defaulting borrowers increased significantly in 2009, according to figures released by the Bank of England. Last year financial institutions wrote off £4.12bn in credit card loans, up from the previous record amount in 2008 of £3.2bn and the value of mortgages written off more than doubled from £408m in 2008 to ... more

Complex tax laws hindering small firms
Small and medium-sized businesses are being hindered in growing their firms due to confusing tax laws, according to data released by the Federation of Small Businesses (FSB). Three-quarters of small businesses surveyed by the Federation of Small Businesses and business research group ICM believe they could grow their business if the tax system was simpler. Just over half of respondents said ... more

Mortgage approvals fall 17%
The number of mortgage approvals in January declined by 17% compared to December, according to data released by the Bank of England. The 48,198 mortgages approved in the first month of this year was the lowest number for eight months, but still 43% higher than a year ago earlier. Experts have said the end of the stamp duty holiday was behind the drop. The stamp duty threshold dropped back to... more

High street sales grow in February
The UK high street recorded its strongest growth in sales volumes in over two years in February, according to data released by the Confederation of British Industry (CBI). The CBI's latest Distributive Trades Survey also revealed that although price inflation has accelerated sharply, the fall in employment has slowed, and investment intentions have stabilised for the first time in over two year... more

Economic growth revised to 0.3%
The UK economy grew by 0.3% in the final quarter of last year, according to revised figures by the Office for National Statistics (ONS) The ONS initially estimated last month that the economy grew by just 0.1% in the final three months of last year. The upwards revision was due to stronger growth in services and production. Output in the service sector rose by 0.5% between October and Decemb... more

British Gas announce record profit
British Gas has announced operating profits increased by 58% in 2009 to reach a record high. The company operating profits rose to £595m last year from £376m in 2008, beating the previous high of £573m in 2007. This announcement comes shortly after industry date revealed that small and medium-sized businesses are paying more for their gas and electricity than larger companies, ... more

RBS announce £3.6bn loss for 2009
The Royal Bank of Scotland has announced losses for 2009 of £3.6bn but will still pay bonuses of £1.3bn to its employees. Taxpayers in the UK own 84% of the bank after the government was forced to bail out the bank at the end of 2008 due to its perilous financial position. The company's £3.6bn loss was lower than the £5bn many experts were expecting and is well below the £24bn it lost i... more