Business News Articles

Government borrowed £4bn in January
The government borrowed an extra £4.3bn last month, according to data released by The Office for National Statistics (ONS). The figures mark the first January that the government has been forced to borrow money since records began in 1993. The county's debt now stands at approximately £178bn. January is traditionally a strong month for tax receipts, but this year the ONS said both income t... more

UK car production rises 65%
Car production in the UK increased in January, rising 65% from the same month last year, according to data released by the Society of Motor Manufacturers and Traders (SMMT). This is the biggest year-on-year increase in monthly production since May 1976. Just over 100,000 cars were produced in January, up from 85,316 in December. There are fears in the industry that when the car scrappage sch... more

Firms plan overseas job move
One in ten private sector employers plan to outsource jobs abroad this year in a bid to grow staff levels at a lower cost, according to the Chartered Institute of Personnel and Development (CIPD). Almost half of IT firms, and 17% of manufacturing companies, plan to relocate some jobs to other countries. Half of these jobs will go to India while a third will go to Eastern Europe, the report foun... more

SMEs breaking health and safety laws
Just under 80% of small businesses are breaking health and safety laws according to a survey by St John Ambulance. The survey revealed that 79% of businesses admit to having periods of time where no trained first aiders are present in the workplace, while 15% have never carried out an assessment to determine risks within the workplace. According to the charity, there were 1,100 cases of busi... more

Unemployment falls for second month
Unemployment in the UK declined slightly to 2.46 million for the three months to December, according to data released by the Office for National Statistics. This is a fall of 3,000 from the previous quarter’s figures and is the second consecutive month that unemployment has fallen. However, the rate of unemployment was unchanged at 7.8%, and the number of people claiming Jobseeker's Allowa... more

Credit card rates hit 12 year high
Credit card rates has reached their highest level in 12 years as providers become increasingly cautious over the ability of individuals and businesses to pay them back, according to data released by Moneyfacts. The average credit card rate now stands at 18.8%, an increase of 4% from 2006 levels. With recent data from the Institute of Directors showing that nearly 60% of companies seeking ban... more

UK inflation rises to 3.5%
The inflation rate in the UK increased to 3.5% in January from the previous month's 2.9%, according to figures released by the Bank of England. This rise in the Consumer Price Index (CPI) inflation from December to January is the fastest annual rise in 14 months. It was driven up by VAT returning to 17.5% and higher petrol prices. Bank of England governor Mervyn King will now have to write a... more

Gov will close utility loophole rule
The government have said that they will change a rule that allows energy companies more than two months to inform customers of price rises. As the law stands at the moment suppliers can wait for 65 working days after prices have been put up to notify their customers of the increase. Energy regulator Ofgem is to consult on proposals that will include a plan for companies to tell people in adv... more

70% of SMEs ‘confused’ by tax returns
Just under 70% of small business owners find the tax return process confusing, according to a study by accountancy software company Accountz. The research also revealed that despite being aware of deadlines for submission and the penalties associated with completing late self-assessments, as many as 22% of respondents have occasionally missed deadlines due to the complexity of the process. O... more

Gov told by firms: reduce deficit
Over 40% of businesses believe that it is vital for the country's economy that the next government implement spending cuts to bring down the UK's expanding budget deficit, according to a survey by the British Chambers of Commerce (BCC). The survey also revealed that 22% of firms said that slashing the red tape burden should be the Government's top priority, while 13% argued that the focus shoul... more