Business News Articles

FPB: SMEs need alternative finance sources
The government must look into creating alternative lending options for small businesses, according to the Forum or Private Business (FPB). With small firms still finding access to finance difficult from high street banks, the FPB believes that a move away from bank lending could help many businesses to stay afloat. The call comes in the wake of this week's Public Accounts Committee report, w... more

PAYE becomes online only for SMEs
Small and medium-sized businesses have been reminded by HMRC that there is no longer a PAYE paper filing option for companies with fewer than 50 employees. Employers must register with HMRC to file online, while smaller businesses can use HMRC's free software to file their employee data securely online. The PAYE deadline is 19 May. From May 2010, the tax office is also introducing new penalt... more

SMEs ‘cutting fewer jobs’
The number of small and medium-sized businesses that have made job cuts in the last six months has fallen, according to research by Clifton Asset Management (CAM). The data shows that 26% of firms have been forced to shed jobs over the past six months, down 2% on the previous quarter's figures. However, the latest study, carried out among 1,000 small business owners, also shows that the numb... more

Bank of England: inflation will exceed 3%
The UK's inflation rate will rise above 3% in the next few weeks, according to the governor of the Bank of England, Mervyn King. In the Bank's quarterly inflation report, Mr King said the increase in VAT and higher petrol costs would push up prices. In December the official rate of inflation reached 2.9%. If inflation moves above 3%, the governor is required to write a letter of explanation ... more

Manufacturing output rises 0.9%
Manufacturing output increased by 0.9% in December in the UK, according to figures released by The Office for National Statistics (ONS). Figures reveal a -1.9% decline in the sector in December 2009 compared with December 2008, the slowest rate of year-on-year decline since May 2008. The stronger-than-expected manufacturing figures have raised hopes of an upward revision to the UK's economic... more

Retail sales decline 0.7%
Retailers in the UK experienced their lowest sales in January for 15 years as extreme weather and the rise of VAT kept consumers at home, according to data released by the British Retail Consortium (BRC). Underlying sales values for January fell 0.7% compared to a 2.6% rise in January last year. "It's an awful start to the year and in stark contrast to an upbeat December. The VAT change brou... more

Trade deficit widens in December
The UK's goods trade deficit widened in December to an 11-month high of £7.3bn, according to figures released by the Office for National Statistics. The deficit rose from November's figure of £6.8bn as imports from outside the EU rose by 7.6%. Analysts said the pound's weakness had not boosted exports as much as had been hoped. "These figures show a further welcome increase in exports. How... more

Workers face pay freeze in 2010
Workers face a second year of pay freezes despite the UK emerging from recession and rising inflation, according to data released by the Labour Research Department (LRD). The report has said that a third of all pay deals now included a pay freeze - the largest proportion since the recession began. The Retail Price Index (RPI) measure of inflation, which is commonly used in pay negotiations, ... more

Business confidence increases
The UK's slow economic recovery has not dampened the spirits of entrepreneurs, with 59% feeling confident about opportunities for their business within the next three months, according to a survey by RSM Tenon. The survey also reveals that 39% of company owners say they will expand their business this year and only 10% expect to have to cut back operations. The number of firms that plan to h... more

Personal insolvencies hit record high
The amount of people declared insolvent in the UK hit a record high in the last quarter of 2009 and during the year in full, according to data released by the Insolvency Service. Figures revealed that 35,574 people were declared insolvent in the last three months of the year - a rise of 25% on the same period a year earlier. Over 2009 as a whole, there were 134,142 people declared insolvent ... more