Business News Articles

New board members appointed to Association of British Insurers
The Association of British Insurers (ABI) has announced the latest additions to their board of directors. Brit Insurance chief executive Dane Douetil and Friends Provident chief Trevor Matthews has been appointed to the board. "Dane and Trevor bring a wealth of experience and a great enthusiasm for delivering real improvements to customers," said ABI chairman Archie Kane. The ABI represen... more

Business rate rise to be largest in over 15 years
Small business groups have criticised the forthcoming increase in business rates of 5% - the largest rise since the present system was formed in 1993. At a time when many small firms are struggling in the current recession it is argues that the extra cost could prove to be too much for some firm companies. "If the government is serious about helping firms survive the worst downturn in a gene... more

Disruption caused by snow could cost UK economy ‘£1bn’
The heavy snowfall experienced across much of Britain could cost the UK economy around £1bn, as around 20% of the country's workforce has been unable to make it into their job today. The Federation of Small Businesses (FSB) has stated that the £1bn projection is a cautious estimate, and the actual cost is likely to be higher. "There is also the knock-on effect of passing trade going down a... more

40% of small manufacturing companies cutting staff
Small and medium-sized manufacturing firms are cutting staff at the quickest rate since the early 1990s, according to new research released by the Confederation of British Industry (CBI). Of the 492 small firms surveyed by the CBI in this sector just under 40% axed jobs in the final quarter of 2008 and many believe the first quarter of 2009 will be even more difficult for their company. Only... more

LGA issue ten-point plan to help small firms
The Local Government Association (LGA) has called for a radical overhaul of tax breaks for small businesses and for an end to red tape, to help small firms survive the recession. The LGA have issued a 10-point plan that includes a proposal to allow small firms to automatically receive rate relief owed to them and to cut red tape so developers are not forced to reapply for planning permission if... more

90% of Equitable Life insurance customers may miss out on compensation
Government ministers have been accused of mishandling the Equitable Life case, in which over a million policyholders are still waiting for compensation. Judge Sir John Chadwick is now reviewing the case, but it is unclear how long the review will take and if any policyholders will receive any money back. Paul Braithwaite, general secretary of the Equitable Members Action commented that aroun... more

Trade Union call for larger increase in statutory redundancy pay
Statutory redundancy pay should be raised to ensure that sacked workers are adequately compensated, according to the Trade Unions Congress (TUC). The maximum weekly amount used to calculate redundancy payments will rise from £330 to £350 from February the 1st but the TUC has called on this to be raised to £500. The Union has also called for the lump sum that staff receive before they have... more

Bank of England may print more money to combat recession
Alistair Darling has implemented procedures that would enable the Bank of England to begin quantitative easing - printing money. With the Bank of England's interest rate cuts to 1.5% having a limited impact on the economy, it is predicted that this new measure could occur in the next few months. The chancellor has exchanged letters with the Bank's governor, Mervyn King to work out a timetabl... more

Small firms face 100% rise in utility bills
Over a million small firms have been warned that their electricity and gas bills could increase by 100% this year, and are being advised to check their contracts to ensure they are not due to be automatcally renewed. Price comparison service Make It Cheaper advise that the increases will apply to any business on a fixed price energy contract which expires and is automatically renewed. Small ... more

90% of small firms won’t cut back on insurance during recession
The majority of small and medium-sized companies will not be cutting back on insurance cover during the recession, according to data compiled by independent survey company, the Survey Shop. Of the SMEs surveyed 66% reported that the value of having secure insurance does not decrease during the current economic downturn. Only 11% thought that the value of insurance has currently decreased. Th... more