Business News Articles

Average pay rise for September is 3.8%
The average pay rise in September was 3.8%, according to figures released by the Incomes Data Services. Many employers are using the October rise in the national minimum wage, which increased the rate by 3.8% to £5.73 an hour as a benchmark. With the rate of inflation currently standing at 5% any workers receiving the average pay increase will be worse off.... more

Business insolvency surges 28%
The amount of businesses closing has increased by 28% in the last three months, according to research by information group Experian. Since the start of the year over 16,000 firms have ceased trading, with 6,000 of these closures occurring in the last quarter of the year. This rise is being partially blame don banks becoming increasingly aggressive with the number of bank controlled receivers... more

New bank fund ‘must filter down to small businesses’
The Federation of Small Businesses (FSB) has called on more banks to take advantage of new funds provided by the European Investment Bank (EIB) so the money is passed onto SMEs. The Government recently announced that it is expecting up to £4b in support from the EIB. "The Government must insist more banks apply to the EIB so more small businesses can access the much needed funds, said FSB c... more

Home office workers encouraged to claim tax
Small business owners who work from home are being encouraged to claim additional tax relief, as expenses they incur at home are equivalent to office expenses. "If you have to work from home, HMRC has a website that explains the benefits which are payable for home workers," said Chas Roy-Chowdhury, head of taxation at ACCA. "Tax relief is available for the extra household expenses that have ... more

Cameron calls for red tape to be cut to help small firms
David Cameron has called on the government to cut red tape so that small businesses have more chance of securing government contracts. "Government has got to do a lot more to help small businesses, they are the lifeblood of the economy," the leader of the Conservative Party said. "The Government hands out contracts every year for £125bn, but fewer than one in five actually goes to small bus... more

Credit card borrowing rises for third month in a row
Credit card borrowing has risen for the third month in a row, according to the Bank of England. The amount owned on credit cards has risen by more than £1bn, bringing the total figure now owed to £55.7bn. During the current enonomic downturn an increasing amount of SME owners are having cash-flow problems and are using credit cards to finance their businesses. "We call it the credit wat... more

Commercial property continues to lose value
The value of commercial property in the UK has fallen 7.2% in the last two months, according to figures released by real estate firm Cushman & Wakefield. The banking crisis has pushed up prime yields - which measure the value of property in terms of its rental income - by 47 basis points since the start of September to 6.49%, the highest for 15 years. The report added that the market remaine... more

Firms warned on customer service
Companies must avoid measures that would impact on customer relationships during the recession, the Institute of Customer Service (ICS) has warned. The group’s chief executive David Parsons said the current climate made it all the more important to listen to customers and meet their expectations. ... more

Bosses ‘making unlawful checks’
Company bosses in England and Wales are making unlawful checks on individuals’ backgrounds, according to the BBC’s Radio 4 programme. The programme claims companies are running Criminal Records Bureau (CRB) checks – designed for people applying to work with children or vulnerable adults – for jobs such as a train driver, gardener and bricklayer. ... more

FSB urges training recognition
The Federation of Small Businesses has responded to the government’s call for employees to be given the right to request training by calling for greater recognition for on-the-job training offered by many small firms. The organisation claimed that in its survey of just under 20,000 small businesses, 76% said they already offered formal training. ... more