Posted By Thiago Kiwi
Chancellor of the Exchequer George Osborne announced a lending package worth nearly £1 billion to boost bank lending to small and medium sized enterprises.
In the Autumn Statement, George Osborne confirmed plans to provide a boost to small and medium sized enterprises (SMEs). Furthermore, numerous new tax incentives and breaks aimed at promoting smaller firms were announced.
The Treasury has promised to invest in fast growing SMEs with £400 million of Enterprise Capital Funds, which are government-backed venture capital funds. It also guaranteed that new bank lending will be increased by up to £500 million.
George Osborne, the UK chancellor, said: “Now that credit conditions for households and large businesses have improved, it is right that we focus the scheme’s firepower on small businesses, which are the lifeblood of our economy.”Read more >>
Welcome to this month’s news round-up of all the major stories that have kept us talking in November.
Figures from the ONS showed that the non-financial business economy contributes £1 trillion to the UK, when measuring approximate Gross Value Added (aGVA) at basic prices. In addition, the annual aGVA growth of 8.1 per cent was at its highest since 1997, and the service sector accounted for over half of this record figure.Read more >>
Hiring intentions remain high in professional services, reports CBI.
According to the latest data from the Confederation for British Industry (CBI), employment in the business and professional sector rose at its quickest rate in seven years during the three months to November.
In total, 49 per cent of firms in these fields said they had expanded their headcounts, compared to just 7 per cent downsizing: leaving a record high balance of 42 per cent.Read more >>
Business services giant Ernst & Young (EY) has announced the launch of a new programme that will offer support to entrepreneurs with high potential.
Building on the success of their Ready, Set, Grow initiative, the firm’s redesigned programme is called Accelerating Entrepreneurs. It is intended support six entrepreneurs worldwide and help them scale their businesses upwards.
To apply, candidates need to be the owner, founder or chief executive of a private company that is two years old or more, with less than $50 million in sales over each of the last two financial years. They must also prove that they are ultimately responsible for their company’s recent successes.Read more >>
New figures from the Royal Bank of Scotland (RBS) show London is leading the UK’s continued economic improvement.
As a major business and finance hub for not only the UK but all of Europe, England’s capital plays a major role in the nation’s growth.
As the figures show from RBS’s latest Regional Growth Tracker, London is at the forefront of the economic recovery. The city grew by around 3.7 per cent in the third quarter of this year, well above the national average.Read more >>
The UK has come first in Europe in a list of the most entrepreneurial nations in the world.
The latest Global Entrepreneurialism Index (GEI) from the Global Entrepreneurship and Development Institute (GEDI) places the UK at fourth place in the global rankings, ranking it as the best country for entrepreneurs in Europe.
Start-ups and entrepreneurs are of growing importance to the UK economy, and these results from the GDI indicate that the UK is on the right track in encouraging start-ups and small businesses.Read more >>
The iconic London ‘Tube’ has broken records with the busiest day in its history.
Millions of Londoners depend on the Underground to get to work, enjoy their social lives and keep customers coming back to their businesses. It’s the lifeblood of the capital. So it’s hardly surprising that anyone who has spent any time in the capital is used to seeing crowded carriages, especially in peak commuter periods.
However, Transport for London (TfL) has confirmed that last Friday (November 14th) was officially the busiest day in the history of the Tube. A total of 4.576 million journeys were made on the underground network, far surpassing the 4.544 million journeys made on the previous record day. Considering that this was August 7th, 2012 in the midst of the Olympic Games, when tourists flocked the city in even greater numbers than usual, that’s quite an achievement.Read more >>
UK businesses are seeking growth opportunities beyond Europe, EY has found.
UK businesses are very much in growth mode and especially in the case of small firms, demand overseas will play an important role in satisfying their appetite. However, a slack eurozone has meant that in many key markets, demand remains weak. For many firms, that means that they are looking further afield for opportunities.Read more >>
Singapore has retained its title as the world’s best place to do business.
Singapore has long been one of Asia’s major business hubs. In fact, it’s vying with Hong Kong to be true financial capital of Asia. It’s certainly going the right way about it, since the Economist Intelligence Unit (EIU) has once again ranked Singapore as one of the world’s best places to do business.Read more >>
Data shows women in Britain narrowed the gender pay gap to a record low, while female representation in the board room has increased.
Gender equality has come into the headlines recently in the UK. While women’s rights in Britain have a long history of being fought for, we can see that today complete equality has yet to be won in the boardroom or the office.
Many organisations are still fighting an uphill battle. However, times are changing and research shows conditions are improving, making it a good time to be a UK woman in the workplace.
Read more >>
A sixth of UK employers look to expand into Europe within the next two years.
Growing business confidence, a healthier jobs market and a better year all-round for firms in the UK have given companies the drive to expand into Europe, according to the latest JobsOutlook survey from the Recruitment and Employment Confederation (REC).Read more >>
A range of new measures to give small firms a boost have been announced in several emerging markets.
Small businesses are the engine of growth. That’s what we’re often told in the UK as authorities work to improve trading conditions for small and medium-sized enterprises (SME) – and it’s hardly surprising, considering that they constitute the vast majority of the UK’s companies and employers.
Of course, the same is also true around the world. Especially in emerging markets, authorities are working to give SMEs a boost in a bid to encourage growth and stimulate further development. The past few days have seen a number of measures announced across several Asian and African economies to kickstart economic expansion.Read more >>
Snapchat has unveiled a new payments system, Snapcash, through which users can send money to friends.
With Apple Pay now on the scene and Amazon working hard on its Wallet offering, the mobile payment scene is becoming more crowded and complex. Even Twitter has recently been working on a system by which friends can tweet to each other.Read more >>
Output is rising among manufacturing firms as small businesses continue to benefit from economic recovery.
Smaller manufacturers are still benefiting from the UK’s economic recovery, in spite of the pressures stemming from slacker global demand.
That’s the view of the latest SME Trends Survey from the Confederation of British Industry (CBI), which found that manufacturing companies are benefiting from stronger domestic demand at a time when export orders are harder to come by.Read more >>
World leaders are positive that in 2018, a decade on from the financial crash, the global economic outlook will be markedly better than it has been in the interim years.
After much discussion at this year’s G20 summit, attendees came to an agreement that they will transform their respective economies in fundamental ways to make this possible.
One of the key commitments is for heads of state to boost their economies by 2.1 per cent over the next four years, which will orientated around a package of 800 measures designed to stimulate growth.Read more >>
A government survey has found that employers are still intent on adding the human touch to recruiting new talent.
Technology has become a massive part of our lives and it runs into every aspect – but it turns out that when it comes to hiring talent, employers still prefer a personal touch.Read more >>
Small businesses are not fazed by the idea of an interest rate increase, new figures have shown – but what could a hike mean for firms?
Interest rate rises have been talked about ever since the first signs of the UK’s economic recovery. As confidence improves and employment grows, analysts have been predicting that the era of record low, 0.5 per cent base rates could soon come to an end.
But a new survey from the Institute of Chartered Accountants of England and Wales (ICAEW) shows that even though business organisations have been warning against an increase, small firms are not fazed by the idea.Read more >>
Better support could help more business to export, after it has emerged that many are still reluctant to work overseas.
With the UK returning to growth and business confidence rising, it makes sense that many companies are seeking to consolidate their positions in domestic markets. But given the growth in some promising economies worldwide, firms may well be able to capitalise on rising demand in key export markets. Yet it appears that many firms still need some encouragement to consider expanding abroad.Read more >>
Construction in London is on the rise in response to the capital’s tech sector growth.
London’s booming technology scene has given the city’s economy a major boost, as it positions the capital as a national and European centre for innovation. But it’s also having knock-on effects for other industries – and a new report illustrates that it’s even stimulating the construction sector.Read more >>
New figures show that London companies are not letting concern over slower growth affect their hiring tendencies.
There may have been some concerns that UK growth may slow as we move into 2015, but it’s clear that London employers aren’t letting such worries affect their hiring practices.Read more >>
Flexibility is at the core of retaining top talent for SMEs, according to a new report.
Flexibility is a key facet of engaging and retaining top talent for small and medium-sized enterprises (SME).
That’s according to a new survey from Bupa, which shows that six out of ten employees of SMEs who responded felt that offering the right benefits is an important part of developing a happy and motivated workforce.Read more >>
A takeover bid for Canary Wharf has been quickly rejected by its current operator.
Canary Wharf is at the heart of London’s financial centre, and it’s been a business hub ever since it regenerated part of the capital’s East End. But that also makes it attractive to major investors from around the world, and its current operator has just rejected a major offer to take over the development.Read more >>
Satisfaction at work among UK employees is rising, according to the latest report from Randstad.
After years of slow wage growth and a tough economic climate that put many workers off looking for jobs, satisfaction has been waning among the UK’s workforce. But as the latest study from Randstad shows, employees are more fulfilled than they have been in the past 18 months, and they’re overtaking their counterparts in many European nations.Read more >>
Small companies seeking growth need to find and recruit the right talent, according to Everline research.
Small companies are booming in the UK – but to truly thrive, they need to be able to access the right talent.
That’s the view from the first Everline small business tracker, after the report found that as many as one in every four small businesses in the UK currently have job vacancies available. Across the whole of the UK, that’s the equivalent of more than 520,000 jobs – or half the population of Birmingham.Read more >>
Personal current accounts and small business banking are about to come under scrutiny for the Competition and Markets Authority.
Consumers and small firms heard over the summer that authorities were planning to review how competition works when it comes to their banking sectors. Now the consultation has been completed and stakeholders have voiced their support, it’s set to become a reality.Read more >>