Business travellers and frequent visitors from a host of countries will be able to benefit from faster entry to the UK as the Government’s Registered Traveller Service is expanded. From 21st November, frequent travellers to the UK from 16 new countries will be eligible to apply for membership of the scheme, which provides the potential…
The Government has launched GREAT.gov.uk a trade hub aimed at helping firms access potential overseas orders by giving practical advice and signposting support for businesses looking to win export contracts. The new site acts as a single digital destination for trade and investment, bringing together and connecting UK businesses, international buyers and international investors. Whether…
The number of small to medium-sized exporters that expect to continue growing their overseas sales has fallen following the EU Referendum, according to the latest Business in Britain report from Lloyds Bank. However, the report shows that overall prospects are still positive and export experiences over the last six months have improved, with the US…
The UK economy will grow 2% in 2016 before slowing to 1.4% in 2017, according to the National Institute of Economic and Social Research (NIESR). At the same time, consumer price inflation will accelerate, peaking at around 4% in the second half of 2017 and making an impact on real disposable income. The think-tank expects sterling to remain…
UK SMEs are owed more than £586 billion in outstanding invoices according to recent figures from Lloyds Bank Commercial Banking. The average small business is owed more than £108,000 in unpaid invoices, an increase of 8% since January 2016, with almost a third of firms citing late payments as the biggest cause of cash flow…
The Government has launched an Inclusive Economy Unit which will focus on supporting mission-led business plus strengthening the social investment market and social impact bonds. Key aims are as follows: Encourage better use of private investment and support markets that deliver social impact as well as financial returns. Improve delivery of public services: increasing social…
Government proposals to oblige UK companies to disclose details of the foreign workers they employ have been abandoned. Speaking to the BBC, Defence Secretary, Sir Michael Fallon, said: “This is not going to happen” but added that firms could be asked “simply to report their numbers” as this could help identify skills gaps in the…
Conditions in the UK manufacturing sector continued to improve at the end of the third quarter, according to the Markit/CIPS Purchasing Managers’ Index (PMI). The domestic market remained a prime driver of new business wins, while the weaker sterling exchange rate drove up new orders from abroad. At 55.4 in September, up from 53.4 in…
Sentiment in the financial services sector deteriorated in the three months to September, as firms assimilated the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union, according to the latest CBI/PwC Financial Services Survey. The quarterly survey of 115 firms – the first since the Brexit vote…
New research from The Federation of Small Businesses (FSB) shows that UK small business confidence has continued to fall, dipping into negative territory for the first time since 2012. Business owners feeling confident are outnumbered by those that feel the opposite. However, FSB found many immediate economic conditions improving, with small firms reporting greater access…
In its first economic forecast since the EU referendum, the British Chambers of Commerce (BCC) has downgraded its UK GDP growth forecast from 2.2% to 1.8% in 2016; from 2.3% to 1.0% in 2017 and from 2.4% to 1.8% in 2018. Weaker consumer spending and a large fall in investment were the main reasons for…
London has retained the top slot as a centre for business, commerce and culture in PwC’s latest Cities of Opportunity Index of 30 major global cities. Economic clout, reputation as a city gateway, ease of doing business, universities, innovation, entertainment and attractions are all reasons why London has retained its title for the second year…
The UK service sector returned to growth in August, according the Markit/CIPS UK Services Business Activity Index. Following abrupt contractions in output and new business in July, linked to the EU referendum, the latest data signalled a return to growth as companies reported that uncertainty had abated somewhat. The business activity index rebounded to 52.9…
August saw solid rebounds in UK manufacturing output and incoming new orders, according to the Markit/ CIPS Purchasing Managers’ Index (PMI). Companies reported “solid inflows” of new work from both domestic and export customers, the latter aided by the sterling exchange rate. As a result, the PMI recovered sharply from the 41-month low of 48.3…
New research from the Federation of Small Businesses (FSB) suggests half (52%) of small firms have been stung by unfair contract terms with suppliers, costing nearly £4 billion in the last three years. Suppliers are failing to make auto-rollover clauses clear up front (24%), tying businesses into lengthy notice periods (22%), charging high early termination…
At least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company, according to new research by insolvency and restructuring trade body R3. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of…
The Royal Institution of Chartered Surveyors (RICS) has reported a significant drop in demand for rural land in H1 2016, and with supply continuing to increase, expectations have been pushed further into negative territory. According to RICS research, 49% of contributors now expect prices to fall across all farm types over the coming year. Anecdotal…
Paying tax should become less burdensome for British businesses under plans for a new tax system set out by HMRC. Six consultation documents which seek views on its Making Tax Digital programme have been unveiled setting out the benefits as follows: •cash-basis accounting so that thousands more will be able to pay tax based simply…
Growth and investment are at risk because manufacturers remain disengaged from the banking sector with the legacy of the financial crisis still playing a significant role in their attitudes towards external finance. According to new research from EEF, the manufacturers’ organisation, over eight in ten manufacturers are confident of securing finance for a new business…
The amount of finance advanced to the UK’s smallest businesses through invoice finance jumped by over 60% in the last year to £711 million, according to the Asset Based Finance Association (ABFA), the body representing the invoice finance and asset based lending industry in the UK and the Republic of Ireland. The amount of finance…
CMM managing director, Graham Allen, recently featured in the “member spotlight” section of The Ingenuity Network’s newsletter. Nottingham University’s Ingenuity programme launched 10 years ago and has since grown into a thriving community of over 1,800 individuals, all of whom benefit from networking opportunities and wide ranging input aimed at supporting SMEs. Summing up his…
The UK service sector registered a fall in business activity in July, according to the latest PMI survey data from IHS Markit and CIPS. Output and new business both declined for the first time in over three-and-a-half years and at the fastest rates since early-2009. Consequently, employment in the sector was unchanged since June, ending…
The UK commercial property market has seen a significant drop in confidence and investor demand following the Brexit vote, according to the Q2 2016 RICS UK Commercial Property Market Survey. Both the investment and occupier sides of the market have been affected by the change in sentiment and both rent and capital value expectations are…
UK business confidence levels fell by 26 points to 6% in the past month, according to the latest Business Barometer from Lloyds Bank Commercial Banking. The survey was conducted in the week after the EU referendum – overall confidence fell to the lowest level for over four years but remained above the lows seen during…
Businesses in England should soon benefit from a quicker and more efficient service for their business rates issues with the launch of a new “check, challenge, appeal” process that should see genuine disputes settled more quickly. The Government is launching the online process in April 2017 after which businesses will be offered a three-stage process:…
The Government has introduced the Digital Economy Bill to Parliament in a move that should pave the way for the introduction of a new Broadband Universal Service Obligation – giving all homes and businesses the legal right to have a fast connection installed if they request it. The Bill should also give consumers the power…
Total transactions for the UK’s five most prominent sharing economy sectors – collaborative finance, peer-to-peer accommodation, peer-to-peer transportation, on-demand household services and on-demand professional services – could see a 20-fold increase to £140 billion by 2025, up from £7 billion today, according to new analysis by PwC. Over the past year the UK’s sharing economy…
The Competition and Markets Authority (CMA) has written an open letter to businesses alerting them that if suppliers restrict their retailers’ prices, they can be breaking the law. The letter follows two recent cases in which businesses were fined a combined total of over £3 million for engaging in resale price maintenance (RPM). RPM occurs…
The European Investment Bank (EIB) has agreed a £100 million investment in loans to UK small businesses originated through Funding Circle. The investment, alongside £25 million from the Funding Circle SME Income Fund, will enable over £200 million of new loans over seven years, and provides a further injection of funding into the UK’s small…
Output growth remained subdued across England and Wales in May, according to the latest Lloyds Bank Regional Purchasing Managers’ Index. The weakness reflected a deteriorating trend in the flow of incoming new work, with job creation slowing as a result. The business activity index for England – which tracks changes in the combined output of…