According to a report from Barclays Bank and the Business Growth Fund (BGF), small businesses require more government support to realise their full potential.
The latest Entrepreneurs Index from Barclays Bank and BGF highlights the need for the UK to do as much as it can to encourage SMEs, as it shows evidence that the desire to start a business is becoming more widespread across the nation.
PwC has found that the UK’s biggest businesses will see their tax hit record levels this year.
PwC has highlighted the contribution of big business to the UK economy with new figures from their latest Total Tax Contribution survey. The survey shows that Britain’s largest companies paid the highest tax revenues ever recorded in 2014: a reminder that big businesses make a significant contribution to the UK economy.
PwC’s 100 Group, comprised of the finance directors of large companies and some multinationals operating in the UK, revealed that they have collectively paid some £80 billion this year. This is a rise of £2 billion from 2013.
Data from Quacquarelli Symonds (QS ) shows that London is one of the world’s top cities for student recruitment.
New research from QS has shown that London has scored the maximum of 100 points in the category of employer activity in QS’ Best Student Cities 2015 report. The finding was based on global employers identifying the institutions they prefer to recruit from, indicating the strength and depth of the university sector.
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.”
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.
Analysts predict sales will beat Cyber Monday’s as Black Friday surpasses media hype.
According to IMRG (Interactive Media in Retail Group), sales through retailers’ websites on Black Friday amounted to a staggering £810 million – well above the forecasted £555 million. When the full data is released, stores may well find that this figure is far above Cyber Monday’s results.
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.
Online retailers to make an impressive start to the festive shopping period.
Closely following the chaos of Black Friday comes an equally booming Cyber Monday, with analysts predicting £650 million of sales over the course of the day.
The run-up to Christmas is often the highlight of the retail year, as consumers usually go on a month-long shopping spree. This year, it is forecast to be worth around £36.5 billion; and on Cyber Monday, internet industry body IMRG has predicted that 25 million shoppers will spend up to £451,000 per minute.
Salary growth outstrips inflation, but the number of vacancies has outpaced jobseekers for the first time since the recession.
Evidence of Britain’s booming labour market was published in the latest UK job market report from Adzuna, the online recruitment website. For the first time since the recession, the number of advertised vacancies was larger than the number of people seeking employment.
In October, Adzuna found over 930,000 jobs advertised, an increase of 3.4 per cent compared to September, and a staggering 25.1 per cent more than the amount advertised a year ago.
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.
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.
Professional talent is in hot demand as businesses grow in confidence, APSCo finds.
The latest data from the Association of Professional Staffing Companies (APSCo) shows that there is a growing demand for professional skills, with permanent vacancies on the books of professional recruitment companies rocketing by 41 per cent.
This reflects an increasing appetite for growth within firms, as well as the results of employees seeing improvements in the job market and looking for new opportunities.
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.
SMEs need better support from lenders, ACCA has found – or the finance landscape could shift considerably.
Small and medium-sized enterprises (SME) play an important role in the economy, and they’re gaining more confidence as the economy recovers. But if they are to grow, they need access to sufficient finance to support their ambitions.
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.
UK Trade & Investment held its sixth Export Week attracting thousands of business owners to over 70 events across the country.
As we’ve often said, small businesses are a driver of growth and UK Trade & Investment (UKTI) must know this too as it recently held its sixth annual Export Week. During the week over 70 varied events was held all across the country to offer support and advice for companies looking to export.
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.
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.
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.
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).
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.
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.
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.