Finance News

We bring you up-to-date Finance News from across the world and make it relevant to you.

Results show continued cooling of SME relationships with banks

In what is becoming a continued trend, fresh results from multiple sources are showing a continued cooling of SME relationships with traditional and high-street banks.

According to a Forum of Private Business (FPB) report, more than a third of small business owners describe their current banking services as “average”, with 16% concerned about getting finance from there.

The report also shows that 14% would like greater access to finance, with 12% wanting banks to take a greater proportion of risk associated with lending. The survey also shows a wider problem of a quarter of small businesses reluctant to seek alternative forms of lending.Read More

Asset finance sector shows good start to 2014

The Finance and Leasing Association (FLA) have released figures this month showing that new asset finance business for FLA members is on the rise in January 2014. The figures show that the increase is 9% to almost £1.7 billion, versus January 2013.

A lot of the important sectors to asset finance showed excellent double-digit increases (Jan 14 vs. Jan 13), such as…Read More

Budget 2014 – Verdict on SMEs

This year’s Budget came with it’s own slogan: If you’re a maker, a doer or a saver: this Budget is for you.

The Chancellor’s budget speech on Wednesday was an interesting one, with a few surprises (for pensions) and some big bonuses for UK businesses.

The changes benefitting SMEs will include:

The Annual Investment Allowance (AIA) is going to be increased to £500,000 until the end of December 2015, meaning businesses which purchase plant and machinery (but not cars) equipment will be able to take advantage of a 100% deduction of the cost up to that limit.Read More

Time running out until FCA takeover of consumer credit industry

Time is running out for businesses who operate in the consumer credit industry to make the switch from their old Office of Fair Trading (OFT) license to the new Financial Conduct Authority (FCA) interim permission.

The handover from the OFT to the FCA (the industry’s new governing body) will take place on 1st April, and any companies with old OFT licenses will find that they are no longer able to trade in this industry.Read More

UK economy forecast return to pre-recession high by summer

It’s good news for the British public. The British Chambers of Commerce (BCC) lobby group has said that it believes the UK economy to return to the pre-recession peak by summer of this year. It claims that by April, the GDP will rise to the level of the start of 2008.

The BCC believes that the economic growth this year will be 2.8%, revised upwards by 0.1% from a previous estimate given. They also believe that the growth for 2015 will rise from 2.4% to 2.5%, and a growth in 2016 expected to be 2.5% also. The change is reported to be due to upward revisions to back data by the Office for National Statistics (ONS).Read More

Business lending channels “damaged”

Last month, the British Chamber of Commerce (BCC) released a statement claiming that the business lending channels were “damaged”, amidst reports that the net business lending fell by almost £2bn in December 2013, and drew stark comparison to the difference in interest rates offered to big corporations and small businesses.

Net lending to non-financial firms declined £1.9bn in December, following an even larger drop of £4.6bn in November, which happened to be the largest fall since records were kept in 2011. The lending to SMEs fared nearly as badly, by dropping £1.2bn.Read More

Small businesses to boost from Funding for Lending Scheme extension

The UK’s small and medium businesses are expected to benefit after the Bank of England’s Funding for Lending Scheme (FLS) has been extended to help aid business in 2014.

The FLS has seen a successful eighteen months since its launch in July 2012, and has reached its target of reducing the cost of bank funding. Credit conditions for households have also seen an improvement, although conditions for businesses have seen a more modest improvement.Read More

Keeping our fingers on the pulse of purchasing

At Johnson Reed, we are always active in the business and social marketing fields. After all, networking in the right quarters can be the source of much needed new contacts and business wins. So we’re pleased to report that we have recently teamed up with two associations in the catering world. We are now full members of the CESA and ENSE organisations. The Catering Equipment Suppliers Association (CESA) is fairly …Read More

Worrying times for the small business owner

SME owners could be equated with farmers as far as their general attitude to business life is concerned. They can always find something to complain about. With farmers it’s usually the weather. Business owners on the other hand are more likely to be concerned about an altogether different type of climate, brought about by the prevailing winds associated with economic turbulence. According to its Survey of Small Business in Britain, …Read More

The advantages of being an SME

There are in the region of 20 million micro, small and medium-sized enterprises in the European Economic Area. They are all recognised as being a major source of employment and innovation, and their collective contribution to a country’s GDP cannot be underestimated. But what exactly is an SME? According to EU law, SME stands for ‘small and medium-sized enterprises’ (EU recommendation 2003/361, should you need the small print). It is …Read More

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