NEWS

The latest from Balance for Business

Banking opens up for SMEs

The Sunday Times’ Peter Evans says new ‘Open Banking’ regulations could help small businesses to access funding. Banks will be required to share customers’ data with third parties if asked to do so, and this increased exchange of customer data should enable peer-to-peer lenders and challenger banks to approach firms they know are looking for cash. Another […]

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Manufacturing output expands at fastest rate since 2008

UK manufacturing output is expanding at its fastest rate since early 2008 after recording a seventh consecutive month of growth in November. Renewable energy projects, boats, aeroplanes and cars for export helped make output 3.9% higher in the three months to November than in 2016. Official figures also show industrial output rose by 0.4% in November. […]

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Aldermore increases support for SME housebuilders

Specialist bank Aldermore has more than doubled its maximum property development loan size from £10m to £25m with immediate effect. The move comes in response to increased demand from developers, many of whom are looking to borrow through tailored financing facilities, the lender said.   Click here for full article Click here for related articles

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World Bank warns of fragile upswing

The World Bank said the world’s economic output grew 3% last year on the back of increased investment, manufacturing activity, and trade and predicts growth of 3.1% for 2018 -its best showing in seven years. The global economy is expected to maintain that rough growth level through to 2020, however, the potential for further growth […]

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Brokers predict increased SME demand for asset finance

A “broker sentiment” poll conducted by United Trust Bank has found that 39% of the intermediaries surveyed believe that demand for asset finance from SMEs will continue to rise during 2018.  A table shows Construction, Transport and Waste Management as the sectors they expect to drive most demand for asset finance.   Click here for […]

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Royalty financing provides long-term certainty

The Standard reports on royalty financing, a funding method which has proved popular in Canada and which is gaining ground in the UK. A specialist company lends money for a period of years and charges a monthly royalty payment based on how much, or how little, revenue is made. Neil Johnson of Duke Capital has brought the […]

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Inflation and cybercrime dominate SME concerns

Rising inflation and cybersecurity are the most common fears among British SMEs for 2018, according to Barclays’ annual SME Hopes and Fears Index. Forty-three per cent of SMEs fear inflation could negatively impact their growth in 2018 while 41% say cyber-attacks are expected to hinder their business. This is followed by the state of the […]

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VAT burden to grow after Brexit

Legislation to be considered by MPs today could see over 130,000 UK firms forced to pay VAT upfront for the first time on all goods imported from the EU after Brexit. Nicky Morgan, the Tory chair of the all-party Treasury select committee, said the committee would launch an urgent investigation into the changes made by the taxation […]

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Brussels freezes out UK start-ups

The Sunday Times reveals that the InnovFin SME guarantee, which encourages lenders to finance high-risk companies by guaranteeing to cover some of the losses if loan defaults, is no longer providing funds to UK start-ups. Since its launch four years ago, the fund has committed more than €70m (£62m) to Britain. It could confirm fears European funding will […]

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UK ‘best country for business’ in 2018

The UK has risen from fifth place to first in Forbes’ best place to do business rankings, performing particularly well in technological readiness and workforce education. The UK’s financial services sector and investment by top US technology firms were cited as major positives for the country. Suren Thiru, head of economics and business finance at the […]

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