NEWS

The latest from Balance for Business

Rising costs hitting manufacturing growth

UK manufacturing output fell to its weakest in a year and a half during the second-quarter, according to IHS Markit’s latest manufacturing purchasing managers’ index (PMI), which rose slightly to 54.4 in June. Some firms said that “cost increases were being exacerbated by shortages of certain raw materials”, IHS Markit said.   Click here for […]

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UK SMEs struggling with funding shortfall

According to a survey commissioned by fintech provider Fraedom, UK businesses are struggling to cope with a funding shortfall. The survey found that 52% of UK SMEs are finding it difficult to access funding from banks, while 28% believed the problem has worsened over the past five years. The research also found that investing in […]

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FCA to overhaul charges on drawdown pensions

Businesses offering pension investment accounts will have to display fees in a single figure under new proposals designed to better protect individual investors from retirement rip-offs. The Financial Conduct Authority said some pensioners could receive 37% more retirement income every year by investing rather than cashing in. The regulator is also proposing that pension providers […]

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Interest rates to rise ‘gradually’, Bank of England deputy says

Deputy Bank of England governor Jon Cunliffe has moved to allay fears of an imminent interest rate rise – following BoE chief economist Andy Haldane calling for an immediate rise earlier this month. Speaking to BBC’s Wake Up to Money, Cunliffe asserted that any rises would be delivered in a “gradual and limited way”.   […]

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House price growth hits five-year low

Annual growth in UK house prices has fallen to its slowest pace in five years, according to Nationwide, which says demand has been subdued amid properties coming to the market as “more of a trickle than a torrent”. Prices rose by 2% in the past year, while the month-on-month rise was 0.5%, taking the average […]

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UK invoice and asset-based lending up 4%

Figures from UK Finance have shown that invoice and asset-based lending grew by 4% in the first quarter of 2018, compared to the same period last year. Asset-based lending was up 10.7% to £4.3bn, while invoice finance rose 2.4% to £17.4bn. UK Finance also noted that the turnover of the client base using invoice finance […]

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UK Asset finance market rebounds in April

New figures from the Finance & Leasing Association (FLA) show that asset finance new business grew by 7% in April, compared with the same month in 2017. New business in the plant and machinery finance and business equipment finance sectors was up by 13% and 18% respectively, while commercial vehicle finance new business increased by […]

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A quick 3 point funding update

Are you currently looking at your funding options? We’ve got you covered! – We now have access to funding for HMRC payments at extremely competitive pricing. This can fund VAT, PAYE & Corporation Tax bills and will not appear as HMRC arrears when funders assess lending requirements.  – We have access to the most competitive […]

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Most SMEs prepared for minimum wage rises

New research by Close Brothers Asset Finance has found that 80% of SMEs consider themselves well prepared for the recent increase in the national minimum wage. From April 2018, all workers aged 25 and over have been legally entitled to at least £7.83 per hour. However, the profitability for 50% of businesses will be adversely […]

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London business confidence rises

Confidence among London businesses jumped in Q2 thanks to rising sales at home and abroad, according to a new survey by ICAEW. Domestic sales rose by 2.7% in the quarter, a small improvement from the 2.5% growth rate seen in the same quarter last year. Exports surged by 4.6% year-on-year, up from 3% in 2017. […]

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