NEWS

The latest from Balance for Business

MPs consider inquiry into bosses’ pensions

The Work and Pensions select committee is considering launching an inquiry into executive pensions following criticism of a string of deals for company bosses. Committee chairman Frank Field said a decision on a probe had yet to be made but if “voluntary measures to curb bosses’ pensions are proving easy to game, then Parliament ought […]

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Businesses tell MPs to ‘stop chasing rainbows’ on Brexit

The British Chambers of Commerce has said that MPs need to stop “chasing rainbows” when it comes to resolving the Brexit impasse. Adam Marshall, the BCC’s director-general, said Brexit uncertainty was already doing “real world damage” to the UK economy and that Westminster had left business “frustrated and angry”. He warned that business had lost […]

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“Blue Monday” for small firms

The Federation of Small Businesses has deemed today “blue Monday” as new costs and tax reporting requirements kick in for SMEs. While some firms in England will benefit from cuts in business rates, other changes will mean additional costs. These include new rules on accounting under the Making Tax Digital programme and auto-enrolment pension rules. […]

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A guide to light and heavy refurbishment

In a piece for Bridging and Commercial, Dan Standing – regional development manager at Shawbrook Commercial Mortgages – reports that professional investors are increasingly turning to short-term loans to facilitate a quick purchase, a development exit or finance to carry out works to the property — both on a light and heavy refurbishment basis. Light refurbishments […]

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Majority of bitcoin trades faked by unregulated exchanges

Nearly 95% of all reported trading in bitcoin is artificially created by unregulated exchanges, according to an analysis of trading activity by Bitwise Asset Management, suggesting that the actual market for the digital currency is far smaller than previously thought. Bitwise created a program to collect and analyse trading data across 81 exchanges, looking for […]

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HNW individuals lose confidence in high street banks

High net worth (HNW) individuals are struggling to secure credit from high street banks, according to new research from Butterfield Mortgages. The study revealed that 79% of HNWs find the process of applying for a mortgage with a bank too rigid, saying they apply “tick box” methods that fail to recognise unique personal circumstances. Forty-four […]

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Smaller firms less alert to invoice scams

More than four in 10 businesses in the UK are unaware of the risks posed by invoice fraud, according to a survey by UK Finance. There were 3,280 invoice and bank mandate scam cases involving businesses over 2018, costing firms almost £93m. Some £29.6m of the money lost to this type of fraud was returned […]

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Invoice finance returns to growth in H2 2018

Invoice finance and asset-based lending returned to growth in 2018, according to analytics software provider Equiniti Riskfactor. After two consecutive quarterly declines in the first half of 2018, total advances at the end of December 2018 totalled £22.7bn, up over £100m on the previous quarter and up 2.4% on the previous year. The analytics software […]

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Banking scams increase

Figures from UK Finance show the value of financial fraud against British companies and consumers totalled £1.2bn in 2018 – up almost a quarter on 2017, when £968m was stolen. The amount stolen in authorised push payment (APP) scams rose to £354m, with banks recording 84,624 cases of APP fraud last year, almost double the […]

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Inflation rises in February

Food and alcohol price rises helped push inflation higher in February, the first rise since August 2018. The rate of price changes, measured using the Consumer Prices Index (CPI), rose to 1.9%, from 1.8% in January. House prices are rising at their slowest rate for almost six years, the Office for National Statistics said. Inflation […]

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