NEWS

The latest from Balance for Business

FCA fines Santander £32.8m over probate failings

The FCA has fined Santander £32.8m after finding serious failings in its probate and bereavement process. An investigation found that Santander did not transfer funds totalling over £183m to beneficiaries when it should have done, affecting 40,428 customers. These weaknesses meant the probate and bereavement process would start but it would stall and remain incomplete, […]

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What the government’s new workplace rights reforms mean for small businesses

The government has today announced a line of measures to protect flexible workers as part of a new workplace rights agenda. Among the proposed reforms are protections for workers on zero-hour contracts, agency employees and those in the gig economy. The legislation follows publication earlier this year of employment tsar Matthew Taylor’s Good Work Plan, […]

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UK invoice finance and asset-based lending grows despite economic uncertainty

UK Finance’s invoice and asset-based lending stood at £22.6bn at the end of Q3 2018, up 2.4% compared to the same quarter the previous year despite business uncertainty over the economy. Most firms were in the service, manufacturing or distribution sectors, with an average advance value of around £560,000 but for businesses with a turnover […]

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Finance pros anticipate surge in chief tech officers

Seventy-three per cent of the senior decision makers quizzed in a survey by administrative services firm Intertrust expect a rise in demand for chief technology officers over the next five years, as businesses look to harness the benefits of technologies such as AI, blockchain and robotics. However, of the 500 executives surveyed, only 27% said […]

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Wages grow at fastest pace for decade

The ONS has published figures showing pay growth in the UK has accelerated to a new 10-year high, with regular pay up 3.3%, its strongest rate since the end of 2008. The data also showed that another 79,000 jobs were created in the three months to October, and there are now a record 32.5m people […]

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Small firms face £9k bill to collect late payments

Annual research by Bacs Payment Schemes shows that small businesses in the UK face a bill of £6.7bn to collect money they are owed by other companies, up from £2.6bn in 2017. The cost, based on staff time and interest on borrowing, comes to an average of £9,000 for each firm. The report showed that […]

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PM aborts Brexit deal vote

Theresa May has called off today’s Commons vote on her Brexit deal so she can go back to Brussels and ask for changes to it. As it stands the deal “would be rejected by a significant margin” if MPs voted on it, the Prime Minister admitted. But she said she was confident of getting “reassurances” […]

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SME loan approval rates remain high

UK Finance Q3 data shows there were 69,980 new loans and overdrafts approved for SMEs at a value of £7bn, with banks approving eight out of ten applications. Outstanding amounts of lending to SMEs totalled £101bn at the end of the quarter, with deposits held by SMEs in business current and deposit accounts worth a […]

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Small business confidence down

Research by the Federation of Small Businesses has revealed that small business confidence has dipped to a seven-year low, with more than four in ten smaller firms expecting their trading performance will worsen over the next three months, compared with three in ten when asked during the summer. Almost a third of small exporters expect […]

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