The number of payments made with cash rose for the first time in a decade in 2022, according to data published by UK Finance. According to UK Finance, the total number of payments made last year increased to 45.7 billion from 40.4 billion in 2021. 50% of all payments in the UK were made using… Read more…

Less than 1% of small firms have benefitted from key local support schemes across England on net zero, according to research from the Federation of Small Businesses (FSB) and Warwick Business School. The research has raised concerns over the reach and accessibility of the programmes as the UK’s 2050 target edges closer. Small businesses also… Read more…

HMRC has urged almost 430,000 young people with an unclaimed Child Trust Fund (CTF) to claim their cash. CTFs are tax-free savings accounts that were created for every child born between 1 September 2002 and 2 January 2011. The government contributed an initial deposit of at least £250. Family and friends can contribute up to… Read more…

The government has been slow to recover losses of £1.1 billion from fraud and error in Covid grant schemes, according to MPs in the Public Accounts Committee (PAC). The latest PAC report found that after spending £22.6 billion on business support schemes during the pandemic, the government had only recovered £20.9 million of the estimated… Read more…

Small and medium-sized enterprises (SMEs) are struggling to access finance and working capital, according to a report published by the Association of Chartered Certified Accountants (ACCA). The ACCA’s data showed that small firms are struggling to access finance for a range of reasons, including rising interest rates. 57% of firms reported that borrowing in order… Read more…

The National Living Wage (NLW) will rise to at least £11 an hour from April 2024, Chancellor Jeremy Hunt has confirmed. The Chancellor confirmed the increase in a speech to the Conservative Party conference and said the rise will benefit two million low paid workers. People aged 23 and over are eligible for the NLW.… Read more…

The UK’s base rate of interest was held at 5.25% in September as the rate of inflation fell to 6.7% in the year to August 2023. The fall in the rate of inflation surprised economists, who expected it to rise. The Consumer Prices Index (CPI) fell from 6.8% in July to 6.7% in August. Slowing… Read more…

Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action to help stem the issue of late payment. It says that large corporates use late payments to offset interest rate… Read more…

When running a business, particularly a small business, growth is important. It’s only with sustained growth that small start-ups can become fully fledged, successful business. This may seem straightforward but how do we measure growth? After all, every business is different and each will have their own definition of success. This is where key performance… Read more…