Latest figures from the Office for National Statistics (ONS) have shown that the UK economy grew in July, despite the impact of the Iran war. The data showed a 0.4 per cent increase in gross domestic product, compared with 0.3 per cent in June. The warm weather and World Cup were cited by some businesses…
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The Institute of Directors is calling on the Chancellor to focus on restoring business confidence in his next budget, encouraging private investment and creating the conditions for stronger long-term economic growth. The IoD argues that while the UK economy has delivered stronger growth than many comparable advanced economies in recent years, persistent weaknesses in investment,…
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A taxi driver who ‘cynically exploited’ a Covid loan scheme to buy a flat in Turkey and a pizza oven has been ordered to repay more than £60,000. Murat Dogantekin had a confiscation order of £63,790 made against him at Exeter Crown Court. The order reflects the value of assets identified by Insolvency Service financial…
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A London hotelier who blamed the banks for not chasing him over repayments has been sentenced after securing £450,000 in Covid loans at the height of the pandemic. Richard Courtenay’s nine Bounce Back Loan applications in May and June 2020 involved fraudulent declarations about the turnover of five companies and applying for multiple loans when…
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UK business activity reached its highest level since January 2025 in August, according to the latest report from accountancy and advisory firm BDO. BDO’s Output Index rose to 98.37 as resilient services activity continued to support growth despite ongoing geopolitical and inflationary pressures. Business optimism also improved markedly in August to 94.22, marking the highest…
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Chancellor John Healey has set out his plan to drive growth in the UK. Speaking at the Manufacturing Technology Centre in Coventry, the Chancellor laid out how he will take an axe to delays holding back growth, from backing British business and giving local leaders more power, to clearing away the delays that hold back…
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New research by Sidetrade has found that US businesses wait an average of 25 days beyond agreed terms to be paid, whilst UK businesses wait 22 days. Across more than US$3.6 trillion in US B2B transactions, businesses are paid in 54 days on average against 29-day terms. Across more than $930 billion in the UK,…
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Secure Trust Bank Business Finance (STB BF) has appointed experienced lending specialist Nick Leitch as head of asset-based lending (ABL), further strengthening its growth ambitions across the UK mid-market. With over 30 years’ experience in financial services, Nick has worked across consumer lending, restructuring, debt advisory, private equity, ABL, and leveraged finance, with a focus…
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Time Finance has announced that it has strengthened its Operations team with the appointment of Sarah MacInnes as a new Relationship Manager. With over 25 years’ experience in the industry, MacInnes started her career at Lloyds Bank as a Credit Controller and worked her way up to the position of Client Manager, which she held for 10…
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Hampshire Trust Bank (HTB) has appointed Dan Fyffe as Lending Director within its Development Finance team, where he will support brokers and SME developers across the South. Reporting to Rob Syrett, Head of Originations, Development Finance, Fyffe brings more than 20 years of banking experience to the role, including 17 years specialising in property and development…
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High street footfall fell over the summer as unusually hot weather discouraged consumers from shopping. British Retail Consortium figures show shopper numbers declined 3.1% year-on-year in August, following a 3.8% fall in July. The weakness adds to pressures on retailers already facing higher taxes, rising operating costs and subdued consumer demand. Total footfall decreased by…
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Robust safeguards will be needed if plans to automate the recovery of lower-value tax debts from taxpayers who have persistently not engaged with HMRC go ahead, chartered accountancy body ICAEW has warned. The government has proposed the extension of its enforcement powers to recover lower-value debts from the bank accounts of some individuals and businesses who…
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Latest data from Enterprise Nation has shown that 42% of small firms have been paid late during the past 12 months, compared with a range of 24% to 34% through 2023 and 2024. Among businesses employing staff, the incidence of late payment has more than doubled since summer 2024. The report also cites Small Business…
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