UK inflation rose more than expected to a 15-month high of 3.5 per cent in April, driven by higher household bills, according to the Office for National Statistics (ONS). The rise was up on March’s 2.6 per cent and also higher than the 3.3 per cent figure predicted by analysts Economists stated the increase was…
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A Recruitment consultant has been handed a suspended sentence. after fraudulently using Covid loans for personal purposes after an Insolvency Service investigation. Rico Iheagwara secured two Bounce Back Loans worth £20,000 each from different banks for his Essex-based SJR Recruitment Limited company when businesses were only entitled to a single loan under the scheme. Iheagwara…
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Nearly eight in ten (78%) of SMEs are worried about inflation and the cost of living, according to Shawbrook’s latest research amongst senior decision makers, an increase from 69% in 2024. SMEs are particularly concerned about the rising cost of running their business (76%), with three quarters (75%) of decision makers listing economic uncertainty a…
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Latest Office for National Statistics (ONS) data has shown that UK GDP grew 0.2% month-on-month in March, following a 0.5% rise in February meaning that GDP expanded by 0.7% in the first quarter of the year. The increase marks a significant improvement on the 0.1% growth recorded in the closing quarter of 2024 and exceeds…
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The percentage of small businesses that rely on finance or funding to invest in business growth has reached an eight-year high, and those most in need of it are the enterprises predicting significant expansion for the months ahead, according to new research by Novuna Business Finance. The nationwide poll of 1,242 small business owners revealed…
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Latest data from the British Retail Consortium has found that total retail sales increased by 7% year on year in April, against a decline of 4% in April 2024. This was above the 3-month average growth of 2.9% and above the 12-month average growth of 1.4%. For March and April together, compared with the same…
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New research from iwoca has found that big-ticket loans are set to see increased interest from small and medium-sized enterprises (SMEs), as growth ambitions resurface. The research revealed that two in five (42%) brokers think loans above £100,000 will see the most growth in demand in the next twelve months. Currently, loans over £100,000 comprise…
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The latest Business Trends report from BDO, the business advisory and accountancy firm, reveals UK employment has reached a new 12-year low as businesses grapple with rising labour costs and global uncertainty. This drop in the BDO Employment Index signals further cooling of the UK jobs market, with vacancies continuing to decline in Q1 and falling below…
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A car dealer from Kent who now lives in Spain has been banned from being a company director for 12 years after his company received a second £45,000 Covid Bounce Back loan it was not entitled to. Joseph Harrison was the director of South East Commercials Ltd, a used car sales dealership in Kent before…
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The Bank of England has cut interest rates from 4.5% to 4.25%. Responding to the announcement, Suren Thiru, ICAEW Economics Director said “This cut in interest rates is a timely shot in the arm for those businesses struggling to adjust to last month’s substantial spike in business costs and households contending with burdensome mortgage costs.…
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The Office for Students (OfS) has revealed that financial pressures continue to mount across Universities, with more than 40% now operating in deficit. The new report, which examines the sector’s fiscal outlook for 2024–25, outlines serious challenges that threaten the long-term viability of institutions. The National Centre for Universities and Business (NCUB) has previously raised…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2025 by 11% compared with the same month in 2024. In Q1 2025, new business was 5% higher than in Q1 2024. The business new car finance sector reported new…
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Independent finance provider, Time Finance has appointed Terry Wolfendale as Head of Sales (South) within its Invoice Finance division as the lender ramps up its business finance support for SMEs. Wolfendale joins Time Finance having held a number of senior leadership roles over a 25-year period, including Lloyds Commercial Finance, Bibby Invoice Finance, RBS and…
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