Budget

Chancellor unveils new measures to SME loan scheme

Chancellor of the exchequer Rishi Sunak has unveiled a major overhaul to his previously announced SME loan scheme. Initially, the Coronavirus Business Interruption Loan Scheme (CBILS) was aimed at businesses unable to secure regular commercial financing as the virus took its toll on the UK’s economy. However, according to Sky…

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Chancellor set to announce overhaul to SME loan scheme

Chancellor Rishi Sunak is reportedly set to announce an overhaul to the SME loan scheme that will allow companies to access help quicker. According to Sky News, Sunak and members of the Treasury were reportedly in talks with major lenders, including Barclays, HSBC, Lloyds Banking Group and Royal Bank of…

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BIRA welcomes increased support for SMEs amid coronavirus crisis

The British Independent Retailers Association (BIRA) has welcomed the Chancellor’s emergency package to help small retail businesses amid the coronavirus crisis. Chancellor of the Exchequer Rishi Sunak delivered his first Budget on Wednesday (11 March) which included a £30bn package to help the UK economy respond to the coronavirus. He…

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Calls for ‘discretionary business rates relief’ amid Coronavirus outbreak

Colliers International has called on the UK Government to consider and to fund a system of “discretionary rate relief” for businesses impacted by the Coronavirus. The commercial real estate company said this is one of the measures that could “alleviate business pain” in this week’s Budget. It added that against…

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Conservatives pledge business rates review

The Conservative Party has pledged a business rates review which aims to “reduce the burden” on UK businesses, as part of its election campaign. It said business rates are one of the “top concerns” of British businesses, and added that a Conservative majority Government will launch a “fundamental review” at…

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BRC ‘disappointed’ with business rates relief in Queen’s speech

The British Retail Consortium has responded to the Queen’s speech, praising its approach to crime and sustainability but was “surprised and disappointed” at its approach to business rates. Commenting on the speech, which tackled issues such as immigration, crime, business rates and brexit, The BRC said: “The Government should implement…

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Autumn Budget 2018: Business rates cut for SMEs and new digital services tax

Chancellor Philip Hammond has confirmed plans to give smaller retailers a 33 percent cut to business rates and introduced a new digital services tax for companies with at least £500m in global revenue. The reduction in rates will take place over the next two years and is expected to save…

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Retail sales increase by 0.3%

Retail sales increased by 0.3 percent in July 2017, compared with the previous month, according to the Office of National Statistics. This was due to strong sales in food stores at 1.5 percent; recovering from a fall of 1.1 percent in June 2017. The underlying pattern in the quantity bought, measured…

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Majority of small firms stretched to meet NLW

New research from the Federation of Small Businesses (FSB) shows the majority (64 percent) of small firms impacted by the National Living Wage (NLW) have stretched to meet the latest rise by taking lower profits. Two in five (39 percent) small businesses affected by the NLW have put up prices…

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Small firms ‘squeezed’ by inflationary pressure, says FSB

The Consumer Prices Index (CPI) remains above the Government’s 2 percent target. The CPI is a measure that examines the weighted average of prices of a basket of consumer goods and services. Its 12-month rate rose to 2.9 percent in May 2017, up from 2.7 percent in April, reported the Office for…

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