National Living Wage

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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Businesses unable to cope with interest increases, research shows

One in 25 businesses would be unable to pay off its debts if the interest rates were to increase, research from insolvency trade body R3 has shown. Some 79,000 (4%) UK companies said that a small increase would affect them financially, almost a quadrupling (20,000) of figures from previous research…

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Small business confidence continues to rise

UK small business confidence is at its highest level in over a year, according to the latest Federation of Small Businesses (FSB) Small Business Index (SBI). Despite a rise in business costs there has been a strong recovery pushed forward due to increased international trade. A net balance of 15.6…

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National Living Wage hits small firms’ profits, finds FSB

Information from The Federation of Small Businesses (FSB) found that the National Living Wage (NLW) has impacted on small firms’ profits. The SB’s 2016 Q2 Small Business Index, discovered that 47 per cent of small businesses now say wages are the main contributor to the rising cost of doing business.…

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National Living Wage cut profits rather than jobs

Instead of cutting jobs, employers responded to the National Living Wage (NLW) by raising prices or reducing profits, according to a new report by the Resolution Foundation. The report considers both the initial impact of the NLW and its longer term prospects in the wake of the UK’s decision to leave the…

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The EU Referendum and what it means for you

We’ve all heard the debates and seen the news stories but what does the referendum mean for your business? On Thursday 23 June the UK will decide whether it chooses to remain in the European Union or whether it leaves. In 1975, Britain held a referendum shortly after joining the…

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UK inflation rate reaches 0.5% in March

The UK inflation, as measured by the Consumer Prices Index, rose to 0.5 percent in March 2016, according to the Office for National Statistics. Although the rate has increased gradually since last October – reaching 0.3 percent in February – in terms of historical context it is still relatively low.…

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National Living Wage comes into force in the UK

Today, National Living Wage has been brought into force within the UK and businesses are being urged to make sure they act on this new legal requirement to avoid heavy penalties. A new compulsory minimum wage of £7.20 per hour has been brought into place today for anyone over the age of…

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National Living Wage comes into force in April

The Forum of Private Business has reminded companies to prepare for the introduction of the National Living Wage which takes place from April 1 (depending on when the payroll period begins). The headline rate will increase to £7.20. Business owners also need to check that that changes to salary sacrifice schemes…

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Sales sink for independent shops

Independent shops sales sunk following warm weather and flooding at the end of 2015, according to BIRA. An eighteen month run of rising sales for Britain’s small shops came to an end in the last quarter of 2015. This was also noticed by the ONS, as unseasonably warm weather, flooding,…

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