Anil Stocker

Greater Competition in Small Business Banking Could Save Firms £1bn

Greater Competition in Small Business Banking Could Save Firms £1bn

Smaller enterprises could save up to £1bn over the next five years thanks to proposals announced today by the Competition and Markets Authority (CMA) which look to increase competition in retail banking. Among the proposals suggested was the development of new online comparison tools, new measures targeted at unarranged overdrafts and an improved current account switch service (CASS) to make switching banks more straightforward. The CMA highlighted statistics that show over 90% of small enterprises use the same bank for their current account and business loans with 60% staying with the same financial institution for over 10 years. On the back of these figures, the CMA has said it plans to make it easier for businesses to shop around for a current account with the aim to reduce business own... »

70% of the North’s Small Firms Don’t Believe in ‘Northern Powerhouse’

70% of the North’s Small Firms Don’t Believe in ‘Northern Powerhouse’

70% of small businesses in the North don’t believe George Osborne will create a ‘Northern Powerhouse’, according to a report by MarketInvoice and Censuswide. The survey of over 1,000 small firms found that over half (56%) of small business owners believe that the government is not genuinely committed to increasing investment in the Northern region. When asked if the chancellor of the exchequer had done enough to support them, only 4% of business owners said he had. New initiatives for the ‘devolution revolution’ announced during the Budget 2016 included £60m dedicated to the development of the new High Speed 3 (HS3) rail link between Manchester and Leeds, £75m to develop plans for a new trans-Pennine road tunnel and £20m a year of new funding dedicated to schools in the Northern Powerhouse... »

37% of Small Businesses Felt No Positive Impact From Osborne’s 2015 Budget Initiatives

37% of Small Businesses Felt No Positive Impact From Osborne’s 2015 Budget Initiatives

More than one in three (37%) small businesses don’t believe that the initiatives introduced by George Osborne in last year’s budget had an impact on their business, a report by MarketInvoice has found. The survey of 1,000 small enterprises found that just 36.5% believe their fortunes improved from the chancellor’s 2015 measures and only 6% of business owners said they had “improved a lot.” What’s more,only9% of the business owners surveyed said they believed the chancellor had done enough for small business in the UK. Osborne’s pledge to establish new enterprise zones (67%) and set the annual investment allowance at £200,000(63%) were the measures cited by businesses as having had the least impact. 27% said they believed the national living wage had the biggest effect on their business, wh... »

60% of UK Small Business Invoices Paid Late in 2015

60% of UK Small Business Invoices Paid Late in 2015

59.6% of all UK small business invoices were paid late in 2015, according to a report by MarketInvoice. Surveying over 30,000 invoices across 80 countries, the research noted a sharp rise in the “harmful practice” of late payments with the percentage of small businesses affected rising from 54.9% in 2014, and 50.2% in 2013. When compared to the US and other European countries, the UK appears to have a specific problem with late payments as the EU average for late payments was markedly lower at 40.4%. The study found that UK blue chip companies are more likely to pay invoices late (62.2%), followed by the public sector (61.7%), and small companies (60.9%). Particular “bad performers” included high street retailers (69.8%) and supermarkets (68.7%). The news follows research published in Dece... »