Profit or purpose? Business must find a better balance November 15, 2018 Last week, I attended a meeting of entrepreneurs backing Small Business Saturday (coming up on 1 December) to look at a survey of what motivates these firms. I expected a tirade against red tape and tax. What we got was the news that, of over 1,000 SMEs polled, only 60 per cent were primarily driven [...]
Why edgy art, craft gin and spa treatments are all part of the modern hairdressing experience November 14, 2018 The digital age has come for many traditional industries over the past few years, from taxi driving to hotels. But one trade that won’t be disappearing with the tap of an app is hairdressing. Anyone who has seen that video of the Boston Dynamics robot falling over while stacking boxes will know that androids aren’t [...]
Theresa May continues to woo business groups with new forum to hear industry concerns November 1, 2018 Theresa May’s attempts to woo the business world has gone up another notch with the creation of a special forum for boardroom leaders and government ministers. The new initiative will see bosses from companies including Rolls-Royce Holdings, BT Group and ITV meet with the Prime Minister and senior cabinet figures twice a year to discuss key [...]
MPs call for new tribunal system to help SMEs take on big banks October 26, 2018 A row is brewing over how to prevent another RBS-style asset stripping scandal after MPs backed a new tribunal system to help small businesses take on banks. The Treasury Select Committee is throwing its weight behind establishing a special system for settling disputes involving small and medium enterprises (SMEs) and large banks. The plan goes [...]
Let’s get kraken: How the Octopus Group is making waves October 22, 2018 For a long time, it seemed like the bosses of finance, energy, and property corporations were laughing – the heartless belly laughs of those raking in stacks of money at the expense of their customers. Now there’s a growing trend for companies that care about the people they serve, a feeling that this should be their [...]
UK Finance makes £15m loss following merger of six trade groups October 14, 2018 UK Finance made a £15m loss following a merger of six financial services trade groups, its accounts revealed. The trade association, which represents nearly 300 firms in the banking and financial services sector, received a membership income of £13.7m – and total income of £17.2m – but suffered the loss due to the costs of the [...]
Royal Bank of Scotland chief executive Ross McEwan calls for small business lending regulation October 9, 2018 The chief executive of the Royal Bank of Scotland (RBS) has called for small business lending to be regulated in the UK, despite avoiding disciplinary action for the mistreatment of SMEs by the bank's Global Restructuring Group (GRG). The lack of oversight for SME lending allowed RBS to dodge punishment by the Financial Conduct Authority this year, despite a report by the [...]
Greg Clark’s flawed and feeble remedy will fail to stamp out the late payment problem October 4, 2018 Brexit confusion, in-fighting, and leadership peacocking have marred both the Labour and Conservative Party conferences this year, but business secretary Greg Clark provided a glimmer of hope for SMEs this week. Large companies could be forced to nominate a board member to ensure that invoices are paid properly as part of a planned crackdown on [...]
Boss of £775m Royal Bank of Scotland competition payout confirms Santander UK is in running September 27, 2018 The head of a scheme to pay out £775m from Royal Bank of Scotland (RBS) to boost banking sector competition today confirmed that Santander UK and other large lenders are in the running for multi-million-pound award, in spite of criticisms from rival banks. The scheme, designed by the Treasury but run independently by Banking [...]
Treasury launches review into potential barriers in business for women September 21, 2018 The Treasury has launched a review into barriers for women in business in an effort to utilise untapped talent in the workforce. Women could be facing unfair obstacles not experienced by their male counterparts according to government research. Only one third of UK entrepreneurs are women, who remain half as likely as men to [...]