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SME news round-up

07 March 2014 •

Recession leads to start-up boom

In common with our experience, Sir Stuart Rose recently declared that more small British businesses have started up since the economic collapse than at any time in history. The former Marks & Spencer chief commented: “There are more start-ups going on in the UK than there have ever been. Following the recession, people have decided to branch out on their own.”

If you are considering a business start-up please speak to us and arrange a free initial consultation. Time spent in the proper planning of a new business venture is vital.

Lending to SMEs falls

Recent figures from the BoE’s Funding for Lending Scheme have revealed that 34 banks and building societies using the credit facility withdrew £1.32bn of lending from SMEs between April and December 2013. The largest withdrawals were by RBS, which withdrew £2.2bn of credit, and Nationwide, which cut lending by £1.14bn. Meanwhile, other data suggested that small challenger banks are beginning to fill the void, an example being Aldermore who lent £345m to small business in the period.

Sadly we at Warrener Stewart have noted this trend. SME lending needs to improve if the current economic recovery is to continue. If you are experiencing funding difficulties do contact us, we may be able to suggest options that you have not previously considered.

Chancellor salutes small businesses

Small businesses are set to receive a letter from George Osborne saluting them for their contribution to the economy. Mr Osborne is drawing attention to measures announced in last year’s Autumn Statement, handing employers an annual discount of up to £2,000 on NICs. It is estimated that up to 1.25m businesses and charities will benefit from the Employment Allowance, which takes effect next month, while approximately 450,000 will not have to pay any Class 1 NICs in 2014-15. Mr Osborne says in his letter: “Small businesses are the lifeblood of the economy and I want to make it easier for you to succeed and grow. This Government’s long-term plan backs business because that is the only way to grow our economy and create jobs. Thank you for the role you have played in securing our recovery”.

If Warrener Stewart already provide you with payroll services we will ensure that this discount is applied as early as possible. If not, and you require assistance, please get in touch.

“Rosslyn Park has always been dependent upon raising funds to achieve what it needed and like any club had to act like a business, moving with the times.”
Rosslyn Park