Andrea Leadom will co-chair a new business finance council aimed at supporting small and medium-sized businesses (SMEs) as Britain prepares to leave the EU. It will include senior representatives from the UK’s leading banks and alternative lenders, and will be co-chaired by the Business Secretary and Economic Secretary to the Treasury John Glen. Michael Gove and small business minister Kelly Tolhurst will also sit on the committee. Ms Leadsom said the council will ensure that finance continues to flow to smaller businesses: “Our financial system is strong and banks have the capacity to lend. I would urge lenders to take advantage of the support on offer from our fantastic British Business Bank.”... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium … [Read more...] about New business finance council to back small business after Brexit
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In Brewster’s Millions, the 1985 film starring Richard Pryor, Montgomery Brewster has to spend $30 million in 30 days. How difficult can this be? Very, it turns out. Then again, it’s a dreadful movie. But perhaps Treasury mandarins and the rest of the banking trade now know how Pryor felt. Between them they have been trying to dish out £775 million in state aid to boost small banks since 2010. The money is to come from the Royal Bank of Scotland to boost competition in banking as part of the terms of RBS’s state bailout in 2008 agreed with the EU. The first round of grants is due to be announced on February 22, nearly 10 years after the process began and barely a month before we aren’t supposed to be in the EU anyway. Even setting that issue aside, dishing out the cash is proving problematic. Lloyds Banking Group met the terms of its own EU state-aid deal under what was called “Project Verde” — offloading TSB, perhaps the most successful … [Read more...] about Why is it so hard to give small business a boost agreed in 2010?
By: David Prosser 01/02/2019 The accounting software market is competitive, says David Prosser – there’ll be an option for youFor many small and medium-sized enterprises (SMEs), the new year has begun with an accounting headache. On top of tax returns, if your business is registered for VAT (any business with sales of more than £85,000 this year should be), you will probably have had a reminder from HM Revenue & Customs (HMRC) that you must comply with the Making Tax Digital (MTD) rules from 1 April. These rules require businesses to keep records digitally and to submit their VAT returns using specialist software. Either way, businesses operating without some form of accounting software are finding life increasingly difficult. If you haven’t previously invested in such a package – or reviewed your options recently – now may be the time to do so. The good news is that competition in this marketplace is fierce, with newer … [Read more...] about Crunching the numbers: accounting software for small businesses
TSB offers greater protection for business borrowers BelfastTelegraph.co.uk TSB has unveiled a package of measures that it claims will safeguard small business borrowers following a string of scandals that have blighted the banking sector. https://www.belfasttelegraph.co.uk/business/uk-world/tsb-offers-greater-protection-for-business-borrowers-37759784.html https://www.belfasttelegraph.co.uk/business/uk-world/article37759783.ece/19806/AUTOCROP/h342/bpanews_dbf13a89-4c9c-4da6-8f6d-6a7c7afeebff_1 Email TSB has unveiled a package of measures that it claims will safeguard small business borrowers following a string of scandals that have blighted the banking sector. The lender has pledged to support small and medium sized enterprise (SME) customers when they are in financial distress and protect them against unfair treatment and charges. The move follows calls to bring in tougher SME lending regulation following scandals at the Royal Bank of Scotland and HBOS, which was acquired … [Read more...] about TSB offers greater protection for business borrowers
0 Have your say Small business finance provider White Oak UK has relocated its Scottish headquarters to Glasgow as it looks to expand and make key local hires. The lender, one of the UK’s largest providers of alternative finance to small and medium-sized enterprises (SMEs), officially opens its base at 58 Waterloo Street in the city’s financial district today.It recently made 12 new hires for the branch and has “ambitious plans” to recruit throughout the year.White Oak, which has agreed a long-term lease for the office, said that its decision to relocate was driven by Glasgow’s “recent regeneration, superior business infrastructure and growing commercial profile”. It added that the city was home to a “burgeoning pool of talent” which it aims to exploit as it grows the team locally.The business has around 6,000 customers in Scotland.All employees from its former site at Stewarton in Ayrshire have transitioned … [Read more...] about SME lender moves Scots HQ as part of ‘ambitious’ plans