Official figures from the Office for National Statistics (ONS) demonstrate the effects that the credit crunch had on businesses.
The statistics show that the number of business deaths rose by 20,000 (7.4 per cent) between 2009 and 2010.
Since 2009 the UK and global economies have been hit by turmoil and the UK has been through a recession.
This is also reflected in the decline in the number of business start-ups during this period - a fall of 42,000 (1.8 per cent) between 2009 and 2010.
Businesses that saw the highest start-up rate during this period were in the information and communication industry, while business administration, accommodation and food services saw the biggest level of closures.
Unsurprisingly, London had the highest business birth and death rates, while Northern Ireland had the lowest.
The business birth and death scale was tipped during the credit crunch, as figures for 2007 show that business births out-stripped business deaths by nearly 60,000.
(Source – Gibson Hewitt)
Monday, December 12, 2011
Monday, December 5, 2011
Britons will spend £13.4bn in cyber shops this Christmas.
Internet users are expected spend more than 350 million hours shopping online for Christmas presents during December 2011 with purchases made from a mobile phone accounting for at least 12 per cent of online spending.
"Lego" is expected to be the most searched for toy product throughout the country during the festive period.
December 19, a Monday, is expected to be the busiest day for online food sales as people scramble to do some last minute grocery shopping before Christmas Day.
Social media usage, in the lead up to and on the day of Christmas, is expected to be the highest yet, with British web users expected to spend more than 25 million hours online on December 25 alone.
"Lego" is expected to be the most searched for toy product throughout the country during the festive period.
December 19, a Monday, is expected to be the busiest day for online food sales as people scramble to do some last minute grocery shopping before Christmas Day.
Social media usage, in the lead up to and on the day of Christmas, is expected to be the highest yet, with British web users expected to spend more than 25 million hours online on December 25 alone.
Friday, December 2, 2011
Action Comics No. 1 sells for record $2.16m
A rare copy of the first issue of Action Comics, famed for the first appearance of Superman, has been sold for a record $2.16 million (£1.4m).The issue, graded at 9.0, was auctioned starting Nov. 11 online at www.comicconnect.com. The starting bid was just $1 but there was a reserve price of $900,000. Neither the name of the buyer nor seller was disclosed.
The previous record set in March 2010 was followed by the sale of another copy for $1 million. But neither of those issues was in as good a condition as the issue that sold on Wednesday, though it's pedigree of setting records was already documented. Twice before it set the record for the most expensive book ever, selling for $86,000 in 1992 and $150,000 in 1997.
But in 2000, it was stolen and thought lost until it was recovered in a storage shed in California in April this year
The previous record set in March 2010 was followed by the sale of another copy for $1 million. But neither of those issues was in as good a condition as the issue that sold on Wednesday, though it's pedigree of setting records was already documented. Twice before it set the record for the most expensive book ever, selling for $86,000 in 1992 and $150,000 in 1997.
But in 2000, it was stolen and thought lost until it was recovered in a storage shed in California in April this year
Thursday, December 1, 2011
Autumn Statement is a step in the right direction for small businesses
The Federation of Small Businesses (FSB) welcomes the Chancellor's Autumn Statement saying that it is a step in the right direction to help small firms that are central to economic growth and job creation in the UK.
The FSB is pleased that the Government has enhanced the seed enterprise investment scheme which will offer greater reliefs on capital gains and income tax for people investing in small businesses. This will give start-ups and fledgling businesses the chance to by-pass the high street banks and find alternative sources of finance.
Extra funds for small businesses through the credit easing scheme is also to be welcomed. It should help to decrease the cost of finance for small firms and will hopefully increase the amount of lending to small businesses – especially with today's figures from the Bank of England showing that lending fell in the last three months.
However, the FSB has concerns that guaranteeing the loan books of existing high street banks may serve to reinforce their market position. The Government must therefore go further to promote the emergence of alternative forms of finance and greater competition in the banking sector.
Measures that will reduce the risk of taking on new staff and increase job creation are welcomed and an overhaul of the employment tribunal system is also a step in the right direction. But with youth unemployment rising to record levels, the Chancellor needs to be more ambitious in incentivising job creation by extending schemes like Work Trials to prevent unemployment becoming entrenched.
The FSB welcomes attempts to tackle firms' rising overheads. Based on September's inflation figure, businesses would have seen a 10 per cent increase in their business rates over the last two years. An extension to small business rates relief will be welcomed by many small high street businesses as a way to help manage their overheads.
Deferring January's fuel duty increase is welcome too but a 3p rise is still coming and will hit small firms and households in August. The FSB is calling for a longer-term solution that not only takes the volatility out of fuel prices but the politics as well. Small businesses need to be able to know what their overheads will be in six months time and that is why the FSB is calling for a true fuel duty stabiliser mechanism.
Plans to improve the country's transport network are welcome. While these improvements will help small businesses, it is also vital that small firms are given the chance to win these contracts and other public procurement contracts.
The FSB is pleased that the Government has enhanced the seed enterprise investment scheme which will offer greater reliefs on capital gains and income tax for people investing in small businesses. This will give start-ups and fledgling businesses the chance to by-pass the high street banks and find alternative sources of finance.
Extra funds for small businesses through the credit easing scheme is also to be welcomed. It should help to decrease the cost of finance for small firms and will hopefully increase the amount of lending to small businesses – especially with today's figures from the Bank of England showing that lending fell in the last three months.
However, the FSB has concerns that guaranteeing the loan books of existing high street banks may serve to reinforce their market position. The Government must therefore go further to promote the emergence of alternative forms of finance and greater competition in the banking sector.
Measures that will reduce the risk of taking on new staff and increase job creation are welcomed and an overhaul of the employment tribunal system is also a step in the right direction. But with youth unemployment rising to record levels, the Chancellor needs to be more ambitious in incentivising job creation by extending schemes like Work Trials to prevent unemployment becoming entrenched.
The FSB welcomes attempts to tackle firms' rising overheads. Based on September's inflation figure, businesses would have seen a 10 per cent increase in their business rates over the last two years. An extension to small business rates relief will be welcomed by many small high street businesses as a way to help manage their overheads.
Deferring January's fuel duty increase is welcome too but a 3p rise is still coming and will hit small firms and households in August. The FSB is calling for a longer-term solution that not only takes the volatility out of fuel prices but the politics as well. Small businesses need to be able to know what their overheads will be in six months time and that is why the FSB is calling for a true fuel duty stabiliser mechanism.
Plans to improve the country's transport network are welcome. While these improvements will help small businesses, it is also vital that small firms are given the chance to win these contracts and other public procurement contracts.
'Survival Paramount' for British SMEs
Small and medium sized businesses (SMEs) are most worried about broader economic issues such as the global economy (84%), cheaper competition (70%), and currency volatility (65%), according to the latest data from the Travelex Confidence Index.
The findings also revealed that 59% of SMEs had little to no confidence in the current economic climate, representing a 32% drop from June and the lowest level of confidence since the TCI began in March 2010.
Top 10 concerns for SMEs
1) Overall health of the economy (84%)
2) Cheaper overseas competition (70%)
3) Currency volatility (65%)
4) Reduced budgets (64%)
5) International regulation/compliance (44%)
6) Credit availability (43%)
7) Efficiency of international payments (39%)
8) Political influence (36%)
9) Reduced sales (30%)
10) Customer loss (27%)
Although credit availability came in at no. 6, SME awareness of Project Merlin is extremely low; 62% had not heard of Project Merlin and of those who had, only one in 20 believed it has helped them obtain credit.
Equally worrying ahead of the Autumn Statement is the fact that 66% of SMEs don't believe the government's efforts to drive an export-led recovery have affected their business, with 48% thinking an export-led recovery unlikely despite policy-makers'
sustained campaign to depreciate the pound. With sterling fluctuating amidst an uncertain global outlook, external risks seem to have reduced the efficacy of the Coalition's current policies.
The findings also revealed that 59% of SMEs had little to no confidence in the current economic climate, representing a 32% drop from June and the lowest level of confidence since the TCI began in March 2010.
Top 10 concerns for SMEs
1) Overall health of the economy (84%)
2) Cheaper overseas competition (70%)
3) Currency volatility (65%)
4) Reduced budgets (64%)
5) International regulation/compliance (44%)
6) Credit availability (43%)
7) Efficiency of international payments (39%)
8) Political influence (36%)
9) Reduced sales (30%)
10) Customer loss (27%)
Although credit availability came in at no. 6, SME awareness of Project Merlin is extremely low; 62% had not heard of Project Merlin and of those who had, only one in 20 believed it has helped them obtain credit.
Equally worrying ahead of the Autumn Statement is the fact that 66% of SMEs don't believe the government's efforts to drive an export-led recovery have affected their business, with 48% thinking an export-led recovery unlikely despite policy-makers'
sustained campaign to depreciate the pound. With sterling fluctuating amidst an uncertain global outlook, external risks seem to have reduced the efficacy of the Coalition's current policies.
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