City regulator to warn banks about exploiting small businesses
The Times reports that ithe Financial Conduct Authority will be warning banks about exploiting small businesses. This relates specifically to providing low savings rates. A recent study says that small businesses are losing out on over £7.5bn each year. This is due to deposits sitting in accounts with no interest and receiving worse rates than…
10% of SMEs are failing through lack of access to finance
According to a recent survey by Shawbrook Bank, one in 10 SMEs have struggled to access funding and, eventually, folded. The survey found that 72% of SMEs had difficulty accessing financing, with 29% delaying major investments due to insufficient funding. The report also highlighted that 17% of businesses were deemed too risky for funding. A…
Logistics companies showing increased lack of confidence in the future
A new study from Barclays and BDO has found that confidence in the logistics sector has fallen to the second lowest level on record. That is just above COVID-19 levels. It reports that three-quarters of operators feel business conditions are more difficult now than a year ago. This is partly due to fuel and energy…
The power of SMS authentication and how it can improve your digital security.
Whilst our main business is obviously helping our SME clients to find and raise finance, we also like to provide additional information. We hope that it may be helpful to SME owners/managers in running their business. Here is an example. We are all becoming increasingly aware of the urgent need in this digital world to…
UK Fintech sector looking more positive
Following our report yesterday that the UK ranks No. 3 in the World for value of Hi-tech business, City am now reports that the chief executive of fintech sector trade body Innovate Finance, says London’s fintech sector is showing “shoots of positivity.” She comments that fintech firms are “proving their value”. This despite it being…
UK tech industry hits record level
Data from HSBC Innovation Banking shows that the total value of the UK’s tech sector has climbed to its highest ever level this year, hitting £996.8bn. This is up from £988bn last year. This means the UK’s tech sector is the third most valuable in the world, behind only the US and China. The report…
UK manufacturing output climbs the rankings
According to trade body ‘Make UK’ the UK’s manufacturing output has surpassed France, making it the eighth largest manufacturing power in the world., the UK’s manufacturing output was worth £218bn in 2021, compared to France’s £210bn. Recent figures suggest that the UK’s manufacturing output continued to grow to £224n in 2022. Business and Trade Secretary…
Reports of increasing reluctance by high street banks to lend to SMEs.
It has been apparent for some time that SMEs are facing difficulties in accessing funding from high street banks. A recent survey by fintech lender iwoca supports this. It revealed that 84% of their finance brokers reported that high street banks were increasingly reluctant to lend to SMEs. This poses a significant problem as 81%…
Metro Bank founder launches acceleration partner ‘archie’ for early-stage fintechs
It has been announced that Anthony Thomson, the founder and former chair of Metro Bank and Atom Bank, is teaming up with Steve Brennen, a former PayPal and Uber director, to launch Archie, a new acceleration partner for early-stage fintechs. The venture is seeking to connect a “select portfolio of early-stage fintechs” with the intellectual…
Firms start to prioritise skills over degrees
The Times reports that UK businesses are shifting their hiring focus from degrees to specialised skills, according to research by LinkedIn. The share of vacancies that do not require a university degree increased by 90% last year. Recruiters are now five times more likely to prioritise skills over qualifications. Four in five expect skills-first recruitment…
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