Government announces new taskforce to boost small business finance.
It is reported that the Government is launching a taskforce to enhance funding for SMEs. The initiative aims to provide an additional £1bn in lending over five years. The idea is to augment the current low borrowing rates among small firms. The taskforce will collaborate with banks and Community Development Finance Institutions to improve access…
UK AI sector raises £20bn in private capital
City AM reports that Britain’s AI sector has gained momentum. In excess of £20bn has been raised in private capital in the past year, according to the Startup Coalition’s latest AI index. The combined valuation of British AI firms exceeds £45bn, with business services attracting £8.3bn. Despite this growth, confidence in AI remains uneven. According…
Chinese importers benefit from Tax loophole
The chief executive of Associated British Foods, (owner of Primark), has warned that the Government’s delay in addressing a tax loophole benefits Chinese firms and is harming UK retailers. He has urged ministers to eliminate a rule allowing firms like Shein and Temu to ship parcels worth up to £135 without duty. While Chancellor Rachel Reeves…
Falling costs of Building projects
The Times reports that the average cost of building projects has dropped significantly, falling 14% over the past year and 25% below its 2023 peak, saving homeowners around £2,000 per project, according to Checkatrade. The decline is driven by cheaper, more stable material prices, calmer labour cost increases, and the disappearance of “supply risk premiums”…
Good news on UK Exports – Financial services hit record surplus.
It is reported by CityUK that the UK financial services sector achieved a record trade surplus of £95bn in 2024. This was a 15% increase from 2023. The good news is that this positions the UK as the world’s largest net exporter of financial services, surpassing the US and other leading nations. If one includes…
Interest in UK investment remains strong.
The UK has maintained its position as the second most attractive destination for international investment. This is according to PwC’s latest survey. Germany and India share this ranking, each with 13% of chief executives preferring these countries. The US remains the top choice at 35%. Despite 25% of UK CEOs predicting a downturn, the UK…
Vehicle Tax change forces firms to rethink vans.
The Times reports that businesses are reconsidering their vehicle choices. This is due to new tax rules introduced by Chancellor Rachel Reeves. The problem is that the changes classify double-cab pick-up trucks as cars for tax purposes. This potentially doubles the tax bill for employees. Simon Down from Deloitte said: “Taking these vehicles under the…
Demand for Bridging finance predicted to grow in 2026
According to new data from Black & White Bridging. four out of five intermediaries say their confidence in the market is set to grow over the next 12 months, Source: Bridging & Commercial. BFS Comment: If true this would seem to indicate that there is going to be an upturn in demand for bridging finance.…
Two-thirds of banks close since 2015
Analysis by consumer watchdog Which? shows that 67% of bank branches in the UK have closed over the past decade. There have been 6,609 closures from January 2015 to December 2024. NatWest led the closures with 1,431 branches, followed by Lloyds Banking Group with 1,252. Meanwhile, 1,230 Barclays branches have closed, as well as 477 Santander sites and 743…
Property Tax hike threatens flexible workspaces
Flexible working businesses have alerted Chancellor Rachel Reeves about potential property tax increases that could jeopardise thousands of jobs. Over 60 operators of serviced offices and workspaces, representing 27,000+ businesses, expressed “urgent and deeply serious concern” in a letter. The Valuation Office Agency has reclassified these spaces, leading to higher business rates and loss of…
Freephone:01327 349 779
e-mail : enquiries@bufinserv.co.uk
