Economy News

No more need for QE says Carney

The new Bank of England Governor, Mark Carney, has revealed that there are no plans for more quantitative easing (QE) in the near future due to an improving economic picture.

In an interview with the Yorkshire Post, Carney stated how he felt that the improving economic recovery, in his personal view, didn’t require any further QE measures.

SMEs to generate majority of new jobs

More new jobs are to be created by the UK’s small-to-medium-sized enterprises, not the large multinationals, according to Labour Party leader, Ed Miliband.

The comments came during Miliband’s keynote speech yesterday at the Labour Party conference in Brighton.

Mr Miliband detailed his proposals to cut business rates for 1.5 million businesses across the country if Labour wins back power in 2015.

He also emphasised how important he felt it was that new jobs over the next 15 years are created by companies that don’t already exist.

Infrastructure projects essential for recovery

The Confederation of British Industry (CBI) has emphasised the need for the government to move quickly with big infrastructural projects to help boost economic recovery.

Director general John Cridland suggested that currently there were widespread fears of a lacking of “political will” to deliver the projects.

The calls came following a survey carried out by the CBI which cited improved regional transport links as crucial to small businesses, with 74% suggesting that they believed there had been a deterioration of road networks.

Almost half of SMEs suffer bank rejection

Despite the improving economic picture small businesses and SMEs have still struggled to access bank credit over the last three months, according to the latest survey by the Federation of Small Businesses (FSB).

47% of FSB members that had applied for loans had been turned down by their bank, even taking into account the extra money provided to banks to lend to small businesses through the Funding for Lending (FLS) scheme.

Small businesses expecting growth as economy improves

More than 50% of small business owners are expecting to see their company grow over the next 12 months, according to a new survey.

Over 5,000 small-to-medium-sized enterprises (SMEs) were asked at the end of Q2 2013 (June) about their expectations for growth, with 51% replying they are expecting growth.

This was the highest figure ever recorded by the Finance Monitor, which has been surveying SMEs about their growth plans every quarter since 2011.