General News

Asset based finance helping SMEs boost sales

The latest figures released by the Asset Based Finance Association (ABFA) have indicated that firms utilising asset based finance solutions such as invoice finance saw their sales rise on average by nearly 13% in Q4 2012 (October – December), in comparison to Q3 (July – September).

Companies with such facilities in 2012 collectively recorded a turnover of more than quarter of a trillion.

PPC non-signatories ‘named and shamed’

Michael Fallon, Business Minister, has named and shamed hundreds of businesses that haven’t signed up to the Prompt Payment Code (PPC).

The PPC was set up by the government to commit the UK’s biggest firms to reducing the burden of late payments on smaller firms by paying them quicker, in turn helping keep the UK’s SME cashflow going in the right direction during a tricky economic period.

Having written to FTSE companies in November last year to request they sign up, Fallon has now published the list of companies on the government website.

Car manufacturing boom continues

There was an 11.5% rise in new car registrations in January in comparison to a year ago, a new report has revealed.

This was the 11th successive monthly rise in car registrations in the UK, with competitive deals and lower running costs associated with new automobiles persuading people to opt for a new car.

Another solid month of trading for January has led to the Society of Motor Manufacturers and Traders (SMMT) revising forecasts for UK car manufacturing, with now more than 2 million cars expected to be produced in 2014.

Public back cut in fuel duty

Three times as many people are in favour of a fuel duty cut over a restoration of the 10p tax income band, pressure body FairFuelUK has revealed.

In a poll carried out following Labour’s announcement that it would bring back the 10p band, the majority felt a 14p cut in fuel duty would be more beneficial to the economy.

Spokesman for FairFuelUK, Quentin Willson, felt that the Chancellor should seriously consider the overriding view of the public in the upcoming budget.

Fears despite more prompt payments pledges

The number of signatories on the Prompt Payment Code, set up by the Institute of Credit Management in October last year, has tripled in the last few months, it was reported last week.

Currently there are 1,319 businesses signed up to the code, with 64 of these being FTSE 100 companies. In total, 121 FTSE 350 firms have committed to the code, up from just 39 in October.

The code was originally set up to commit the UK’s biggest firms to reducing the burden of late payments on smaller firms by paying them quicker, so ensuring their cashflow isn’t hindered.