Finance

UK SMEs stand to gain £78bn from AI amid economic turbulence

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  UK small and medium-sized enterprises (SMEs) could unlock up to £78.1 billion in economic value by adopting artificial intelligence (AI) technologies, signalling a major opportunity to boost national productivity and business resilience. The report, commissioned by Microsoft and consultancy WPI Strategy, highlights a significant AI readiness gap among UK SME, despite widespread awareness of […]

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Business debts to HMRC average £28bn per month as ‘tariff trauma’ bites

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  Business arrears to HMRC are running at an average of £28bn per month, as companies grapple with rising National Insurance (NI) costs and economic shockwaves from US tariff increases. Official figures, obtained by HMRC under the Freedom of Information (FOI) Act have revealed the extent of unpaid debts being pursued by the taxman across

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More CFOs will axe AI investment if it doesn’t show ROI next year

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  Four out of five Chief Financial Officers (78%) have expressed a desire to increase their investment in AI over the next 12 to 18 months, recognising its value in transforming financial operations, but admit they ‘don’t know where to start’, according to a new global survey. While this signals growing confidence in AI, it’s

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Decade of IBioIC support boosts Scotland’s bioeconomy with £35 million of innovation investment

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The Industrial Biotechnology Innovation Centre (IBioIC) has supported the growth of Scotland’s industrial biotechnology sector by helping it to attract £35 million of additional funding for research and development, according to new figures revealed to mark its tenth anniversary. IBioIC has supported more than 260 start-ups, small businesses, and established companies to bring bio-based processes

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Research reveals gap in succession planning among UK Businesses

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New research by UK top ten accountancy and advisory firm Azets has revealed that fewer than one in ten UK businesses have succession planning fully integrated into their strategy, despite 30% of companies demonstrating a widespread recognition of its importance. The Azets Barometer January 2024 survey shows that more than half (58%) of businesses have

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Eight in ten finance chiefs preparing for greater regulatory scrutiny in 2024

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Eight in ten finance chiefs are prioritising preparing their departments to operate under increased regulatory scrutiny, according to a new global study. The research, commissioned by Basware, a global leader in AP automation and invoice processing and conducted by global research and advisory firm Forrester Consulting, revealed that 84% of finance leaders said that adapting

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NatWest loans £420K to local businesses seeking to create local job opportunities

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Universal Live, a West Yorkshire locally owned events business that specializes in corporate events, is expanding its business thanks to a £420k loan from Lombard, part of the NatWest Group. The expansion of the Keighley based business will aid in the company being able to create new jobs in the local area.   The corporate events

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Landmark Scottish Enterprise and Innovate UK collaboration on Scotland’s innovation economy

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Left to Right: Adrian Gillespie Chief Executive ofScottish Enterprise, Susan Aitken Chair of the Glasgow City RegionCabinet & Leader of Glasgow City Council and Indro Mukerjee ChiefExecutive Officer of Innovate UK Scottish businesses are set to benefit from increased support and easier access to funding thanks to a new agreement between Scottish Enterprise and Innovate

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Four in ten SMEs prefer fintech lenders over mainstream banks when seeking business finance

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Four in ten (40%) UK small and medium-sized businesses (SMEs) claim it is easier for them to access finance from fintech lenders rather than mainstream banks, according to new research from Sonovate, an alternative finance and payment solutions provider. Alternative finance options increasingly offer a lifeline for UK SMEs, with seven in ten (70%) admitting

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BCC outlines three key fixes needed for SME Finance

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The British Chamber of Commerce (BCC) has called for action to improve the availability of finance for SMEs as accessibility; awareness and a lack of competition continue to hold firms back.   In written evidence submitted to the Treasury Select Committee, the BCC said many smaller firms are no longer seeking finance as they consider it

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