RBS redress costs reach £2bn
The Royal Bank of Scotland recently revealed that it spent close to £2bn in redress costs for the third quarter of 2016; however the bank managed to maintain an operating pre-tax profit of £255m.
Big business opts to remain
According to a study by the governance institute Icsa, the majority of Britain’s large listed businesses are committed to staying in the UK in the aftermath of the Brexit result. Just one per cent of FTSE 350 firms are considering moving abroad following the vote, while 92 per cent said they were[...]
The Magic Wand Foundation
Things are beginning to look a lot like Christmas here at The Channel Partnership. This year, instead of sending Christmas cards to our customers and suppliers, we made the decision to donate £300 to The Magic Wand Foundation to help make a difference to people’s lives this festive season.
IT SMEs have the most held in business savings accounts
According to research from Hampshire Trust Bank, accountancy firms hold an average of over £1 million in business saving accounts, followed closely by IT and communication businesses, which have around £804,000 tucked away in savings.
Brexit vote drives firms to ditch investment
Many British businesses have abandoned investment plans worth over £65 billion since the vote to leave the European Union. More than 1,000 companies completed a survey conducted by the Centre for Economic and Business Research. The results found that the uncertainty surrounding the UK’s future and[...]
RBS to refund SMEs
The Royal Bank of Scotland has estimated it will be spending around £400m to refund SMES that were pushed into administration by its Global Restructuring Group (GRG) during 2008 and 2013. The bank will implement a new complaint reviews process with the agreement of the Financial Conduct Authority[...]
British firms have yet to feel financial impact of Brexit
Three out of four UK businesses have said they have yet to feel any positive or negative financial impact from the Brexit vote, according to new research by the insolvency and restructuring trade body, R3.In contrast, 16% of all businesses say that the vote has already had a negative financial[...]
Small suppliers suffering due to late payments from customers
Data analysis has shown that small businesses in the UK are used to waiting for payments from their customers. The analysis conducted by Ormsby Street revealed that the average time big retailers take to make payments to suppliers is 45 days beyond the agreed terms. Out of the 20 retailers studied,[...]
Being proactive in an uncertain economy
We recently received an email from one of our key insurance partners reminding us of their core beliefs and services. Following the Brexit result in June, the economy is faced with uncertainty for the future; therefore we thought it would be appropriate at this time to remind everyone of the[...]
Export prospects have increased for UK small and medium businesses
The latest CBI Quarterly SME trends have shown that 25 per cent of the UK’s SMEs have increased business optimism and export prospects. The survey reported that the number of new orders increased slightly during the three months to October as well as a steady rise in output. Export orders remained[...]