Difficult to think about December in August however, Saturday 6 December is Small Business Saturday, the celebration day of ‘shop local’ and use independent-owned businesses, an initiative that promotes at all levels the support of small firms and have started their 100 countdown.
Santander apparently had an issue with the ‘moral problem’ of the aptly named Circus Uncertainty (you couldn’t make this stuff up!) when they wanted to set up a business account. It seems that burlesque-style outfits worn by the showgirls of the 40 strong troupe might have made the bosses backtrack (wonder if that was at risk assessment?), that the bank didn’t want to be associated with. But ‘committed to supporting the local business community’ (and some press coverage) the bank has now re-opened discussion with the circus owner.
Money’s still too tight to mention according to the BoE, who began collecting data on loans to non-financial small businesses in 2011. Consequently, there is to be a wide-ranging regulatory probe (their words not ours) into the UK banking sector that will focus on personal and business accounts. Still with the BoE, new plans have been revealed for Bankers who break rules (following alleged Libor rate-fixing) to face potential bonus clawback, and the prospect of custodial sentencing as part of risk management and regulation. The next MPC meeting to August 7 will see the next interest rate decision. New Deputy Governor Nemet Shafik, who will join the bank on 1 August, had said the bank was likely to revise down its estimate that spare capacity in the UK economy is equivalent to 1% to 1.5% of GDP in its August update – a sign that the time for a rate rise is moving closer.
The Tax Office is to go on strike because of backlogs, delays and apparently private debt collectors. Strikes will be spread across the country on different days. Plans are also being introduced by HMRC for new Direct Debit recovery powers under which they will be able to deduct tax owed directly from the accounts of debtors (providing £5,000 remains across all accounts including ISA’s).
HSBC is closing accounts to some Muslim organisations with a reasoning given of the service provided would be outside the bank’s ‘risk appetite’. The bank has said that it was ‘applying a programme of strategic assessment to all of its businesses’, following a fine over poor money-laundering controls.
With 25% of small businesses still not online, the UK’s largest domain registrar is on campervan tour around the UK to highlight the importance of having a digital presence. Starting in July (Newcastle) and finishing in London (12 August), they’ll apparently be demystifying the online world.
Image and Article credit: Copyright SUF © 2014