The use of invoice finance by UK and Irish businesses has risen by more than £8 billion in the 10 years since the credit crunch, new research shows.
According to the Asset Based Finance Association (ABFA), the body representing the invoice finance and asset-based lending industry in the UK and the Republic of Ireland, there was a record high of £22.2 billion of asset-based finance advanced to client businesses at the close of Q4 2016, compared to £14.1 billion in Q1 2007.
The ABFA adds that over the same period, outstanding traditional businesses loans have fallen 8% from £440.7 billion in January 2007 to £406.9bn in December 2016. The current figure is 31% below the peak for business loan books, which reached £591.4 billion in January 2009.
Read the full article at: http://www.assetfinanceinternational.com/index.php/global-news/news-emea/emea-articles/15295-use-of-invoice-finance-rises-8bn-in-a-decade
CYBG PLC, owner of Clydesdale and Yorkshire Banks, is making a minimum of £6 billion of lending available from 2017 to 2019 to help fuel the growth of small and medium sized businesses in the UK. The Bank’s long-term commitment to lending includes significant amounts of finance available across the UK economy through 2017.
£1 billion available to support the day-to-day finance needs of SMEs.
£350 million targeted at providing facilities for medium sized businesses seeking finance for growth up to £200 million in lending available to SMEs in the agriculture sector supporting the UK’s rural economies.
£650 million available to support our other key sectors that provide lending for major property purchases, financial services and the UK’s industrial base.
What businesses want:
The survey also indicates that of those SMEs seeking finance from a bank:
24 per cent intend to use the finance to hire new staff
20 per cent plan to invest in new infrastructure or capital equipment
20 per cent plan to buy or refurbish premises
18 per cent would use new finance for working capital
9 per cent say they would invest in Research & Development.
Read more at: http://smallbusiness.co.uk/smes-challenges-access-finance-banks-2537961/
LONDON — Britain’s booming fintech sector is facing a skills shortage, according to exclusive data provided to Business Insider, with many job listings going unfilled after two months.
Data from job listing site Indeed.com, one of the world’s biggest recruitment websites, shows that mechanical & engineering project managers are the hardest jobs to fill in British fintech, with 31% of vacancies going unfilled after 60 days.
All of the other 10 hardest jobs to fill have at least 20% of listings unsatisfied after 60 days.
The stats will worry many in the Fintech sector, which has been a key area of growth in the UK economy in the years since the financial crisis. Last month Chancellor Philip Hammond said in a release announcing the Treasury’s first-ever Fintech week: “The Fintech sector is one of our fastest growing sectors, adding more than £6.6 billion into the UK’s economy and attracting more than £500 million of investment.”
See more at: http://uk.businessinsider.com/hardest-fintech-jobs-to-fill-in-uk-according-to-indeedcom-2017-3
Alternative, or non-bank, lending got a big boost in 2008 when the mortgage meltdown caused banks to roll up their welcome mats. In that era of recriminations, no bank wanted to go out on a limb and lend to anyone other than the most creditworthy customers. Today, businesses have learned that alternative lending, which includes commercial business loans, factoring, peer-to-peer lending and crowdfunding, can solve many problems quickly and efficiently without a lot of the delay and paperwork associated with bank loans.
Still, some business owners have negative misconceptions about alternative lending, so we’d like to clear them up:
Only bank-rejects apply to alternative lenders:
While it’s true that many businesses find it easier to qualify for a loan from an alternative source than from a bank, many owners prefer dealing with alternative lenders, as they tend to be more flexible, less judgmental and faster to respond. Many alternative lenders do not require collateral, can process an application in a few hours, and fund a loan within a day or two. One feature that IOU Financial borrowers truly appreciate is daily automatic repayment, which means a business doesn’t have to face a large monthly payment that can disrupt the business’ cash position.
Read more at http://www.business2community.com/finance/5-common-misconceptions-alternative-lending-01781141#VWAd0a3Ou0wHkck8.99
Almost three-quarters (72%) of SMEs are not aware of opportunities to secure funding based on their turnover, according to a new study by Close Brothers Invoice Finance.
While 44% of SMEs claimed they would consider asset-based lending over a loan or an overdraft, only 16% said it was their ideal form of business finance.
David Thomson of Close Brothers said: “The findings of our research are disappointing because for many SMEs asset-based lending offers key benefits over other types of finance, including greater flexibility, fewer covenants, scalability and ease of access.
See more at:http://www.bridgingandcommercial.co.uk/article-desc-11571_SMEs%20fail%20to%20utilise%20asset%20based%20lending
Many of the most successful people have gotten job interviews down to a science.
They’re not in the habit of wasting time with dumb or irrelevant queries.
In fact, they often have one favorite go-to question they like to ask. This typically reveals everything they need to know about a job candidate.
Here are 31 of those questions:
Britain’s financiers are determined to keep as much of their operations as possible in the UK after Brexit, predicting that London will remain one of the world’s preeminent business centres.
Businesses are reviewing their position in the UK but are making only minor changes to staffing, according to EY’s financial services Brexit tracker.
Few companies have publicly commented on their plans. Of the 222 tracked by EY, 15pc said they expect to move some staff, while 10pc actively re-committed themselves to the UK.
The figures indicate that there is no headlong rush to the door – despite fears from some in the sector that the vote to leave the EU would prompt an exodus from the City of London.
See more at:http://www.telegraph.co.uk/business/2017/02/13/finance-firms-keen-keep-staff-britain-post-brexit/
Figures showing more than 4,000 City financiers were paid more than €1m in 2015 come as UK prepares for Brexit talks.
More than 4,000 City-based financiers were paid more than €1m (£850,000) in 2015 – including one who received nearly €34m.
The latest data from regulator the European Banking Authority shows that 80% of the financiers across the EU who were classified as high earners – receiving more than €1m – were based in the UK.
Across the EU, 5,124 of financiers – bankers, fund managers and compliance experts – received €1m, of which 4,133 were based in the UK, the EU’s biggest financial centre.
See more at: https://www.theguardian.com/business/2017/feb/02/european-bankers-uk-city-brexit-talks
The City’s top lobby group has performed a dramatic u-turn on Brexit, scrapping its previous campaign to remain in the EU and instead hailing the vote to leave as “unprecedented opportunity” for the UK to develop a powerful new set of trade and investment policies.
The group, which represents banks, finance firms and the professional services industry, now believes that Britain’s departure from the EU represents “a once-in-a-generation opportunity” for a strategic re-think of commercial relationships with the rest of the globe.
Before the EU referendum the organisation had planned for a way to cope with Brexit just in case voters chose to leave the group of 28 nations.
But the new proposals are more than just an effort to make the best out of Brexit – in an apparently major conversion, the group actively points out the ways in which EU membership has proved to be a “straitjacket” in terms of global trade, holding Britain back from building relationships with non-EU nations.
See more at: http://www.telegraph.co.uk/business/2017/01/31/city-lobby-group-comes-fighting-global-brexit-dramatic-u-turn/
The UK economy continued to power ahead over the final three months of last year, showing no signs yet of the slowdown that many economists had predicted since the country voted to leave the EU in June.
The economy grew by 0.6 per cent in the fourth quarter of 2016, according to the Office for National Statistics. Growth for the year as a whole was 2 per cent, slightly slower than the 2.2 per cent figure for 2015 but still leaving the UK as the fastest growing economy in the G7 last year.
The preliminary estimate for the fourth quarter was above the consensus forecast of 0.5 per cent growth and the figure as was recorded in the second and third quarters.
See more at: http://www.msn.com/en-gb/money/news/uk-shrugs-off-brexit-fears-to-become-fastest-growing-economy-in-2016/ar-AAmfW2o?ocid=spartanntp
New international rules put in place since the financial crisis will help maintain the City of London’s status as a financial centre following Brexit, according to one of the most senior bankers attending the World Economic Forum in Davos.
Jes Staley, the chief executive of Barclays, said that a silver lining of the credit crunch was the global rules drawn up by the G20 group of rich nations which recognised that the free flow of capital was the “oxygen of commerce”.
He said that both the UK and the European Union recognised the importance of these rules and would not seek to fragment or shut off capital flows for a short-term boost in employment in the financial sector of a given country.
See more at:http://www.telegraph.co.uk/business/2017/01/20/barclays-boss-backs-city-saying-london-will-remain-major-finance/
Is the UK witnessing a sudden exodus of bankers in the wake of Theresa May’s confirmation that the UK will be leaving the European single market?
In a word, no. At least not yet.
Yes, HSBC has confirmed it wasn’t bluffing about moving 1,000 jobs to Paris. Yes, the chief executive of UBS has said it will “definitely” move up to 1,000 bankers. Yes, Goldman Sachs has slowed planned investment in London from New York.
So, Paris, Frankfurt and New York will all benefit from these firm commitments. But to describe the news of the last few days as an exodus is overdoing it. Some 360,000 people in Greater London work in financial services, for the whole of the UK, that number rises to over a million. So far we have seen definite plans to move up to 2,000 jobs. A trickle, so far, rather than a flood.
See more at: http://www.bbc.co.uk/news/business-38677504