It’s the round-up for all things financial in this week’s small business news, with headlines relating to and influencing SMEs across the UK. This week sees reports from the Treasury to the Bank of England, along with what the recent drop in oil prices has meant for the stock market.
Feature of the week
A new no-fee template for basic UK bank accounts has been revealed by The Treasury after a deal with several of the UK’s major high street banks. These basic accounts will not offer overdrafts or cheque books. This article illustrates what this will mean for the UK population. Read the full piece to find out who is eligible and how this will help you get your finances on track in the New Year.
In other financial business news…
A London banker who regularly avoided train fares has been banned from working in the financial sector. This feature talks about how BlackRock director Jonathan Paul Burrows was caught by inspectors as he avoided paying a total of £42,550 in train fares.
According to new data from Experian, more first-time entrepreneurs are starting businesses than ever before, with lack of start-up capital and class background no longer a barrier. This article discusses how the economic climate has allowed for this and how finance is attributed.
The FTSE fell to a two-month low on Tuesday 16th December, due to a decline in oil and metals priced following the disappointing Chinese data hit commodities shares. This article analyses why this happened and what future inflation will look like.
Based upon the bank accounts at the end of last year, the Bank of England has stated that the financial strength of three of the UK’s eight biggest banks have shown to be inadequate according to the latest stress tests. This piece analyses what the stress test is and what the results indicate.