In small business news this week, the upcoming EU referendum has many discussing what result would be best for UK businesses. Meanwhile, is your SME getting charged an extortionate rate for transferring money abroad? Read on to find out.
Feature of the Week
With the referendum on the UK’s EU membership fast approaching, the notion of a ‘Brexit’ is a hot topic.
Weighing in is Bank of England governor, Mark Carney, who has commented that the EU has reinforced the “dynamism of the UK economy” – whilst restating that the Bank will not be taking sides in the EU referendum.
“We will not be making, and nothing we say should be interpreted as making, any recommendation with respect to that decision,” he added about the referendum, which will be taking place on Thursday 23 June. Click above to hear more of their views.
Small businesses are getting hit by hidden bank charges for overseas transfers, says new research that estimates a total of £4bn in unexpected fees has been processed.
Currency firm Money Mover says that as much as 96% of the cost for making an international money transfer can be hidden in “skewed exchange rates”, with the average transaction costing 3.7% in fees each time.
Britain’s small businesses are continuing to take on new debt, and yet they’re growing in confidence and optimism, says the latest SME Finance Monitor.
The number of SME owners borrowing money or using external financing has risen since last year, and yet many small businesses are still making ambitious plans – see more insight into this issue in the article above.
When it comes to business loans, working out exactly how much you will be paying back can be a lot more difficult than with personal loans, as commercial lenders are under no obligation to reveal their Annual Percentage Rate.
One group is campaigning to make lending more transparent for SMEs, after a CMA investigation concluded that “prices are opaque and lending products complex”. Read more about their mission above.
A quarter of students want to start or have taken steps to start a business while at university, yet only 10% of students maintain this ambition by the time they leave higher education, says new research by Santander.
This could be because many universities focus on employability rather than entrepreneurship to reflect positive figures in graduate research, it is suggested in this article. Read above to find out more about fledgling entrepreneurs are supported.