SME Cashflow Index. A report for FD Solutions. December Centre for Economics and Business Research ltd

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "SME Cashflow Index. A report for FD Solutions. December 2013. Centre for Economics and Business Research ltd"

Transcription

1 SME Cashflow Index A report for FD Solutions Centre for Economics and Business Research ltd

2 Contents SME Cashflow Index Introduction & key findings 3 The SME Cashflow Indices 4 Cashflow Index 5 Profit & Working Capital Indices Factors affecting SME cashflow Macroeconomic factors affecting SMEs Appendix 13 Contact This report is produced by Centre for Economics and Business Research (Cebr) as part of our macroeconomic trends, analysis and forecasting advisory membership service, The Prospects Service. This report and all associated material shall remain the property of Cebr and are only made available to bone fide employees of organisations with a current and fully paid-up membership of The Prospects Service. Such materials may not be disclosed or transmitted to individuals or organisations outside the member organisation without prior written permission from a director of Cebr. Cebr is not licensed in the conduct of investment business as defined in the Financial Services and Markets Act Any client considering a specific investment should consult their own broker or other investment adviser. Any views on investments expressed by Cebr, or on behalf of Cebr, are intended to be generic only. Cebr accepts no liability for any specific investment decision which must be at the investor s own risk. Whilst every effort has been made to ensure the accuracy of the material in this report, neither the authors nor Cebr will be liable for any loss or damages incurred through the use of this report or associated materials. 2

3 SME Cashflow Index Introduction and Executive Summary The SME Cashflow Index is a report designed to investigate and monitor the financial and economic factors affecting small and medium sized enterprises in the UK. The Index and report are commissioned by FD Solutions, a provider of Finance Directors available on a part-time basis. The analysis is based on a survey of FD Solutions clients. The data compiled to make the Indices are gathered by FD Solutions on a monthly basis and aggregated to make the quarterly time series. In Q3 2013, the SME Cashflow Index indicated an even split between SMEs with negative and positive cashflow. However, this was well up from a year ago, reflecting strengthening economic conditions. The net balance of firms reporting profits before tax remained firmly in positive territory. However, working capital remains under pressure, as a net balance of firms accounts show negative working capital movements in Q

4 The SME Cashflow Indices Centre for Economics and Business Research ltd

5 SME Cashflow Index Cashflow conditions in 2013 much improved on previous year SME Cashflow Index * In Q3 2013, the SME Cashflow Index stood broadly at the zero mark, indicating an even split between the number of firms reporting negative and positive cashflow during the three months. Although the net balance of firms reporting positive cashflow is down from the first half of 2013, cashflow conditions are much less negative than at the same point a year ago in line with strengthening economic conditions. However, the continued pressure on SME cashflows illustrates the fact that the economy is still far from recovered. UK GDP remains 2.5% below its pre financial crisis peak in real terms Q Q Q Q Q Q Source: FD Solutions, Cebr analysis * See appendix for calculation method 5

6 SME Cashflow Index Firms are reporting profitability but working capital remains under pressure The proportion of SMEs reporting positive profit before taxation levels continues to stand firm, at 56.0% in Q This is against a share of 44.0% of SMEs reporting negative profits before taxation, giving a net balance of 12.0%. This is marginally down from the 15.3% balance the previous quarter, but well into positive territory. However, SMEs report negative movements of working capital on average. In Q3 2013, 57.2% of firms had negative working capital flows, compared to 42.8% with positive flows of working capital. This suggests that although the economy is strengthening, pressure remains on small and medium-sized businesses day-to-day finances SME Profit Index and Working Capital Index * Q Q SME Profit Index Q Q Q Q SME Working Capital Index Source: FD Solutions, Cebr analysis * See appendix for calculation method 6

7 Factors affecting SME cashflow this quarter Centre for Economics and Business Research ltd

8 SME Cashflow Index Actions for improving cash flow identified this quarter This quarter Activities carried out to improve cashflow this quarter included educating clients about margins and upskilling finance teams. In addition, many forecast models were built to help clients better understand their business and identify potential insolvency issues on the horizon. Next quarter Getting invoices paid as early as possible was raised as an issue in several cases important as, according to Grant Thornton s International Business Report, UK businesses face some of the slowest invoice-payment times in the world. Attempting to get a better interest rate on cash deposits was raised in one case. A focus was placed on board meetings in several instances, including implementing the first ever meeting for one company, as well as placing an emphasis on the visibility of cashflow measures in board presentation slidepacks. Assistance with refinancing and finding alternative sources of finance was raised as an issue at some companies this quarter. 8

9 Macroeconomic factors affecting SMEs Centre for Economics and Business Research ltd

10 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q SME Cashflow Index Business confidence continues to climb among all sizes of business According to the ICAEW / Grant Thornton Business Confidence Monitor, confidence among SMEs increased to an index reading of 32.2 in Q4 2013, broadly in line with levels among larger firms. A score of 100 would indicate that all firms are much more confident about their prospects over the coming year than the previous 12 months. This is the fifth consecutive increase, taking confidence levels among SMEs further into positive territory and well up from those seen a year before. Rising business confidence suggests that economic growth is likely to continue at a robust pace during Business Confidence Index by company size SMEs (0-249) Large (250+) Very Large (1000+) Source: Grant Thornton / ICAEW Business Confidence Monitor 10

11 Q Q Q Q Q Q Q Q Q Q Q Q Expectations SME Cashflow Index Demand for credit stands well up on a year ago for the UK s SME population According to the Bank of England, both small and medium-sized businesses increased their demand for overall lending (i.e. unsecured and secured credit) in Q Demand has risen throughout 2013 and contrasts sharply to falling credit demand at the same point a year before. In addition, demand for lending is expected to continue to increase in Q for smaller businesses, and to increase at a faster rate for medium-sized businesses Change in overall demand for lending from small and medium-sized private non-financial companies, weighted net balance * 11 Small businesses Small businesses defined as those with less than 1m annual turnover. Medium have 1m - 25m per year. Source: Bank of England * Method for weighted net balance given in Appendix. Medium-sized businesses

12 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 SME Cashflow Index Borrowing costs falling back for SMEs According to the Bank of England, interest rates offered to SMEs have been falling back during the second half of The average interest rate offered to small businesses in August 2013 stood at 4.71%, following a downward trend from 4.86% in March Likewise, the average rate offered to mediumsized enterprises dropped to 3.3% in August from 3.4% in February. This reduction in the cost of borrowing for the UK s SMEs may reflect the effects of the Bank of England s Funding for Lending scheme. The programme aims to boost lending to smaller businesses by reducing the wholesale cost of finance for banks lending money to SMEs. 5.0% 4.8% 4.6% 4.4% 4.2% 4.0% 3.8% 3.6% 3.4% 3.2% 3.0% Median interest rates on variable-rate facilities for SMES, three month average Small businesses Medium-sized businesses Small businesses defined as those with less than 1m annual turnover. Medium have 1m - 25m per year. Source: Bank of England 12

13 Appendix Centre for Economics and Business Research ltd

14 SME Cashflow Index Method and definitions The SME Cashflow Index is calculated as a balance on a rolling average basis. The proportion of respondents reporting negative cash flow over the month is subtracted from the proportion of those reporting positive cash flow. This gives a net balance. To smooth for volatility, a rolling three month average is used. The Index is based on the financial data from a sample of roughly 100 SMEs compiled and gathered monthly by FD Solutions. The net percentage balance, as calculated by the Bank of England in their Credit Conditions survey responses is worked out as follows. Lenders are asked to describe how credit conditions have changed. Those who report a lot of change are assigned twice the score of those who report that conditions have changed a little. Responses are then weighted by lender s market share. Positive responses are subtracted from negative ones to give a net percentage balance score. 14

15 Contact For enquiries on this research please contact the author: Rob Harbron Senior Economist +44 (0) Centre for Economics and Business Research ltd Unit 1 4 Bath Street London EC1V 9DX T F E cebr.com

Asda Income Tracker. Report: April 2016 Released: May Centre for Economics and Business Research ltd

Asda Income Tracker. Report: April 2016 Released: May Centre for Economics and Business Research ltd Asda Income Tracker Report: April 2016 Released: May 2016 M a k i n g B u s i n e s s S e n s e Centre for Economics and Business Research ltd Unit 1, 4 Bath Street, London EC1V 9DX t 020 7324 2850 w www.cebr.com

More information

Small Business Tracker Summer 2015

Small Business Tracker Summer 2015 Small Business Tracker Summer 2015 The Everline Small Business Growth Index The Everline Small Business Growth Index drops slightly but remains robust The index dropped from 111.5 in the final quarter

More information

Q ICAEW Business Confidence Monitor results

Q ICAEW Business Confidence Monitor results Q3 216 ICAEW Business Confidence Monitor results July 216 Outline 1. Confidence 2. GDP forecast 3. Trends in sales, domestic & export 4. Impact: skills, costs, capacity, profits & prices 5. Responses:

More information

Trends in Lending. April 2011

Trends in Lending. April 2011 Trends in Lending April 11 BANK OF ENGLAND Trends in Lending April 11 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It draws

More information

Credit Conditions Survey. Survey results 2013 Q1

Credit Conditions Survey. Survey results 2013 Q1 Credit Conditions Survey Survey results 13 Q1 Credit Conditions Survey 13 Q1 As part of its mission to maintain monetary stability and financial stability, the Bank needs to understand trends and developments

More information

The euro area bank lending survey. First quarter of 2016

The euro area bank lending survey. First quarter of 2016 The euro area bank lending survey First quarter of 216 April 216 Contents Introduction 3 1 Overview of the results 4 2 Developments in credit standards, terms and conditions and net demand for loans in

More information

Credit Conditions Survey. Survey results 2014 Q4

Credit Conditions Survey. Survey results 2014 Q4 Credit Conditions Survey Survey results 14 Q4 Credit Conditions Survey 14 Q4 As part of its mission to maintain monetary stability and financial stability, the Bank needs to understand trends and developments

More information

Property Operators and Real Estate Services Industry Report

Property Operators and Real Estate Services Industry Report Property Operators and Real Estate Services Industry Report Property Operators and Real Estate Services Industry Report Industry Division Rental, Hiring and Real Estate Services Industry Division Industry

More information

Q1 2016 CAPITAL 500: QUARTERLY ECONOMIC SURVEY

Q1 2016 CAPITAL 500: QUARTERLY ECONOMIC SURVEY Q1 21 CAPITAL 5: QUARTERLY ECONOMIC SURVEY January March 21 LCCI COMMENTARY THE BUSINESS VIEW Our revamped Quarterly Economic Survey Capital 5 is now two years old, with eight s of data allowing us to

More information

Credit Conditions Review 2016 Q2

Credit Conditions Review 2016 Q2 Credit Conditions Review 216 Q2 BANK OF ENGLAND Credit Conditions Review 216 Q2 This quarterly publication presents the Bank of England s assessment of the latest developments in bank funding and household

More information

FSB Voice of Small Business Index. Quarter 2, 2014

FSB Voice of Small Business Index. Quarter 2, 2014 FSB Voice of Small Business Index Quarter 2, 2014 FSB Voice of Small Business Index 2014 Contents Q2 snapshot 3 FSB National Chairman 4 Economist s view 5 Regional Small Business Indices 9 Sector Small

More information

Credit Conditions Survey. Survey results 2015 Q1

Credit Conditions Survey. Survey results 2015 Q1 Credit Conditions Survey Survey results 15 Credit Conditions Survey 15 As part of its mission to maintain monetary stability and financial stability, the Bank needs to understand trends and developments

More information

The impact on the UK economy of a reduction in fuel duty

The impact on the UK economy of a reduction in fuel duty The impact on the UK economy of a reduction in fuel duty Report for Fair Fuel UK March 2012 Centre for Economics and Business Research Ltd. Unit 1, 4 Bath Street, London EC1V 9DX t: 020 7324 2850 f: 020

More information

Trends in Lending. April 2014

Trends in Lending. April 2014 Trends in Lending April 14 BANK OF ENGLAND Trends in Lending April 14 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It draws

More information

Small Business Tracker

Small Business Tracker Small Business Tracker Autumn 2014 1 everline.com Contents In the Everline small business tracker this quarter Contents Page Small Business Growth Index 3 Small Business Employment Index 4 Small Business

More information

Quantitative easing explained. Putting more money into our economy to boost spending

Quantitative easing explained. Putting more money into our economy to boost spending Quantitative easing explained Putting more money into our economy to boost spending 2% INFLATION TARGET 1 2 Stable inflation promotes a healthy economy 14 UK money spending 12 Low and stable inflation

More information

Helping businesses source finance

Helping businesses source finance SUPPORTING BUSINESS - SOURCING FINANCE Helping businesses source finance Helping businesses source finance These are challenging times for every business. The economic environment has changed and many

More information

Business finance. a practical guide BUILDING YOUR KNOWLEDGE. smallbusiness.wa.gov.au. The small business specialists

Business finance. a practical guide BUILDING YOUR KNOWLEDGE. smallbusiness.wa.gov.au. The small business specialists Business finance a practical guide BUILDING YOUR KNOWLEDGE Small Business Development Corporation 13 12 49 smallbusiness.wa.gov.au The small business specialists A practical guide to business finance An

More information

Greater Manchester Quarterly Economic Survey Q3 2014

Greater Manchester Quarterly Economic Survey Q3 2014 Greater Manchester Quarterly Economic Survey Q3 214 OVERVIEW Dr John Ashcroft Chief Economist The Manchester Index confirms UK recovery continues into the third quarter as export outlook slows. Results

More information

Consumer FAQs. Comprehensive Credit Reporting January 2016

Consumer FAQs. Comprehensive Credit Reporting January 2016 ?? Consumer FAQs Comprehensive Credit Reporting January 2016 Contents Credit Report FAQs 01 1. Why is there new information in my report? 01 2. How can I tell which lenders are providing CCR information

More information

Bank Liabilities Survey. Survey results 2013 Q3

Bank Liabilities Survey. Survey results 2013 Q3 Bank Liabilities Survey Survey results 13 Q3 Bank Liabilities Survey 13 Q3 Developments in banks balance sheets are of key interest to the Bank of England in its assessment of economic conditions. Changes

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics August 2 (June 2 data) Highlights During June, credit unions picked up 44, new memberships, loan balances grew at an 1 annualized pace, vacation spending

More information

APRIL 2015. Economic Impact of AIM

APRIL 2015. Economic Impact of AIM APRIL 2015 Economic Impact of AIM Foreword AIM, which is 20 years old this year, has weathered several economic storms over the past two decades, but has remained true to its core purpose of providing

More information

Trends in Lending. July 2013

Trends in Lending. July 2013 Trends in Lending July 13 BANK OF ENGLAND Trends in Lending July 13 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It draws

More information

Quarterly Credit Conditions Survey Report Contents

Quarterly Credit Conditions Survey Report Contents Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 9 Small Business Lending... 12 Medium-Sized Business

More information

Trends in Lending. October 2014

Trends in Lending. October 2014 Trends in Lending October 14 BANK OF ENGLAND Trends in Lending October 14 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It

More information

SITPRO. International Trade Guides. Management. Managing the Risks of International Trade

SITPRO. International Trade Guides. Management. Managing the Risks of International Trade SITPRO International Trade Guides Management Managing the Risks of International Trade Managing the Risks of International Trade This guide provides information that will help you to put procedures in

More information

Breakfast seminar. Sales & Operations Planning. Dan Schultz Håkan Espenkrona Peter Wahlgreen Tetra Pak

Breakfast seminar. Sales & Operations Planning. Dan Schultz Håkan Espenkrona Peter Wahlgreen Tetra Pak Breakfast seminar Sales & Operations Planning Dan Schultz Håkan Espenkrona Peter Wahlgreen Tetra Pak MYSIGMA welcomes customers and partners to this seminar MYSIGMA BREAKFAST SEMINAR SERIES PROGRAM 2014-05-28

More information

BCC UK Economic Forecast Q1 2016

BCC UK Economic Forecast Q1 2016 BCC UK Economic Forecast Q1 2016 David Kern, Chief Economist at the BCC The main purpose of the BCC Economic Forecast is to articulate a BCC view on economic topics that are relevant to our members, and

More information

2015 Construction Sector Report. Hertfordshire & North London Region

2015 Construction Sector Report. Hertfordshire & North London Region 2015 Construction Sector Report Hertfordshire & North London Region Presented by: Brendan Sharkey Head of Construction and Real Estate December 2015 Introduction Welcome to MHA MacIntyre Hudson s 2015

More information

The National Business Survey National Report November 2009 Results

The National Business Survey National Report November 2009 Results The National Business Survey National Report November 2009 Results 1 Executive Summary (1) 2 NBS results from November 2009 demonstrate the continued challenging conditions faced by businesses in England

More information

BUILDING THE BRITISH BUSINESS BANK: INVESTMENT PROGRAMME. Question & Answers FEBRUARY 2014

BUILDING THE BRITISH BUSINESS BANK: INVESTMENT PROGRAMME. Question & Answers FEBRUARY 2014 BUILDING THE BRITISH BUSINESS BANK: INVESTMENT PROGRAMME Question & Answers FEBRUARY 2014 Contents Contents... 2 Submission... 3 Target Market... 4 Match Funding... 4 Pari Passu Terms... 5 Legal, Structure

More information

Small business lending

Small business lending Small business lending How banks set the price for loans to small businesses Introduction Bank lending to small businesses is one of the most important services banks undertake. Lending enables businesses

More information

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014

THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014 THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,

More information

Group Financial Review

Group Financial Review Management Discussion and Analysis of Financial Statements. Fifth consecutive year of record performance for the Group. Simplified Income Statement RM Million +/- RM Million % Net interest income 2,065.9

More information

Trends in Lending. January 2014

Trends in Lending. January 2014 Trends in Lending January 14 BANK OF ENGLAND Trends in Lending January 14 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It

More information

FSB VOICE OF SMALL BUSINESS INDEX. @fsb_policy fsb.org.uk

FSB VOICE OF SMALL BUSINESS INDEX. @fsb_policy fsb.org.uk Q2 FSB VOICE OF SMALL BUSINESS INDEX QUARTER 2, 2016 @fsb_policy fsb.org.uk fsb.org.uk CONTENTS Q2 Snapshot 4 FSB National Chairman 5 Economist s view 6 FSB executive summary.....................................

More information

Help to Buy: mortgage guarantee. scheme outline

Help to Buy: mortgage guarantee. scheme outline Help to Buy: mortgage guarantee scheme outline March 2013 Help to Buy: mortgage guarantee scheme outline March 2013 Crown copyright 2013 You may re-use this information (not including logos) free of charge

More information

The Global Consulting Mergers & Acquisitions Report Growing equity, realizing value

The Global Consulting Mergers & Acquisitions Report Growing equity, realizing value The Global Consulting Mergers & Acquisitions Report 2015 Growing equity, realizing value The Global Consulting Mergers & Acquisitions Report 2015 2 The Global Consulting Mergers & Acquisitions Report 2015

More information

Banks Funding Costs and Lending Rates

Banks Funding Costs and Lending Rates Cameron Deans and Chris Stewart* Over the past year, lending rates and funding costs have both fallen in absolute terms but have risen relative to the cash rate. The rise in funding costs, relative to

More information

Why Invest in Property? A Comparative Analysis of UK Commercial Property, Bonds and Gilts

Why Invest in Property? A Comparative Analysis of UK Commercial Property, Bonds and Gilts Why Include Commercial Property in an Investment Portfolio? The last decade has seen investors make significant returns from investing in property. Whilst the market crash of 2007-2009 was a reminder that

More information

Lloyd's Register Superannuation Fund Association Fixed Income Fund Fund Factsheet 3rd Quarter 2016

Lloyd's Register Superannuation Fund Association Fixed Income Fund Fund Factsheet 3rd Quarter 2016 This factsheet has been produced to provide you with information on this blended fund. It includes information on the investment objective of the fund, where the fund is invested, risk information and

More information

Total Tax Contribution of the UK banking sector

Total Tax Contribution of the UK banking sector www.pwc.co.uk Total Tax Contribution of the UK banking sector A publication prepared by PwC for the British Bankers Association September 2015 Table of Contents Foreword... 4 Executive summary... 5 Purpose

More information

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1 July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014

More information

An Uneven Recovery in Household Wealth

An Uneven Recovery in Household Wealth An Uneven Recovery in Household Wealth Fannie Mae Housing Insights, Volume 3, Issue 11 DECEMBER 9, 2013 With a closer reading of the available data, this edition of Housing Insights finds that the true

More information

Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper

Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper Economic impacts of expanding the National Insurance Contributions holiday scheme Federation of Small Businesses policy paper Overview This research paper sets out estimates for the economic and employment

More information

UK group update. April 2016

UK group update. April 2016 UK group update April 2016 2 Building the UK business Develop an integrated range of asset finance and management services Establish a market-leading business model to capture the opportunities brought

More information

Business Investment. UK GDP Growth and Main contributors

Business Investment. UK GDP Growth and Main contributors GDP growth (%) Business Investment UK GDP Growth and Main contributors 4.0 3.0 2.0 1.0 0.0 2011 2012 2013 2014 2015 2016 2017 Outturn Forecast -1.0-2.0 Private consumption Business investment Dwellings

More information

M&G YouGov Inflation Expectations Survey

M&G YouGov Inflation Expectations Survey M&G YouGov Inflation Expectations Survey Q3 213 Executive summary Consumers continue to lack confidence that inflation will decline below current levels in either the short (1 year) or medium (5 years)

More information

Statistical Release 5 November 2015

Statistical Release 5 November 2015 Statistical Release 5 November 2015 Quarterly Financial Accounts Household Net Worth Continues To Increase Household net worth 1 rose to reach 600.1bn or 129,454 per capita during Q2 2015. This represented

More information

The Business Credit Index

The Business Credit Index The Business Credit Index April 8 Published by the Credit Management Research Centre, Leeds University Business School April 8 1 April 8 THE BUSINESS CREDIT INDEX During the last ten years the Credit Management

More information

UK Business Confidence Monitor Q2 2016

UK Business Confidence Monitor Q2 2016 UK Business Confidence Monitor 216 BUSINESS WITH CONFIDENCE icaew.com/bcm 216 Overall confidence +.8 Domestic sales Profit growth drops sharply continue to slow declines further Key points Confidence remains

More information

The Financial Position of Australian Unlisted Businesses

The Financial Position of Australian Unlisted Businesses The Financial Position of Australian Unlisted Businesses Tom Bilston and Melissa Watson* Using a variety of information sources, the financial position of unlisted firms in recent years is examined and

More information

FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES

FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES INTRODUCTION This booklet will provide you with information on the importance of understanding ways in which Collective Investment Schemes ( CIS )

More information

A Guide to Financial Management for SMEs September 2012

A Guide to Financial Management for SMEs September 2012 A Guide to Financial Management for SMEs September 2012 This document has been compiled by on behalf of Good financial management is critical to the success of any business. Without it, a business can

More information

Agri Credit Clinic. New Entrants Work-Shop. Moorepark 25 th April 2013. Bank of Ireland is regulated by the Central Bank of Ireland

Agri Credit Clinic. New Entrants Work-Shop. Moorepark 25 th April 2013. Bank of Ireland is regulated by the Central Bank of Ireland Agri Credit Clinic New Entrants Work-Shop Moorepark 25 th April 2013 Bank of Ireland is regulated by the Central Bank of Ireland Pillars of the credit application process Pillar 1 The Foundation Business

More information

Trends in Lending. January 2010

Trends in Lending. January 2010 Trends in Lending January 1 BANK OF ENGLAND Trends in Lending January 1 This publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. It draws mainly on

More information

EXPLANATORY MEMORANDUM TO THE CONTRACTS FOR DIFFERENCE (ELECTRICITY SUPPLIER OBLIGATIONS) REGULATIONS 2014. 2014 No. [XXXX]

EXPLANATORY MEMORANDUM TO THE CONTRACTS FOR DIFFERENCE (ELECTRICITY SUPPLIER OBLIGATIONS) REGULATIONS 2014. 2014 No. [XXXX] EXPLANATORY MEMORANDUM TO THE CONTRACTS FOR DIFFERENCE (ELECTRICITY SUPPLIER OBLIGATIONS) REGULATIONS 2014 2014 No. [XXXX] 1. This explanatory memorandum has been prepared by the Department for Energy

More information

Trends in Lending. July 2014

Trends in Lending. July 2014 Trends in Lending July BANK OF ENGLAND Trends in Lending July This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It draws mainly

More information

National Margin Lending. Make your investment portfolio work for you

National Margin Lending. Make your investment portfolio work for you National Margin Lending Make your investment portfolio work for you Contents What is Margin Lending? 3 Why choose National Margin lending? 5 Why gear? 6 How much can you borrow with National Margin Lending?

More information

UK ENTERPRISE SURVEY REPORT 2011

UK ENTERPRISE SURVEY REPORT 2011 In association with UK ENTERPRISE SURVEY REPORT 2011 A unique annual insight into business competitiveness and globalisation business with confidence icaew.com/smeresearch A B welcome to the ICAEW UK Enterprise

More information

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11

Contents. Key points from the 2014 Q4 Survey 4. General economic environment 5. Market conditions and the economy 6. Cash flow and risk 9 M&A 11 The Deloitte CFO Survey 2014 Q4 Results 2 Contents Key points from the 2014 Q4 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A 11 A note on methodology

More information

Chapter 12: Gross Domestic Product and Growth Section 1

Chapter 12: Gross Domestic Product and Growth Section 1 Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,

More information

Credit Sentiment Survey

Credit Sentiment Survey Credit Sentiment Survey Survey Results 2016 Q1 The Credit Sentiment Survey ( The Survey ) is a quarterly publication which collects information from Senior Credit Officers from all banks and financial

More information

Finance Wales Interest Rate Review

Finance Wales Interest Rate Review Finance Wales Rate Review Background & Summary 1. Following Professor Jones-Evans second stage review of access to finance in Wales a further review into the interest s charged by Finance Wales was conducted.

More information

HOW TO DETECT AND PREVENT FINANCIAL STATEMENT FRAUD (SECOND EDITION) (NO. 99-5401)

HOW TO DETECT AND PREVENT FINANCIAL STATEMENT FRAUD (SECOND EDITION) (NO. 99-5401) HOW TO DETECT AND PREVENT FINANCIAL STATEMENT FRAUD (SECOND EDITION) (NO. 99-5401) VI. INVESTIGATION TECHNIQUES FOR FRAUDULENT FINANCIAL STATEMENT ALLEGATIONS Financial Statement Analysis Financial statement

More information

LABOUR MARKET OUTLOOK VIEWS FROM EMPLOYERS

LABOUR MARKET OUTLOOK VIEWS FROM EMPLOYERS LABOUR MARKET OUTLOOK VIEWS FROM EMPLOYERS Spring 215 The CIPD is the professional body for HR and people development. The not-for-profit organisation champions better work and working lives and has been

More information

House price report. September quarter 2014. Dr Andrew Wilson Senior Economist for the Domain Group

House price report. September quarter 2014. Dr Andrew Wilson Senior Economist for the Domain Group September quarter 2014 Dr Andrew Wilson Senior Economist for the Domain Group Key findings Most capital city housing markets recorded falls in house prices over the September quarter September quarter

More information

Form. Account Disclosure Document for Licensed Corporation

Form. Account Disclosure Document for Licensed Corporation Form (Made for the purposes of compliance with the requirements of section 156(1) of the Securities and Futures Ordinance (Cap.571) as amplified in section 3(1) of the Securities and Futures (Accounts

More information

The Value of Big Data and the Internet of Things to the UK Economy

The Value of Big Data and the Internet of Things to the UK Economy Report for SAS The Value of Big Data and the Internet of Things to the UK Economy February 2016 Making Business Sense Disclaimer Whilst every effort has been made to ensure the accuracy of the material

More information

LABOUR MARKET OUTLOOK. Winter VIEWS FROM EMPLOYERS

LABOUR MARKET OUTLOOK. Winter VIEWS FROM EMPLOYERS LABOUR MARKET OUTLOOK VIEWS FROM EMPLOYERS Winter 215 16 The CIPD is the professional body for HR and people development. The not-for-profit organisation champions better work and working lives and has

More information

Helping businesses source finance

Helping businesses source finance Helping businesses source finance www.firsttrustbank.co.uk 0345 6005 925 Ask at any branch Helping businesses source finance Business owners and entrepreneurs help their companies to grow and thrive and

More information

Analytics Report Rental Market Report

Analytics Report Rental Market Report Analytics Report Rental Market Report 10 Dec 2014 SW12 Postcode District Rental Market Summary This report provides analysis of the rental market in the SW12 Postcode District using data on rental listings

More information

Future trends in UK banking

Future trends in UK banking Future trends in UK banking Analysis and projections A Cebr report for Fiserv 2 Disclaimer Whilst every effort has been made to ensure the accuracy of the material in this document, neither Centre for

More information

A Guide to Invoice Finance

A Guide to Invoice Finance A Guide to Invoice Finance Contents The Skipton Way 3 Invoice Finance explained 4 Sectors using Invoice Finance 5 What is Factoring? 6 An illustrated guide to Factoring 7 What is Invoice Discounting? 8

More information

Outlook for Australian Property Markets 2010-2012. Perth

Outlook for Australian Property Markets 2010-2012. Perth Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012

More information

University education. Is this the best route into employment? Making Business Sense

University education. Is this the best route into employment? Making Business Sense University education Is this the best route into employment? Making Business Sense A report by AAT and CEBR February 213 Contents Foreword 3 Executive Summary 4 Research findings 1 Introduction 6 2 Trends

More information

ASSET BASED FINANCE ASSOCIATION QUARTERLY STATISTICS TO DECEMBER 2015

ASSET BASED FINANCE ASSOCIATION QUARTERLY STATISTICS TO DECEMBER 2015 ASSET BASED FINANCE ASSOCIATION QUARTERLY STATISTICS TO DECEMBER 21 CONTENTS Page 1. List of contributors 1 2.1. Clients sales 2 2.2. Balances at the period end 3 2.3. Analysis of sole lender and syndicate

More information

how to finance the business

how to finance the business A DV I C E B O O K L E T how to finance the business HOW TO FINANCE THE BUSINESS Getting enough of the right funding is one of the more difficult tasks that you will face as a new entrepreneur. Typically,

More information

UK HOUSING MARKET FOCUS

UK HOUSING MARKET FOCUS UK HOUSING MARKET FOCUS Editors: Roger Bootle and Ed Stansfield The outlook for mortgage interest rate spreads After blowing out during the financial crisis, mortgage interest rate spreads have been trending

More information

Unsecured Loans to Business in the UK - Key Trends and Opportunities up to 2018

Unsecured Loans to Business in the UK - Key Trends and Opportunities up to 2018 Brochure More information from http://www.researchandmarkets.com/reports/2933671/ Unsecured Loans to Business in the UK - Key Trends and Opportunities up to 2018 Description: - This report provides market

More information

Better Business Finance

Better Business Finance Better Business Finance Alternative sources of finance There are a wide range of financial products now available to help businesses access the investment needed to grow and thrive. This factsheet explains

More information

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Honorary Consulars meeting, Helsinki,

More information

Recent Developments in Small Business Finance

Recent Developments in Small Business Finance Reserve Bank of Australia Bulletin February Recent Developments in Small Business Finance This article focuses on recent trends in small business financing, including the interest rates and fees and charges

More information

FHLBanks: The Basics. For more information, visit www.fhlbanks.com.

FHLBanks: The Basics. For more information, visit www.fhlbanks.com. FHLBanks: The Basics For more information, visit www.fhlbanks.com. The Federal Home Loan Banks (FHLBanks) are 11 private, wholesale banks regionally based throughout the U.S. They are cooperatively owned

More information

SROI estimates for CCCN pilot

SROI estimates for CCCN pilot millions Social Return on Investment (SROI) analysis of the CCCN pilot programme This analysis uses New Economics Foundation s Social Return on Investment (SROI) methodology to conduct a basic SROI analysis

More information

Commercial Mortgage Application Form

Commercial Mortgage Application Form Aldermore 1st Floor, Block B Western House Lynch Wood PETERBOROUGH PE2 6FZ t 01733 404500 f 0800 0664429 e info@aldermore.co.uk w aldermore.co.uk Commercial Mortgage Application Form Intermediary details

More information

3 Bank lending and the recovery

3 Bank lending and the recovery 3 Bank lending and the recovery Introduction The role of banks as suppliers of credit to the economy has been highly scrutinised during the recession. A key question has been whether constrained bank lending

More information

Charter for Budget Responsibility: Autumn Statement 2014 update

Charter for Budget Responsibility: Autumn Statement 2014 update Charter for Budget Responsibility: Autumn Statement 2014 update December 2014 Charter for Budget Responsibility: Autumn Statement 2014 update Presented to Parliament pursuant to Section 1 of the Budget

More information

The Nature and Types of Risk and Approaches to Risk Management

The Nature and Types of Risk and Approaches to Risk Management H. RISK MANAGEMENT 1. The Nature and Types of Risk and Approaches to Risk Management 2. Causes of Exchange Rate Differences and Interest Rate Fluctuations 3. Hedging Techniques for Foreign Currency Risk

More information

THE ARLA REVIEW & INDEX

THE ARLA REVIEW & INDEX THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second

More information

Bank lending Survey Results for Portugal January 2016

Bank lending Survey Results for Portugal January 2016 Bank lending Survey Results for Portugal January 2016 I. Overall assessment According to the results of the January 2016 survey to the five Portuguese banking groups, the credit standards applied to the

More information

SMEs in London s economy

SMEs in London s economy SMEs in London s economy Kit Malthouse Overview The size of the SME presence in London s economy The economic situation Economic forecasts for the UK and London Some of the issues faced by SMEs How might

More information

Trends in Lending. January 2015

Trends in Lending. January 2015 Trends in Lending January 15 BANK OF ENGLAND Trends in Lending January 15 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It

More information

Credit Conditions Survey. Survey results 2015 Q2

Credit Conditions Survey. Survey results 2015 Q2 Credit Conditions Survey Survey results 15 Q2 Credit Conditions Survey 15 Q2 As part of its mission to maintain monetary stability and financial stability, the Bank needs to understand trends and developments

More information

FSB Voice of Small Business Index. Quarter 1, 2015

FSB Voice of Small Business Index. Quarter 1, 2015 FSB Voice of Small Business Index Quarter 1, 2015 FSB Voice of Small Business Index 2015 Contents Q1 snapshot 3 FSB National Chairman 4 Economist s view 5 Executive summary 6 UK macroeconomic overview

More information

Submission to the Inquiry into Access of Small Business to Finance. march 2010

Submission to the Inquiry into Access of Small Business to Finance. march 2010 Submission to the Inquiry into Access of Small Business to Finance march 2010 Submission to the Inquiry into Access of Small Business to Finance Introduction The submission is in two sections reflecting

More information

Top Tips for Raising Finance

Top Tips for Raising Finance Top Tips for Raising Finance With Liz Gjoni All material Enterprise Enfield What do I Need? A realistic business plan that s concise and demonstrates your business idea makes sense and is financially viable

More information

Long Term Business Financing Strategy For A Pakistan Business. Byco Petroleum Pakistan Limited

Long Term Business Financing Strategy For A Pakistan Business. Byco Petroleum Pakistan Limited Long Term Business Financing Strategy For A Pakistan Business Byco Petroleum Pakistan Limited Contents Why We Need Financing Strategy 3 How Financing Strategies are driven? 4 Financing Prerequisite for

More information

Trends in Lending. January 2011

Trends in Lending. January 2011 Trends in Lending January 11 BANK OF ENGLAND Trends in Lending January 11 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It

More information