Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

According to Vince Cable, Project Merlin had played a valuable role in the encouragement of lending to small businesses, but more work needs to be done on the provision of business finance. Although the Merlin deal was firmly defended by the business secretary, he also acknowledged that new strategies would be considered.

Last week, the chancellor George Osborne announced a plan for “credit easing”, which would involve the government purchasing corporate loans. The Merlin Project saw the agreement of the four main banks to increase lending to Small and Medium Enterprises in 2011 to £76 billion. Lord Oakeshott, spokesman for the Treasury, was just one of the critics who thought the credit easing plan was an admission of the Merlin Project failure. However, during an interview with The Guardian, Cable said:

“I think the Merlin agreement, contrary to some of the criticism, has been useful. But there is a deeper problem and that is why new mechanisms have to be looked at.”

The business secretary also admitted that there were issues regarding procedures when referring to the credit easing, but the appropriate measures would be put in place to ensure the money goes to the areas it is most needed.

A fund is also to be set up for high priority manufacturing with an investment of £140 million. Seven sites will receive a share of the funding to invest in development and research in areas like nuclear energy. Sheffield and Manchester universities will have a centre for study of nuclear.

guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.