News in brief
In too deep?
The Federation of Small Businesses has stepped in to help flood-stricken firms – and remind them that finance is still available. Many parts of the UK were hit by floods in January, including Yorkshire, Shrewsbury and Worcester. The FSB has reintroduced an interest-free loan of £5,000 to help these firms get back on their feet.
Avoiding a travel nightmare
Businesses are being urged to plan for staff travel by the Chambers of Commerce and the Department for Transport. David Frost, Director General, British Chambers of Commerce, said: “Travel plans could turn time spent in traffic jams into time spent with customers and supporting the business, while improving employees’ quality of life.” Six events are being held across the UK to increase awareness of travel plans and sustainable travel. For more information, visit www.britishchambers.org.uk
Shake it up, baby
In the early hours of 27 February, the UK experienced its largest earthquake for almost 25 years, and the damage caused may cost the insurance industry tens of millions of pounds, according to the Association of British Insurers (ABI). Malcolm Tarling, General Insurance Spokesman for the industry trade body, said: “The damage is likely to be widely dispersed.” The epicentre was located 15 miles north of Lincoln, near Market Rasen, and the British Geological Survey recorded the event as measuring 5.3 on the Richter scale.
Warning on executive payouts
Insurers must not reward failed executives, the ABI and National Association of Pension Funds have warned. As the UK enters stormy economic waters, the two trade bodies have reissued a statement outlining the steps companies should take to avoid making undeserved payments to executives and senior staff, both in terms of contracts and severance deals. It details eight principles, including shortening the notice periods in directors’ contracts, and urges remuneration committees to ensure that policy and objectives in directors’ contracts are clearly stated in the remuneration report.