Wonderful Wefinda weekly news (Week ended 28 January 2011)

Growth slumps to minus 0.5%
The office of National Statistics reported a fall in growth to minus 0.5% in the fourth quarter of 2010. Whilst the bad weather can account for some of the slump, it is estimated that figures would still have given a flat or 0% growth if the weather had been better. Bucking the trend was manufacturing with good results for the second quarter in a row alongside electricity and gas on the back of higher demand due to the weather.

SMEs rule out export even though it would help growth
According to a survey by Parcelforce, although 43% of non-exporting firms believed that exporting would boost their revenue streams, a staggering 83% of them had no plans to move into the export market. Whilst perceived barriers to trade, lack of knowledge and expense are blamed as the main reasons the reality can be far different. Firms are encouraged to download a free guide called Barriers to Export from the UK Trade & Investment website

Employment agencies – check your procedures
HMRC last week visited 52 employment agencies in Exeter and found the majority were breaking employment law. 102 individual breaches of employment law were found including at least nine cases of failing to pay the National Minimum wage.

Whilst good news seen for job seekers
The Reed index for January saw a record rise in the numbers of employers looking for new employees. Salaries remain flat but with marketing, digital and media leading the way it looks as though employers are starting to take up the sales and marketing cudgels to drive business forward.

And good news for Small businesses
The British Bankers Association estimates that a record number of new businesses were started in 2010. 570,000 businesses started up, and increase of 21,000 on the average for the previous 3 years. Although this was partly driven by the high levels of redundancies, it is one more statistic to prove that in this recovery small businesses are leading theway.

So, what do we have to look forward to?
In Parliament we have the second reading of the Consumer Credit bill on Friday. The usual select committees continue to look at competition & choice in the banking sector as well as rebalancing the economy.

Accountants go for the burn on Monday 31st with the last day of submitting on line self assessments to avoid fines.

And finally
Before you spend a lot of money on high tech solutions, ask yourself if there is a simpler way. A pair of Sheffield University students has captured images from the edge of space using a recorder attached to a helium filled balloon. Total cost of the project was just £350 and the images can be seen on YouTube.