The Confederation of British Industry (CBI) says the move is 'essential and timely', adding that it will help to restore both business and consumer confidence.

John Cridland, deputy director general of the CBI, states the cut to 4.5 per cent 'will be welcomed by business and will help the economy at a critical time'.

These thoughts are echoed by the British Chamber of Commerce, which states it is 'thrilled' about the 'bold and necessary step'.

David Frost, director general of the industry group, says: 'This cut will, for now, steady the markets and inject much needed confidence.'

However, the group calls for another reduction in rates, to four per cent over the next four months.

Six central banks cut their interest rates yesterday, with the UK decision coming a day earlier than expected.

Certain high street banks, including HBOS, Lloyds TSB and Barclays, have already passed these cuts on to their customers.

Dr Serene Foster, an immunologist and registered medical herbalist speaking on behalf of Sambucol, claims many people feel they have to work longer in the current climate.

'People are worried about losing their jobs and they will be more than likely to turn up at work when they should really be at home,' says Foster.

She adds employees should not take the current economic situation lightly but if they are ill it is better to stay at home.

Foster states illness can get worse if people do not rest, as they get tired and are mixing with other people.

She concludes: 'Overall it's better that you do take rest.'

According to research from Sambucol, almost half of IT staff would continue to work regardless of illness and 80 per cent of working mothers would not take time off.

The Federation of Small Businesses (FSB) states firms should be recognised in any plan produced by the government as they are currently experiencing increasing costs and a reduction in trade.

It calls for specific measures for small businesses to be included in any rescue package, in order to help the increase in bank charges which are having an effect on these firms.

John Wright, national chairman of the FSB, says: 'It is crucial in these tough times that small businesses have access to fair overdraft and loan rates.'

He describes now as the 'ideal opportunity' for the government to act in favour of these firms.

Wright states more money should be issued to these companies to enable them through the next year.

The FSB welcomed the move from the government and the Bank of England yesterday to cut interest rates by 0.5 per cent, to 4.5 per cent.

According to the Institute of Chartered Accountants in England and Wales ((ICAEW), the current economic turmoil has weakened the competition for many small businesses.

Clive Lewis, head of small to medium enterprise issues at the institute, says a 'surprising number' of companies have reported one positive outcome of the credit crunch is the effect it has had on rivals.

'A number of them said that they were looking to make acquisitions because of weakened competitors to strengthen their position in the market place and to grow their business,' he states.

Lewis advised small firms to be 'very focused' on their finances and to keep within the terms and conditions of any overdraft or loan.

He adds cashflow needs to be a daily focus 'without fail'.

The UK Enterprise Survey Report 2008 from the ICAEW found over 80 per cent of businesses are still planning growth in turnover across the next two years, despite the credit crunch.

Powerchex, a pre-employment screening business, says more companies are opting to have their staff screened in a bid to protect their assets.

Alexandra Kelly, director at the firm, states many businesses opt to do it to ensure their customer's data is kept secure.

'That's in conjunction with a lot of internal controls companies will put in place ... to make sure that anybody who could potentially endanger data is, to some degree, screened,' she adds.

Kelly states there is nothing secretive about the process as all screening has to be done with the applicant's consent.

Enterprise screening, which involves checking employees, external contractors and business partners, is set to become standard practice over the next few years, according to Datanomic.

The firm says doing business with companies and individuals who have not been checked can have embarrassing and expensive consequences.

The group states both parties should be considered in the set up and the new arrangement should be credible to each group.

Recent consultations have taken place in the government to overhaul the current system, with the Conservatives considering a scheme which would charge a fee to the failed litigant.

The EFD says: 'Employees must always have recourse to a tribunal and be able to exercise and enforce their legal rights to justice.'

It adds that small businesses should not be intimidated by the process.

The forum stated previous tribunals have been effectively used by disabled people and give them 'access to justice' while also helping organisations 'get it right on disability'.

According to James Wilders from law firm Dickinson Dees, preparation for both sides is key to a successful tribunal, The Journal reports.

The Recruitment and Employment Confederation (REC) states criminal checks are not 'the be-all-and-end-all of good quality recruitment practice', saying it may not always offer the security which is needed.

Anne Fairweather, head of public policy for the group, says businesses tend to be a bit nervous around the issue and 'they start to worry when there is no need to'.

She adds that questioning gaps in a career history can be as important as checking for criminal activity.

When using a recruitment agency it can often place the firm in an awkward position, as sometimes requests for these checks can be inappropriate for the profession and place the agency in a 'difficult position', Fairweather states.

An investigation entitled Information Abuse, broadcast by BBC Radio 4's consumer affairs programme Face The Facts, found the Criminal Records Bureau states employers are the best judge of whether a criminal check is needed.

According to the association, the watchdog closed yesterday with its service being amalgamated into Consumer Focus, which will also encompass Postwatch and the National Consumer Council.

The FSB states lobbying has resulted in an energy ombudsman being created for small businesses, but says this development has not been widely publicised.

John Holbrow, environment and energy policy unit chairman for the federation, says companies are already under strain due to high prices and a volatile market.

'We are continuing to lobby for better representation of small businesses in the new set-up,' he adds.

He states good news for small firms is that under the new plans the electricity and gas regulator Ofgem will be placing energy companies under more scrutiny.

Conservative MP Peter Luff describes the decision to scrap energywatch as a 'spectacularly bad idea', especially in a time of rising prices.

According to the poll, 34 per cent of respondents state that women are ‘definitely not’ paid fairly, with 11 per cent saying the lack of equality inspired them to go and start their own business. 

Karen Gill, co-founder of Everywoman, an online source of information for women in business, comments: 'It's absurd that men earn more than women, especially considering that more women complete university than men. Yet despite this – and women's increasing prominence in the workforce – they are not holding as many senior or high-paid positions. The old issues of childcare and family commitment are still cited as reasons for this.'

Kamel Hothi, Asian markets director at Lloyds TSB, says that while that the salary gap is improving (along with 15 per cent of respondents), there are issues that need to be addressed, especially around maternity leave.

‘It’s during the period of absences, such as when women take time off to look after children, that the differences occur,’ she tells Smallbusiness.co.uk. ‘While you're being the homemaker, you do miss out on opportunities.’

This can relate to promotions or bonuses. ‘While I’m out of sight, I’m out of mind as well,’ she continues, adding that larger organisations are now showing a better understanding of the issue.’

Gill believes there is a long way to go to achieve gender equality in the UK: 'Even with advances in technology, which have facilitated more flexible working hours, companies still need to accommodate women and address the situation.'

Over 250 people responded to the Smallbusiness.co.uk poll.