13th December 2021 - Credit Connect

Consumer credit predicted to fall 0.7%

13th December 2021 Consumer Lending | #consumer credit

Net lending via credit cards and personal loans is also set to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline according to the latest EY ITEM Club for Financial Services Forecast. The lrnfingfigures equates to a £1.4bn fall in the stock of consumer credit, as households have made more repayments…

UK business borrowing on course to fall sharply

13th December 2021 Alternative Business Lending | #business lending

UK net business borrowing is on course to fall sharply over 2021 as firms pay down existing debt far faster than predicted, according to the latest EY ITEM Club for Financial Services Forecast. The forecast estimates that net bank lending to UK businesses will fall to minus £1.6bn over 2021, following £35.5bn net being lent in 2020,…

Record year for mortgage lending

13th December 2021 Consumer Lending | #mortgage

Latest UK Finance data has indicated that 2021 is set to be a record year for mortgage lending. Publishing its housing and mortgage market forecasts for 2022 and 2023 together with projections for 2021 full year numbers UK finance has estimated that gross lending overall will peak this year at £316bn, up 31 per cent…

Concerns raised about housing market challenges

13th December 2021 Consumer Lending | #housing

According to new research from Lloyds Banking Group, consumers across the country are concerned about the current challenges the UK housing market is facing, with only one in five believing there are enough affordable homes in their area. This news comes as house prices reach record highs and activity levels remain robust. Despite more than…

One in ten chain shops in Scotland still closed

13th December 2021 Business | #business insolvencies

Research by PwC and Local Data Company shows that over one in ten (11%) of chain shops in Scotland failed to reopen after the lockdown in the first months of this year. The overall picture showed that there were 99 units, 4.7% of the total, that closed permanently while a further 143, or 6.8%, did…

Government commits £510m to crackdown on benefits fraudsters

13th December 2021 Arrears and Recoveries |

The Government has announced that it will fund £510 million to target fraudsters lying to the DWP about their benefit claims. The money will be used to improve the department’s capability and capacity to detect and deter benefit fraud and catch fraudsters, recovering more taxpayer money that funds essential public services. This crackdown will include…

Updated Financial Abuse code launches

13th December 2021 Consumer Collections | #financial abuse

Consumers experiencing financial difficulties as a result of economic abuse will receive further support to help them regain control of their finances and their independence, as part of an updated industry Code. The changes, in UK Finance’s revised voluntary Financial Abuse Code of Practice, will enable the industry to continue its commitment to helping victim-survivors…

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