22nd February 2022 - Credit Connect

Generation Z under threat from rising bills

22nd February 2022 Arrears and Recoveries | #debt management

Generation Z are far more likely to be living on the edge with only 14% having enough spare cash to be resilient to rising prices compared to 52% of Millennials, 60% of Baby Boomers and 64% of Generation X according to research by HL Savings and Resilience Barometer, produced with Oxford Economics. The research also…

Cost of insolvencies to Government halved in 2021

22nd February 2022 Business | #insolvencies

The amount paid by the Government to workers because their employers went bust was cut in half last year, according to new analysis by of real estate advisory firm Altus Group. The Insolvency Service paid out £228.28 million last year to people who lost their jobs as a result of administrations, liquidations or other insolvencies.…

Recovery accelerates as supply chain pressures ease

22nd February 2022 Commercial Credit Management | #uk economy

The number of UK sectors reporting output growth rose in January as supply conditions improved, according to the latest Lloyds Bank UK Recovery Tracker. However, businesses continued to face significant cost inflation, which translated into a record uptick in selling prices among service sector firms. The number of UK sectors monitored by the Tracker reporting…

Ofgem appoints Yü Energy Retail to take on customers of insolvent energy companies

22nd February 2022 Consumer Collections | #energy

Ofgem has appointed Yü Energy Retail to take on supplying customers from Whoop Energy and Xcel Power. This follows a competitive process run by Ofgem to get the best deal possible for customers. Funds that current and former domestic customers of the suppliers have paid into their accounts will be protected, where they are in…

CICM creates new credit management benchmark

22nd February 2022 Appointments | #training

A new set of professional standards that defines the unique skills and contribution that credit and debt collection professionals deliver in protecting and growing business and the economy has been launched by the Chartered Institute of Credit Management (CICM). CICM says that the new professional standards will establish a benchmark and help demonstrate the enormous…

Record number of small businesses opted for closure last year

22nd February 2022 Business | #business closures

Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…

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