21st April 2022 - Credit Connect

Recovery accelerates as manufacturers shoulder inflation pressure

21st April 2022 Commercial Credit Management | #economy

The number of UK sectors reporting output growth rose in March, according to the latest Lloyds Bank UK Recovery Tracker. However, while UK services businesses benefited from strong demand and a further loosening of Covid-19 restrictions, goods producers were disproportionately affected by the war in Ukraine – leading to the largest gap between manufacturing and…

Credit card balances start to creep up

21st April 2022 Arrears and Recoveries |

Latest figures from UK Finance have indicated that credit card balances have started to creep up as the cost of living started to bite. The figures show that after several months of falls, outstanding balances on credit cards have started to creep up again with balances up 3.8% year on year. Spending had previously been…

One in five employers are likely to make redundancies in the next year

21st April 2022 News |

A new survey from Acas has found that nearly 1 in 5 of employers (18%) are likely to make staff redundancies over the next year. Acas commissioned YouGov to ask British businesses about their redundancy plans in the next 12 months. The poll found that large businesses were more likely to make redundancies than small…

Yonder and Yapily agree open banking partnership

21st April 2022 Consumer Lending |

Credit card startup Yonder has partnered with open banking platform Yapily to provide consumers access to credit without needing a UK credit score. With recent research by Experian, showing that over 5 million people in the UK – 9% of the total adult population – have little to no credit history, greatly reducing their access…

Insolvency Service tackles further Bounce Back Loan abusers

21st April 2022 Insolvency | #regulation

The Insolvency Service has announced secured new restrictions to tackle Bounce Back Loan abusers. The regulator has successfully secured restrictions against a gym operator and roofer after they falsely applied for bounce back loans. In separate applications, Junaid Dar from Birmingham, and David Godderidge from Tamworth, falsely applied for close to £60,000 from the Bounce…

Self-employed people risk financial hardship with reliance on personal savings

21st April 2022 Banking and Loans |

Over half (57%) of self-employed workers in the UK rely on personal savings when they are not working, yet a massive 81 per cent aren’t seeking financial advice according to new research from protection and pensions provider, Scottish Widows. Over two-thirds (64%) of those who are self-employed in the UK revealed they are without a…

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