1st September 2022 - Credit Connect

Household disposable incomes set to fall 10% this year

1st September 2022 Arrears and Recoveries |

Real household disposable incomes are on course to fall by 10 per cent over this year and next – the deepest living standards squeeze in a century, while the number of people living in absolute poverty is set to rise by three million. The report incorporates the Bank of England’s latest economic forecasts, as well…

Food prices in August rose at the fastest rate since 2008

1st September 2022 Consumer Collections |

Prices in shops rose by 5.1% in August according to latest analysis by the British Retail Consortium. The analysis showed that shop Price annual inflation accelerated to 5.1% in August, up from 4.4% in July. This is above the 3-month average rate of 4.1%. This marks a new record for shop price inflation since this…

Beverley Building Society appoints new CFO

1st September 2022 Appointments |

Beverley Building Society has announced that it has appointed Christopher White as Chief Financial Officer. White takes up the position following the promotion of Janet Bedford, who previously held the position, to the role of Chief Executive. White, a Fellow of the Institute of Chartered Accountants in England and Wales, has significant experience in financial services…

NatWest refunds small firms £600,000 after bundling ruling

1st September 2022 Business Lending | #business banking

NatWest is set to refund hundreds of business customers after it wrongfully forced them to open current accounts to secure a loan, which cost money. The Competition and Markets Authority (CMA) has found that NatWest breached banking rules by forcing business customers to open a business current account, which incurs fees, in order to secure…

More over 65s are still working compared to six years ago

1st September 2022 Consumer Lending |

More people in the UK aged between 65 and 74 are still working compared to six years ago new research from Aviva has found. The survey, conducted earlier this year, shows a marked increase in the number of people over 65 who remain in the workforce compared to 2016, and a fall in the number…

Working from home could add £131 a month to energy bills

1st September 2022 Consumer Collections | #energy bill

Employees will pay an extra £131 a month in energy costs to work from home this autumn, meaning that those who spend less than £30 on their weekly commute could save money by going to their workplace according to new analysis from Uswitch.com. A typical household will run up a £363 monthly bill for gas…

Working households are only 19 days from the breadline

1st September 2022 Consumer Lending | #featured

On average, working households are only 19 days from the breadline, according to a report from Legal & General. The new research has shown that households have seen the amount of time they can fund basic expenses decrease by 21%, five days less than in April 2020. Households have average savings of £2,431 and debts…

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