8th November 2022 - Credit Connect

Additional 400,000 people will be pulled into poverty by mortgage rates of 5.5%

8th November 2022 Arrears and Recoveries | #mortgages

The Joseph Rowntree Foundation (JRF) has reported that an extra 120,000 households in the UK, the equivalent of 400,000 people, will fall into poverty when their current mortgage deal ends. The analysis assumes homeowners will be forced to borrow at an interest rate of 5.5%. With a current norm of 2% this change would mean…

Recession fears knocks business output and confidence

8th November 2022 Commercial Collections and Recoveries | #recession

A new report from BDO has revealed a sharp decline in economic output and optimism last month, with both down to their lowest levels since the third national lockdown in February 2021, as record-high inflation continues to dampen the economy and prompt fears of a recession. The latest figures indicate that inflationary pressures are to…

Recession forecast until 2024 is deeply concerning for businesses

8th November 2022 Commercial Credit Management | #recession

The London Chamber of Commerce and Industry (LCCI) has warned of the impact a prolonged recession could have on small firms. With the Bank of England lifting interest rates to a 14-year high of 3% and forecasting that the economy will be in a recession until mid-2024,/ Richard Burge, Chief Executive of London Chamber of…

One in four families set to receive £324 cost of living payment

8th November 2022 Commercial Collections and Recoveries |

Almost one in four families (over 8 million) across the UK will receive £324 from the government this month as the latest cost of living payments are sent out from today (Tuesday 8th November 2022). Those who qualify via tax credits will receive it by the end of the month. A first grant of £326…

Contactless mobile payments predicted to surpass 1bn in 2024

8th November 2022 Consumer Lending | #payments

A new study from Juniper Research has found that the total number of unique contactless mobile payment users will reach 1 billion globally by 2024; rising from 782 million in 2022, representing a growth of 60%. The report identified increased investment in contactless acceptance infrastructure, especially across emerging regions, as key to driving growth, through which over…

Average household will be £800 worse off in 2023

8th November 2022 Consumer Collections | #cost of living

The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…

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