4th January 2023 - Credit Connect

Nearly 50 shops shut down a day in 2022

4th January 2023 Business | #shop closures

New figures from the Centre for Retail Research (CRR) showed that there was a sharp rise in the number of shops closing on the high streets, shopping parades, and out-of-town shopping parks in 2022. More than 17,000 sites shut up in 2022, the highest number for five years. Total closures were nearly 50% higher than…

Two-thirds of consumers are planning to cut spending in 2023

4th January 2023 Consumer Lending | #spending

Two-thirds of consumers are planning to cut their discretionary spending in 2023, according to KPMG, with a poll showing that just 4% will be able to increase their non-essential spending levels in the coming year. The survey shows that one in ten respondents have no savings, while 43% of those who do have savings are…

Businesses say bank borrowing is less attractive

4th January 2023 Alternative Business Lending | #business lending

Chief Financial Officers (CFOs) at the UK’s biggest businesses say they are less keen to borrow money from banks now than at any point since the financial crisis, according to a new survey by Deloitte. The research found that CFOs rate borrowing as less attractive now than at any time since the financial crisis, with…

National accounts paint gloomy economic picture

4th January 2023 Consumer Lending |

New analysis of national accounts for Q3 showed a slightly bigger 0.3% quarter-on-quarter fall in GDP than initially estimated according to research by EY Item Club. The economy’s performance in Q3 wasn’t helped by another fall in household incomes and an unexpected rise in the household saving ratio. GDP growth was also revised lower in…

Millions of low-income households to get cost of living payments in Spring

4th January 2023 Consumer Collections |

The Department for Work and Pensions (DWP) has announced more detail on the payment schedule for the next round of cost of living support unveiled in the Chancellor’s Autumn Statement, building on payments made to over eight million people in 2022. The new £900 cash boost for over eight million eligible means-tested benefits claimants, including…

Custom Credit and LendingMetrics agree partnership

4th January 2023 Company News |

Custom Credit has announced that it has agreed a partnership use LendingMetrics’ Auto Decision Platform (ADP) to speed up decisioning. The Sussex-based lender, which specialises in tailoring their loan to their borrower’s needs to ensure optimal outcome to provide customers with that information on a monthly basis to give them a new level of insight…

British workers face return to 2006 real-term wages

4th January 2023 Consumer Collections |

PwC has forecasted that UK real wages in 2023 are set to fall back to 2006 levels, which could see British workers overtaken by French counterparts in G7. House prices are set to decline by 8%, and sales to fall below one million for first time in a decade with the UK set to see…

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