5th January 2023 - Credit Connect

Warm winter may lead to lower energy bills

5th January 2023 Consumer Collections | #energy cap

Latest forecasts for the Default Tariff Cap (price cap) released by Cornwall Insight, have shown energy bills for a typical household are predicted to be below the government’s Energy Price Guarantee (EPG) from July (Q3 2023) this year. Despite the fall in these forecasts, bills are set to remain significantly above pre-pandemic levels – settling…

Government urged to reassess how it can target energy bill support to vulnerable businesses

5th January 2023 Business Utilities | #business energy support

Business groups are expecting Government help with their energy bills to be halved after March, when the existing package of support expires. Chancellor Jeremy Hunt told business groups on Wednesday that the support would be at a lower level to protect the public finances from volatile energy markets. Gas and electricity prices have been fixed…

Food inflation hits record 13.3%

5th January 2023 Commercial Credit Management | #inflation

Food inflation hit 13.3 per cent in December, up from 12.4 per cent in November, according to the British Retail Consortium (BRC) shop price index. The rise marks the highest monthly inflation rate for food since records began in 2005. The data highlights that fresh food costs contributed most to the rise, which shows an…

Three out of five consumers anticipating financially difficult year

5th January 2023 Consumer Collections | #managing finances

New research from Go.Compare has discovered the UK’s top five financial concerns as we start the new year, with spending less on outgoings and saving into a deposit account topping the table. More than 2,000 UK adults were surveyed by the comparison site and found that 58% of those questioned admitted they were anticipating a…

Business optimism low as businesses braced for profit drop

5th January 2023 Commercial Credit Management | #economy

A quarterly survey by the British Chambers of Commerce (BCC) has revealed that British businesses are nearly as pessimistic as they were in the midst of the pandemic, as they brace for a drop in profit during a recession in 2023. The percentage of firms reporting increased domestic sales has stabilised at the low level…

Credit card borrowing rises to highest level since 2004

5th January 2023 Consumer Lending | #credit cards

Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. The figures showed individuals borrowed an additional £1.5 billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 billion was on credit cards (an increase of £400m…

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