16th March 2023 - Credit Connect

BUDGET 2023 – consumer credit sector reaction

16th March 2023 Arrears and Recoveries | #spring budget 2023

Chancellor Jeremy Hunt has announced the Spring budget for 2023. Commenting on budget, Credit Services Association (CSA) Chief Executive Chris Leslie said: “For the collections sector, Jeremy Hunt’s Spring Budget has greatest relevance in its impact on the surplus money people have at their disposal and the cost-of-living squeeze that may affect an individual’s ability…

Bank of Mum and Dad paid out £8.8bn in 2022

16th March 2023 Consumer Lending | #bank of mum and dad

Gifts and loans from the Bank of Mum and Dad totalled £8.8 billion in 2022, according to the latest analysis from property firm Savills. This amount has increased by almost £4 billion since the start of the pandemic (2019), as a result of a more stringent mortgage market and higher deposit requirements. In total, 170,000…

OBR predicts that the UK will avoid recession

16th March 2023 Commercial Credit Management | #recession

Britain will avoid a recession this year, according to an Office for Budget Responsibility (OBR) forecast. The report says GDP will fall by 0.2% this year, with this far lower that the 1.4% downturn it predicted in November. In the longer term, the report says the economy will grow by 1.8% in 2024, 2.5% in…

BUDGET 2023 – business and insolvency sectors reaction

16th March 2023 Commercial Credit Management | #budget 2023

Chancellor Jeremy Hunt has announced the budget for 2023. Responding to the Chancellor’s Spring Budget, Martin McTague, National Chair of the Federation of Small Businesses (FSB) said “The Chancellor has set high expectations for supporting small firms during these challenging times, but today’s Budget will leave many feeling short-changed. The distinct lack of new support in…

52% of small businesses experience late payment delays

16th March 2023 Commercial Collections and Recoveries | #late payments

A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…

Together appoints new Personal Finance Chief Operating Officer

16th March 2023 Appointments |

Specialist lender Together has announced the appointment of Chloe Cotgrave to the position of Personal Finance Chief Operating Officer. Cotgrave’s remit will be overseeing all operational areas for Together’s personal finance customers, including the underwriting, customer service and collections departments, as well as first line assurance and customer experience. She joined Together six years ago,…

Experian and Nottingham University Hospitals agree employee financial health partnership

16th March 2023 Company News |

Experian has announced its plans to work with the Nottingham University Hospitals (NUH) NHS Trust to help Trust employees manage their finances through the current cost-of-living crunch. Two pilot Money Clinics will take place this week, in partnership with the Staff Wellbeing Team, Advice Nottingham, a consortium of local consumer advice centres and money expert…

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