21st March 2023 - Credit Connect

Change to bank capital rules could result in £44bn drop in SME lending

21st March 2023 Alternative Business Lending | #business lending

A report by Oxera commissioned by SME lender Allica has found that proposed changes to UK bank capital rules could result in a £44 billion drop in lending to SMEs. The research suggests that the Prudential Regulatory Authority (PRA) could put up to £44 billion of SME lending at risk. In November 2022, the PRA…

Economic stagnation has left workers with £11,000 lost wages gap

21st March 2023 Consumer Collections |

The Resolution Foundation has said that 15 years of economic stagnation have left workers across Britain with an £11,000 a year lost wages gap The Foundation says that over the past year, soaring inflation has caused a massive fall in workers’ real wages. But Britain’s pay problems – and the stagnation in living standards they…

Over 1.2m of Scottish business invoices were overdue this winter

21st March 2023 Commercial Collections and Recoveries | #late payments

Scottish firms had over 1.2 million overdue invoices on their books this winter, new research from insolvency and restructuring trade body R3 has revealed. R3’s analysis of data provided by Creditsafe shows 1,231,703 invoices were overdue in Scotland over the winter months – with 416,856 in December 2022, 400,272 in January 2023 and 414,575 in…

Bank of England’s next Interest rate impact scenarios predicted

21st March 2023 Consumer Lending |

Ahead of The Bank of England’s next interest rate move, TotallyMoney and Moneycomms calculate the cost of the two most likely interest rate scenarios and the impact on borrowers with a variable rate mortgage. The research has found that 5.2 million mortgages will have been exposed to changes in interest rates from the beginning of…

Shawbrook buys specialist lender Bluestone Mortgages

21st March 2023 Company News | #mergers

Bluestone Group announced that it has agreed terms for the sale of its UK mortgage lending and portfolio servicing operations to Shawbrook Group for an undisclosed sum. Under the terms of the transaction, Bluestone’s holding company will sell 100% of the shares and its subsidiaries to Shawbrook in a cash and share transaction. The transaction…

Loss of confidence resulted in decrease in SME borrowing

21st March 2023 Alternative Business Lending | #business lending

UK Finance has reported that a loss of confidence resulted in lower SME borrowing in Quarter 4 (Q4) 2022. The report showed that gross lending by the main high street banks totalled £18.4bn over 2022.  Due to economic uncertainty and rising interest rates, SMEs were more cautious in the latter half of the year with…

Two in five are concerned about paying household bills

21st March 2023 Arrears and Recoveries | #household bills

Two in five (41%) young adults are worried about their ability to pay household bills at a time when many costs are set to rise over the coming months, according to Comparethemarket’s latest Household Financial Confidence Tracker. As the cost of living has risen over the past 12 months, 44% of 18 to 24-year-olds feel…

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