3rd April 2023 - Credit Connect

Consumers cutback on non-essential spending

3rd April 2023 Consumer Lending |

New research from KPMG has highlighted the scale of reduction in consumer spending so far in 2023 and indicates how households may respond if they no longer receive energy bill support payments from April. The research found that 55% of consumers say they have reduced their non-essential spending so far in 2023. Most commonly on…

Government extends mortgage support for benefit claimants

3rd April 2023 Arrears and Recoveries | #mortgages

The Government has announced an extension to its mortgage support for benefit claimants. The new change will mean that an additional 200,000 Universal Credit claimants will be able to access quicker support with their mortgage. The move will mean support for Mortgage Interest loan scheme extended to 200,000 additional Universal Credit claimants in efforts to…

Business debt levels increase by 61%

3rd April 2023 Commercial Collections and Recoveries | #business debt

New research published by Bibby Financial Services (BFS) has revealed the extent to which the UK’s small and medium sized enterprises (SMEs) are exposed to substantial debt stress with the average bad debt amongst UK SMEs jumping by 61 percent. The average level of debt has risen from £10,329 in Spring 2022, to £16,641. Currently,…

Energy prices and cost of living crisis risk to pub closures

3rd April 2023 Business Utilities | #pub closure risk

The average energy bill for a pub will rise by £18,400 a year this month when the Energy Bill Relief Scheme ends, the British Beer and Pub Association (BBPA) has warned, putting many pubs at risk of closure. More than 4,800 licensed premises closed last year due to the cost of living crisis with the…

Lending Standards Board appoints new Chair

3rd April 2023 Appointments |

The Lending Standards Board (LSB) has announced that it has appointed Ken Scott as Chair. The LSB Says that Scott’s extensive experience will support its mission of working to ensure fair outcomes for financial services customers. During his executive career, Scott played a key role in driving the regional growth of HSBC’s commercial bank, with…

March data shows a strongly growing UK economy

3rd April 2023 Commercial Credit Management | #economic growth

New data released by the Institute of Directors (IOD) suggests the UK economy grew strongly in March, confounding official forecasts from the Office of Budget Responsibility of a contraction in Quarter 1. Order books have strengthened considerably since the turn of the year, and expectations of future revenue, hiring and investment are also all pointing…

Around £21bn lost to fraud since the start of the pandemic

3rd April 2023 Consumer Lending | #fraud

Around £21 billion has been lost by the Government due to fraud since the start of the pandemic, according to latest National Audit Office (NAO) data. The research also found that most public bodies do not know how much fraud they face and cannot demonstrate that they have the correct level of counter fraud resources.…

Spring Budget fails to alleviate cost of living fears

3rd April 2023 Industry opinion |

The recent Spring Budget brought some promising new financial developments and extensions of lines of support for UK households, but overall the signs remain clear that these are unlikely to be anywhere near enough for far too many people. One of the government’s primary Budget headlines was the announced U-turn on extending the Energy Price…

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