22nd June 2023 - Credit Connect

Stubborn inflation means mortgage rate hikes are more likely to stay

22nd June 2023 Consumer Collections | #inflation

The Resolution Foundation has said that worrying inflation data will reinforce market expectations that the Bank will need to raise interest rates higher and for longer, which are driving the increase in mortgage rates. Inflation data in May was once again above market expectations. Headline CPI was 8.7 per cent, well above market expectations of…

Call for reform of outdated collection rules as council tax debt hits £5.5bn

22nd June 2023 Arrears and Recoveries | #council tax debt

The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has responded to figures which show that council tax arrears for households in England have reached £5.5 billion by calling for urgent reform of council tax collection rules. Current rules mean that households can be liable for their full annual bill after…

Pub closures increase by 68%

22nd June 2023 Business | #pub insolvencies

Pubs are closing at the quickest pace in a decade, according to analysis by Price Bailey which shows 620 shut in the year to the end of March. The rate of closures, marks a 68% increase from the 369 failures in the same period last year. In the first three months of 2023, 200 pub…

6.9m mortgage holders struggling to keep up with household bills

22nd June 2023 Arrears and Recoveries |

New polling from StepChange Debt Charity has revealed 45% of mortgage holders, equivalent to 6.9m UK adults, have found it difficult to keep up with bills and credit commitments in the last few months. The new figures, which come as the Bank of England is expected to again raise interest rates today, show that two…

Inflation remains stubborn at 8.7% – business industry reaction

22nd June 2023 Commercial Credit Management |

Latest data from the Office of National Statistics (ONS) has showed the annual rate of CPI inflation remained flat at 8.7% in May 2023, with core inflation rising from 6.8% to 7.1%, There is no a fear that the rise in core inflation could spook the markets with core inflation (stripping out energy, food, alcohol…

Inflation remains flat at 8.7% – credit industry reaction

22nd June 2023 Consumer Collections |

Fears of a further rise in interest rates were heightened after new data showed the CPI rate of inflation remained stuck at 8.7% in May, the same rate it was in April but worse than the 8.4% expected. Core inflation rose to a 31 year high of 7.1% from 6.8% in the previous month. Services…

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