30th June 2023 - Credit Connect

Call for utilities governance re-think

30th June 2023 Business Utilities | #water debt

The Institute of Directors (IoD) has called for a rethink in the governance of utilities with considerable concern about the financial resilience of a number of UK water companies. The IoD says that in several cases, companies appear to have taken on excessive levels of debt in an effort to square the circle of providing…

Average price energy cap forecasts fall

30th June 2023 Consumer Collections | #energy price cap drop

Prior to the upcoming introduction of the July Default Tariff Cap (price cap), Cornwall Insight has predicted that the energy price cap will drop, starting from October 2023, to £1,871 per annum for a typical consumer, and from January 2024, £1,900 per annum. The fall in average price cap predictions can be directly attributed to…

Cost of living impact seen on disadvantaged households

30th June 2023 Industry opinion |

With the cost of living crisis relentlessly continuing, signs are emerging of many of its most inequitable effects on disadvantaged groups and households. The dominant narrative over recent months has been the heavy impact the cost of living crisis has been having on people in all kinds of situations throughout the UK. However, as so…

Sound Engineer and Bookkeeper banned as Directors for Covid loan abuse

30th June 2023 Commercial Credit Management |

Two businessmen from East Sussex and Essex falsely claimed maximum £50k Bounce Back Loans and used money for their own gain according to an investigation by the Insolvency Service. Azmi Shafi Ahmed from Grays, Essex, and George David Festivus Pinnegar from East Grinstead have been disqualified for a total of 17 years after each claimed…

Over 1.4m households face mortgage repayment rises

30th June 2023 Consumer Lending | #mortgage repayments

More than 1.4 million households face mortgage repayment rises this year with millions of homeowners at risk of defaulting on their mortgage if interest rates move upwards again according to new research from Moneyhub Decisioning. Moneyhub’s research found that a quarter (26%) of homeowners with a mortgage said that a further interest rate rise would…

Households withdrew record £4.6bn in May

30th June 2023 Consumer Lending | #consumer credit

The Bank of England’s Money and Credit statistics for May have shown households withdrew £4.6 billion from banks and building societies across the month – the highest level of household withdrawals on record – suggesting an increase in people turning to savings in order to cope with the cost of living. Individuals repaid £0.1 billion…

Business confidence rebounds to 13-month high

30th June 2023 Commercial Credit Management | #business confidence

Business confidence bounced back in the first half of June, increasing by nine points to 37%, the biggest monthly rise since March 2023 according to Lloyds Bank. The increase was driven largely by rises in firms view of their trading prospects and optimism in the wider economy, despite last month’s interest rate rise. Business confidence…

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