7th November 2023 - Credit Connect

Productivity issues weigh on small firms

7th November 2023 Commercial Credit Management |

78% of small business owners are most concerned about productivity issues within their business or staff, according to a survey by Simply Asset Finance. Rising operational costs and supply chain issues are also top worries for 74% and 70% of small business owners, respectively. The research found that SMEs across the UK are at risk…

Quarter of people report receiving incorrect utility bills when moving home

7th November 2023 Consumer Collections |

Despite best efforts by utility providers, 25% of people report to be receiving more than 10 incorrect utility bills when moving home. This is causing a knock-on effect in the industry as one in five customers would consider leaving their utility provider if they were billed incorrectly, and more than one in 10 people have…

Decade-low mortgage growth forecast into 2024

7th November 2023 Consumer Lending | #mortgage lending

Mortgage lending is expected to record decade-low growth in 2023 and 2024, according to the latest EY ITEM Club Outlook for Financial Services, as mortgage rates reach their highest since 2008, economic growth remains subdued and weakening housing market sentiment drives down demand. Overall, mortgage loans in 2023 are expected to rise just 1.5% (net) and 2% (net)…

Weak business lending to continue into 2024

7th November 2023 Alternative Business Lending | #business lending

Bank-to-business lending is forecast to contract 0.5% this year according to EY ITEM Club, as economic challenges and high borrowing costs dampen businesses’ appetites to borrow. The forecast says net lending to SMEs has been much weaker than to larger businesses this year, with the latest Bank of England data showing loans to SMEs were…

Christmas boost as shoppers forecasted to spend more on the high street

7th November 2023 Consumer Collections |

Britons are forecasted to spend more in restaurants and physical retail stores this Christmas, with a predicted increase of 3.7% compared to last year. It is also predicted that there will be a 12.9% increase on spending in restaurants, as people come together to celebrate with friends and family during the festive period between 1st…

Energy price cap forecasted to remain above current level until end of 2024

7th November 2023 Consumer Collections | #energy price cap

Forecasts for the 2024 Default Tariff Cap (price cap) have risen in response to growing volatility in the global wholesale energy market according to Cornwall Insights. Latest predictions, place a typical1 dual fuel consumer’s January energy bill at £1,923 per year, with a small rise to £1,929 in April 2024. While already predicted to increase in…

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