Credit, Collections & Insolvency News
New data from Novuna Business Finance has revealed that three quarters (75%) of small business owners are experiencing sleepless nights, with market volatility being their top concern for the second consecutive year. With 35% expressing worry about this in Q1 2024, the figure has slightly decreased from Q1’s 2022’s peak, amidst market turmoil following the…
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An EY report has predicted stronger economic growth in London and the wider south-east of England over the next three years compared to the rest of the country. The report forecasts that overall economic growth across the UK will average 1.9% a year between 2024 and 2027, with London and the south-east growing by 2%…
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The retail sector has recorded a fifth consecutive month of negative sales with total like-for-like sales falling by 1.3% according to new data from BDO’s High Street Sales Tracker. Retailers cited high operating costs including the cost of borrowing as one of their top challenges over the next six months. The fashion sector was highlighted as…
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Companies House has announced new and enhanced powers to improve the quality and reliability of its data and tackle misuse of the companies register. The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4th March 2024. Changes introduced include: Greater powers to query information and…
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StepChange Debt Charity has announced it has appointed Lesley Titcomb CBE to its new Chair of the Board of Trustees, taking over from John Griffith-Jones who leaves the charity after more than five years in post. Over the past few months, the charity has run a competitive recruitment process with substantial external interest in the…
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Mortgage reforms introduced after the 2008 banking crisis have ’tilted too far’ in support of financial stability, according to a report commissioned by the Building Societies Association (BSA). The report is calling for an overhaul of affordability and repayment rules, which have led to a decline in first-time buyer mortgages. The BSA is pushing for…
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Almost one in five first-time buyers (FTB) are now stretching their mortgage repayments over 35 years, according to new figures from UK Finance. The figures are up from 17% a year ago and 9% before the Bank of England started raising interest rates. Banks have raised concerns about the growing risks posed by longer mortgages,…
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As consumers continue to navigate cost-of-living pressures, new research shows that younger age groups face significant barriers when it comes to accessing credit according to a survey of 1,000 UK borrowers by Tink. The research found that over three quarters (78%) of 18-34 year olds have had a loan application rejected. When asked why they’d…
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