Credit, Collections & Insolvency News
Latest data from the Bank of England showed that individuals borrowed a net £2.4 billion on mortgages in April, a significant increase from the previous month’s £500 million. The surge in mortgage borrowing, the highest since October 2022, indicates that prospective homebuyers rushed to secure lower interest rates. The data suggests that the drag on…
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Latest Bank of England Money and Credit data has shown that net consumer credit borrowing halved in April 2024, falling from £1.4 billion in March to £0.7 billion. This marks its lowest level since December 2021, at the beginning of the cost of living crisis as consumer confidence dropped. The decline was driven by lower…
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The Institute for Fiscal Studies (IFS) has revealed that the average Briton would be almost £5,000 richer if living standards had grown at the rate recorded in the years prior to the Conservatives coming to power in 2010. The IFS report says that weak income growth, widespread for richer and poorer people, older and younger…
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The cost of affording a place to live and call home is placing significant pressure on all kinds of different UK household budgets. Steep price rises in all areas of the housing market, home ownership to renting, are creating an additional burden on already-pressured household budgets across the UK. Renters in particular are increasingly vulnerable…
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The Competition and Markets Authority (CMA )is investigating the anticipated acquisition by Nationwide Building Society of Virgin Money. Nationwide’s £2.9bn takeover bid for Virgin Money would create the second-largest mortgage lender in the UK. The CMA says its investigation will examine whether the move will result in a substantial lessening of competition within any market…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose to -3 in May 2024 from -10 in April, the highest level the Index has reached since September 2021 (-1). There were also notable improvements in business leaders’ investment intentions, which jumped from +21 in April to…
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