Credit, Collections & Insolvency News
Winter fuel payments will be scrapped for most pensioners in a move expected to save the Treasury £1.5 billion per year, Chancellor Rachel Reeves has announced Those in receipt of Pension Credit, Universal Credit, Income Support, income-based Jobseeker’s Allowance and income-related Employment and Support Allowance will continue to receive winter fuel payments. Responding to the…
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The Financial Conduct Authority (FCA) has launched a review of financial services rules as it looks to strip back red tape. The City watchdog said the burden of regulation ‘could be streamlined’ and has called on the industry to identify rules which could be scrapped or simplified as they ‘overlap’ with consumer duty. The…
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New research has indicated that businesses that use Artificial Intelligence (AI) to drive innovation can see 38% larger impact on growth according to IDEO research The research also shows that using AI to accelerate innovation rather than efficiency can increase growth by more than a third. Business leaders who received AI generated questions to help…
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Fair4All Finance has appointed Kate Pender as its new Chief Executive Officer (CEO). Pender has been working with Fair4All Finance since the company was formed in 2019, leading work on growing the resilience and capability of community finance lenders. Prior to her time at Fair4All Finance, Pender had twenty years of experience in economic development…
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Consumers borrowed £2.7 billion of mortgage debt in June, up from £1.3 billion in May according latest Bank of England data. Net mortgage approvals for house purchases remained broadly stable at 60,000 in June, while approvals for remortgaging decreased from 29,300 to 27,500 over the same period. The annual growth rate for net mortgage lending…
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Latest Bank of England data shows that the annual growth rate for consumer credit, including credit cards, personal loans and overdrafts, dipped to 8% in June from 8.4% in May. The annual growth rate for credit card borrowing fell to 10.5%, from 10.8% in May. Net consumer credit borrowing dipped slightly in June to £1.2…
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Optimism among senior executives at some of Britain’s biggest businesses has increased after Labour’s landslide general election, according to Deloitte’s latest survey of Chief Financial Officers (CFOs). The study shows that risk appetite is up, fears about uncertainty have retreated sharply, and revenue growth predictions are rising. The survey found that a net 23% of…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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Household saving ratios continue to climb upwards as more seek to take advantage of higher interest rates, but many are still challenged by their ability to find the right balance between saving and spending. Recent months have seen a gradual increasing of the ratio at which UK households are saving and while a positive sign,…
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