20th September 2024 - Credit Connect

Interest rates stay at 5% – business industry reaction

20th September 2024 Commercial Credit Management | #interest rates

The Bank of England has held interest rates at 5% for a second month in a row. Commenting on the news, Anna Leach, Chief Economist of the Institute of Directors, said “Today’s 8-1 vote by the MPC for no change in rates was widely expected by markets and analysts. The Bank has indicated a “gradual…

Interest rates hold at 5% – consumer credit industry reaction

20th September 2024 Consumer Lending | #interest rates

The Bank of England has announced that it has held interest rates at 5% for a second month. The committee voted 8:1 to keep rates on hold, with one vote for a cut. Commenting on the announcecment, Grace Brownfield, Senior Influencing Manager at the Money Advice Trust said “Millions of homeowners are already under pressure…

Government launches new late payment measures

20th September 2024 Commercial Collections and Recoveries | #late payments

The Government has unveiled new measures to support small businesses and the self-employed by tackling late payments, which is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year. The new Fair Payment Code will replace the old Prompt Payment Code, which will be open to signatories this autumn.…

Ministers hear from local leaders on impact of Child Poverty

20th September 2024 Consumer Collections | #child poverty

Local leaders have outlined the stark challenges that must be overcome to tackle child poverty in their communities. Liz Kendall, the Work & Pensions Secretary, and Bridget Phillipson, the Education Secretary, heard powerful testimony from representatives from some of the worst affected areas in the country, including the North East Mayor Kim McGuinness, to ensure…

Six in ten households failing to take action on household bills

20th September 2024 Arrears and Recoveries | #household bills

More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…

Companies offering 60 day payment terms has doubled since 2020

20th September 2024 Commercial Collections and Recoveries | #late payments

One in six business to business (B2B) sellers (suppliers) are offering business customers over two months to pay their invoices, according to a new joint report from economic consultancy Cebr and iwoca. The report reveals the number of suppliers offering repayment terms over 60 days to customers has surged from just 7% of suppliers in…

Two in five young people struggling to pay off debt

20th September 2024 Arrears and Recoveries | #debt

Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…

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