21st February 2025 - Credit Connect

Ofgem proposes standing charge reforms

21st February 2025 Consumer Collections | #energy bills #standing charge

Every energy supplier will be required to offer energy tariffs with low or no standing charges so customers can choose to pay these costs as part of the unit rate, under plans published by Ofgem. The regulator has launched a consultation on how proposals to introduce an option under the price cap that will cover…

One in three business owners financially stretched

21st February 2025 Commercial Credit Management | #business owners

Small business owners across the are facing a harsh realitywith many are too overworked and financially stretched to take a much-needed holiday, potentially pushing themselves to the brink of burnout. According to new research from InsureandGo, a significant portion of the UK’s 5.51 million small business owners are missing out on holidays to keep their…

Third of brokers say cutting taxes is key to SME growth

21st February 2025 Alternative Business Lending | #taxes

More than a third (38%) of finance brokers say lower taxes are needed to boost SME growth this year, according to iwoca’s latest SME Expert Index. This is double the next choice of reforming business rates (19%). With almost three-quarters (70%) of finance brokers saying conditions for SMEs have worsened since the Labour Government took…

Three in ten borrowers don’t know their credit score

21st February 2025 Consumer Lending | #credit score

New research by Compare the Market has found that three in ten borrowers don’t know their credit score. The data also found that only 59% of credit card users are aware of their credit score whilst nearly half (45%) of people with a credit card are not actively trying to improve their credit score. Among…

Consumer confidence hits 11-month low

21st February 2025 Commercial Credit Management | #consumer confidence

Consumer confidence in the UK economy has plummeted to an 11-month low, with the British Retail Consortium’s survey revealing a net balance of -37 in February, a decline of 40 points since last summer’s general election. This is the fifth consecutive month in which expectations have worsened. The survey indicates that two-thirds of retailers anticipate…

Energy network companies excess profits hit £4bn during cost-of-living crisis

21st February 2025 Arrears and Recoveries | #energy bills

Citizens Advice says energy network companies, which provide pipes and cables to people’s homes, have made nearly £4 billion in excess profits over the last four years. During this time, the charity has helped a record nearly 700,000 people in England and Wales struggling to afford their energy bills, and five million currently live in…

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