Credit, Collections & Insolvency News
Mortgage approvals for house purchases fell to their lowest level in nearly three years, with the Bank of England reporting 53,443 approvals in September. This follows a rise in mortgage rates linked to the ongoing Middle East conflict. Meanwhile, remortgaging approvals increased to 42,600 from 34,000 in August. Net borrowing of mortgage debt by individuals…
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Business confidence rose six points to 47% in October as economic optimism and firms’ own trading outlook improved, according to the latest Lloyds Business Barometer. Business sentiment is higher than at the start of the year, with firms referencing strong demand, while cost pressures continue to present a challenge. Optimism in the wider economy rose…
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A snap poll by the Institute of Directors following the Chancellor’s Autumn Budget statement, more than half of business leaders (53%) viewed the Budget negatively. In contrast, just 19% viewed the Budget positively, giving an overall net satisfaction score of -35%. Business leaders did, however, express support for several individual measures announced by the Chancellor:…
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The Finance & Leasing Association (FLA) is calling for greater collaboration between lenders, industry bodies and policymakers following concerns raised by members about emerging trends in loan stacking and the potential consequences for the financial resilience of UK businesses. Loan stacking occurs when businesses take out multiple loans or financing arrangements, sometimes in quick succession,…
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