The latest Red Flag Alert research for Q3 2020 has recorded that 557,000 businesses are now in ‘significant distress’ after the largest quarterly leap in financially distressed companies since 2017. This 6% increase (from 527,000 in Q2 2020) in the last three months comes despite a backlog of court action preventing many CCJs and winding…

Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…

Audit, tax and consulting firm RSM has found the number of new UK tech start-ups has risen by almost 16 per cent this quarter. A total of 10,435 software development and games businesses have been incorporated so far this year, according to data held by Companies House. In quarter three 2020 there were 3,641 tech…

A new study from King’s Business School has found that nearly two-thirds of entrepreneurs believe their business might not survive the pandemic, while more than half predicted they would run out of money within a year The research found that 5.86 million small and medium-sized enterprises (SMEs) are in a precarious position and that targeted…

Nearly a quarter of 18-24 year olds struggling to afford their household bills with one  in 10 18-24 year olds expecting to be made redundant. Young people are struggling to cope with the financial burden the pandemic has placed upon them, according to new research by comparethemarket.com. The findings in the company’s Household Financial Confidence…

Average spending on credit cards increased in August for the third consecutive month, up 6.9 percent to £639, and was only 4.8 percent lower than a year ago. For the period January-August 2020, sales were down 1.4 percent, compared to increasing 4.4 percent in the same period in 2019 according to new statistics from Fico.…

A new Work and Pensions Committee report has highlighted the difficulties faced by people claiming Universal Credit. A new report by the Work and Pensions Committee, Universal Credit: the wait for a first payment, has found the current wait of at least five weeks for a first payment is causing financial difficulties for some households.…

Debit card spending in the UK reached a record high of £59.1 billion in July, data published by UK Finance has revealed. Spending was up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to…

The Insolvency Service has published its latest figures which indicate that in September 2020 there were 143 individual insolvencies, down 54% from September 2019; Personal insolvencies consisted of 109 IVAs, 20 DROs and 14 bankruptcies. The figures fell by over half compared with September 2019. Business Insolvencies in Northern Ireland decreased by 72% from September…

Freelancers whose income has been slashed this year due to the pandemic could soon face tax bills higher than their earnings according to new research by Royal London. As reports suggest that the Treasury is considering a number of dramatic tax increases on the self-employed, including a rise in National Insurance Contributions, Royal London is…

1 2 3 51