Credit, collections & insolvency news
Half of UK C-suites (50%) say that the threat of economic disruption has meant innovation has ceased in their business, according to new research from independent consultancy Magnetic. Just 22% disagree, with 28% undecided. This corroborates the 56% who say they’re prioritising the survival of their business above all else; an especially concerning figure when two-thirds…
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Small businesses are calling for Ofgem to alter energy regulation with changes which will enable access to energy contract cooling-off period and standing charges freeze ahead of winter. Small businesses say that utilities remain a cost driver according to new research by the Federation of Small Businesses (FSB). FSB’s latest Small Business Index shows over…
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Chancellor Jeremy Hunt has announced his Autumn Statement. The Chancellor began his speech by saying he had more than 100 measures to incentivise and support businesses in what he described as the ‘biggest business tax cut in modern British history. Responding to the Autumn Statement, Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB),…
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While many businesses are urging the Chancellor to avoid introducing sweeping changes at the Autumn Statement and instead prioritise stable policy, a significant number are also eager to see specific cuts to promote economic growth, according to EY’s Autumn Statement survey. EY asked more than 1,300 finance professionals from UK companies to select the business-focused…
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EY ITEM Club analysis has predicted that Scotland will avoid recession despite it’s flat economic performance. The research found that resilient consumer spending may have helped the Scottish economy avoid a recession, but economic growth has been flat since Q2 of 2022 and will remain into 2024 when GVA is expected to rise by 0.3%. The…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in September 2023 by 6% compared with the same month in 2022. In the nine months to September 2023, new business was 14% higher than in the same period in 2022. The…
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New research by Premium Credit has highlighted the impact that inflation and rising interest rates have had on SME business confidence. SMEs are optimistic for the year ahead expecting revenues to rise although concerns remain about how to cope with inflation and higher interest rates, The company’s Insurance Index, which monitors insurance buying and how…
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Trade credit insurer Allianz Trade has announced that it has appointed Peter Evola as Commercial Director for the UK & Ireland with effect from 1st December, subject to regulatory process. Evola joined Allianz Trade 12 years ago and has worked for the UK and Ireland, Northern Europe Region, and at group head office in Paris.…
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New research by Kearney has found that the global share of ‘zombie companies’ has risen 5% year-on-year in 2022. The study shows a net increase of 95 zombies globally, rising from 1,893 in 2021 to 1,988 in 2022. The research estimates the number of zombie companies to rise by over a fifth (21.5%) across the…
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Sirius Finance has appointed announced that it has appointed William Lloyd-Hayward as its Managing Director, after Brightstar Financial took control of the lender last week. Lloyd-Hayward will lead Sirius while retaining his post as Group Chief Operating Officer at Brightstar Group. Sirius Managing Director Lloyd-Hayward said “There is enormous potential for a business…
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UK inflation fell to the lowest rate in two years last month, falling to 4.6% in the year to October from 6.7% in September. Economists have said the main reason inflation has fallen from its peak of 11.1 per cent in October 2022 is due to a reduction in the energy price cap, which limits…
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The difficulty small business owners are experiencing accessing funding without having to sign a personal guarantee has become clear according new analysis by Purbeck Insurance. The company say that October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition…
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New data released by leading audit, tax and consulting firm RSM has helped to allay fears that the UK economy is already in a recession. While the overall economy stagnated in Quarter 3 (Q3), conditions in the middle market, a key engine of UK growth, remained cautiously optimistic at the end of the year, helped…
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