Credit, Collections & Insolvency News
Bank-to-business lending is forecast to contract 3.8% (net) this year, from net growth of 3.7% in 2022, before returning to growth (of 0.9% net) in 2024 according to research by EY Item Club. UK assets under management are forecast to grow 2.6% this year and 6.5% in 2024, after a projected fall of almost 11%…
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Business investment grew a projected 5.2% in 2022 – leaving it 7% below pre-pandemic levels latest EY ITEM Club research has found. EY ITEM Club now expects business investment to fall of 0.8% this year although weaker business investment is one of the factors likely to slow the recovery from recession. It is predicted that…
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More than half of small businesses are looking to use finance to achieve growth in the coming year (53%) according to new research from Novuna Business Finance. The figures indicate that this is up from 49% this time last year, with hiring new staff found to be the activity most likely to be reliant on…
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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 November 2022 by 12% compared with the same month in 2021. In the eleven months to November 2022, new business was 5% higher than in the same period in 2021. The…
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Trade credit insurance specialist Allianz Trade, business-to-business (B2B) e-commerce payments platform, Two and Santander Corporate & Investment Banking (CIB), have partnered to provide the first global business-to-business (B2B) Buy Now Pay Later (BNPL) solution for large multinational corporates. This is the first partnership of its kind. The result is a game changer product for global online…
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Chief Financial Officers (CFOs) at the UK’s biggest businesses say they are less keen to borrow money from banks now than at any point since the financial crisis, according to a new survey by Deloitte. The research found that CFOs rate borrowing as less attractive now than at any time since the financial crisis, with…
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The Federation of Small Businesses (FSB) says SMEs are increasingly struggling to secure affordable bank loans, with fewer than half of applications successful in Q3, compared with nearly two-thirds before the pandemic. Two thirds of small firms (66%) plan to make some form of investment in their business by 2024, but under half (49%) feel…
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Two company directors have been banned for a total of 21 years for Bounce Back Loan Abuse after each falsely claimed loans for their companies, taking over £125,000 in taxpayer support that they were not entitled to. Shahzad Arshad and Alexander Stewart Cooper from Glasgow, have been disqualified as company directors following separate investigations which…
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Latest data from UK Finance has indicated a slowdown in lending to SMEs following a reduction in applications for finance – particularly loans in the previous quarter. It is expected that SMEs’ demand for finance will continue to be muted this year as SMEs become more cautious because of the uncertain year ahead. The figures…
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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 October 2022 by 17% compared with the same month in 2021. In the ten months to October 2022, new business was 5% higher than in the same period in 2021. The…
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New research conducted by Allica Bank with 150 UK SMEs shows the demand for borrowing has majorly increased due to the recession with nine in ten SMEs are looking to borrow in the next 12 months. With 2023 being a year that looks set to be dogged by recession, inflation and rising interest rates. More…
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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 2022 by 9% compared with the same month in 2021. In the first nine months of 2022, new business was 3% higher than in the same period in 2021. The…
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Fraudulent activity for asset finance products has seen a 162% increase, according to fraud prevention service Cifas. As a result of the cost-of-living crisis, the asset finance industry is facing significant challenges, with rising costs causing a surge in fraud. The motor finance sector has been particularly hard-hit, seeing a 13% increase in fraud in…
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