Credit, Collections & Insolvency News
Almost two-thirds (65%) of UK retail business owners report that the rising cost of living has made running their business harder, with nine out of ten (87%) of those businesses saying it has been the “toughest winter in memory” for their business according to a new poll by Santander. The data revealed the biggest challenges…
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Analysis from credit score company Experian has found a third of small businesses might not be able to cover their costs when energy bill support is slashed by the Government in April. Experian analysed the finances of 1.16 million small businesses and forecasts that 30% of these will become ‘at heightened risk’ – meaning they…
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Small businesses on fixed rate energy deals face a surge in their bills when the Government’s current Energy Bill Relief Scheme ends. As of April, a cap on the price of gas and electricity will be replaced by a new scheme which offers a much less generous discount on energy bills. The Government has set…
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Water retailers have been encouraged of the need to go the extra mile to help businesses and boost customer satisfaction by the Consumer Council for Water (CCW). The research, conducted every two years, shows that overall satisfaction has declined for both water and sewerage services – from 91% to 88% and from 88% to 82%…
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The Government has announced that it will reduce support for businesses with energy bills after warning that the current level of help was too expensive. Under the new scheme, firms will get a discount on wholesale prices rather than costs being capped as under the current one. Heavy energy-using sectors, like glass, ceramics and steelmakers,…
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A survey of over 1,000 UK small businesses has revealed that rising fuel and energy costs is now believed to be one of the greatest threats to SME survival in 2022. The SME Insights Report, published by small business insurance provider Simply Business, also found that one third (36%) stated tax and national insurance hikes are their greatest concern.…
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Business groups are expecting Government help with their energy bills to be halved after March, when the existing package of support expires. Chancellor Jeremy Hunt told business groups on Wednesday that the support would be at a lower level to protect the public finances from volatile energy markets. Gas and electricity prices have been fixed…
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Water regulator, Ofwat has published its final decision on changes to retail price caps. The price caps apply to smaller business customers (consuming less than 0.5Ml per year) who have not engaged in the market, for example, by switching retailers. On average, across all regions in England, Ofwat’s decision will lead to final bills for…
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The Federation of Small Businesses (FSB) is warning that discontinuing government energy support at the end of March would force tens of thousands of small firms to close or downsize. This comes ahead of the publication of the Energy Bill Relief Scheme review, which is due imminently – when the government will decide whether current…
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In response to the UK Government’s introduction of the Energy Bill Relief Scheme (EBRS), the Institute of Directors has found that 24% of business leaders believe that the energy price cap has removed a serious risk to their business. In its poll of nearly 500 directors, of those reporting energy making up more than 5%…
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The Federation of Small Businesses (FSB) has asked the Government to intervene to stop energy suppliers from finding routes to inflate prices, as small firms continue to struggle with soaring energy bills despite the launch of the Energy Bill Relief Scheme (EBRS). In its letter to the Business Secretary Grant Shapps, the UK’s largest business…
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A new British Chambers of Commerce (BCC) survey has found almost half of SMEs say they will find it difficult to pay their energy bills once the Government’s Energy Bill Relief Scheme ends on 31st March 2023. A further 4% say they will not be able to pay their energy bills at all, while 37%…
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Delta Gas and Power has been banned from acquiring new customers after failing financial stress tests by Ofgem. The regulator has also revealed it is preparing to issue a statutory consultation later this month on proposed licence modifications designed to further strengthen supplier financial resilience. Delta is a non-domestic energy supplier, serving 1,690 business customers…
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