Credit, Collections & Insolvency News
Small businesses are fighting for survival from soaring energy costs as they turn to the new Prime Minister and Chancellor for immediate support to brace for the winter, according to latest Federation Small Business (FSB) research. The latest report finds that the overwhelming majority (96%) of small firms flag concerns about rising energy bills. Concern…
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Energy UK has written to the Chancellor of the Exchequer ahead of the new Prime Minister starting work next week, setting out possible measures which could help non-domestic customers facing steep rises in their energy costs. While domestic customers are facing a big increase in bills, which was confirmed by Ofgem’s price cap announcement last week, non-domestic…
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Water regulator Ofwat has proposed to replace the current regional retail price caps for small, disengaged business customers with a single national cap across the whole of England. The water regulator has opened a six-week consultation on proposed changes to the retail price caps that apply to smaller business customers (consuming less than 0.5Ml per…
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The Institute of Directors (IoD) is calling on the Government urgently to adjust its tax policies to take account of the extraordinary energy cost pressures businesses currently face. The IoD says this should include using tax incentives to support the business transition to a low carbon economy, with less dependency on expensive fossil fuels. Specifically,…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The Federation of Small Business (FSB) says that energy…
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Business confidence in the UK has plunged into negative territory as companies grapple with a crisis from the rising cost of doing business according to the ICAEW. The research found that business confidence falls into negative territory after record peak last year with the cost of doing business now pushing UK closer to recession amid…
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The Confederation of British Industry (CBI) (CBI) has warned that the escalating energy crisis could lead to thousands of companies collapsing without Government support. The CBI has urged the government to freeze business rates for another year and take quick and targeted action to prevent otherwise viable businesses from going bust. The lobby group said…
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Organisations representing the UK’s independent brewers and beer consumers have called for urgent action on energy and support for the sector. The Society of Independent Brewers (SIBA) and the Campaign for Real Ale (CAMRA) have jointly signed a letter to the Chancellor highlighting the challenges which are putting the future of the UK beer industry…
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Business outsourcing specialist Sigma Connected has been awarded a contract by business energy and water operator Yu Energy to provide contact centre support for outbound collections. The results Sigma Connected has delivered has already seen the team increase by 50% in order to handle more accounts. The contract is being operated by Sigma Connected from…
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New data from Sidetrade has found that the UK and Ireland are among the top five worst in Europe for payment delays. The company statistics are based on the payment behaviour of 20.7 million buying companies worldwide. The data reveals the best and worst markets and industries for late payments over the last three years…
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A study by energy analysts Cornwall Insight shows that SMEs have already seen average gas bills climb more than 250% between the first three months of 2021 and Q1 2022. Analysts looked at delivered gas prices businesses pay on a 1-year acquisition fixed tariff, calculating how much they may pay in future if energy prices…
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New analysis by the Federation of Small Businesses (FSB) has shown a £10,000 increase in small business utility bills ahead of Spring Statement. The analysis shows that electricity and gas bills will increase from £4,724.73 to £11,589.89 (+145%) and from £1,345.07 to £4,815.36 (+258%) respectively for a small business in London with commercial premises between…
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The price cap for water retailers will rise by 0.49% for two years from April to cover bad debt costs incurred in the non-household market as a result of the coronavirus pandemic and national lockdowns. Ofwat has raised the uplift from the 0.31% increase proposed in December. Ofwat’s decision does not affect household customers. The…
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