Economy expands by 0.4% in May – industry reaction

Latest data from the Office for National Statistics (ONS) has shown that the UK economy grew faster than expected in May, expanding by 0.4% after seeing zero growth in April. This came as the services sector, which covers businesses such as shops, bars and restaurants, grew by 0.3%, while the construction sector jumped by 1.9%.…

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Nearly one in twelve SMEs have missed tax payment deadlines

Nearly one in 12 SMEs, around 440,000 firms, say they have missed tax payment deadlines in the past year with a third of them admitting to missing five or more, new research from Premium Credit. The study with SME owners and managers found 8% of the UK’s 5.55 million SMEs have missed tax payment deadlines for…

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Average cost of starting a new business is £16,000

The average cost of starting of starting a new business costs entrepreneurs on average £16,000 with many relying on personal savings according to new research by Zempler Bank. The research looked at recent data from the Department for Business and Trade which shows that microbusinesses (0-9 employees) and sole traders make up 5.3 million of…

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Commercial Credit & Collections Conference Review

Credit Connect Media hosted the return of its Commercial Credit & Collections Conference last week at the Met Hotel in Leeds which saw trade credit, insolvency, and economic change and discussed by fourteen leading credit, collections and insolvency professionals. In the sixth edition of the Commercial Credit & Collections Conference series, hosted by Credit Connect…

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Business confidence climbs to highest point in 2 years

Business confidence climbed to its highest point in 2 years, reaching a score of 16.7 in the second quarter of this year, according to a survey by the Institute of Chartered Accountants (ICAEW) in England and Wales. The increase in confidence was driven by falling inflation and forecasts for better sales. Strong wage growth and…

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Modest positive growth predicted for the remainder of this year

A combination of tailwinds to consumption and falling inflation should support modest positive growth in the UK over the remainder of this year and 2025 according to new analysis by KPMG. The prediction follows a technical recession in the second half of 2023, the UK economy has shown tentative signs of renewed momentum, with growth…

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Election result is a golden opportunity for small business growth

The Labour party will likely have a majority vote to win the General Election. Responding to the news Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said “Congratulations to the new Prime Minister and Government on their decisive election victory, and congratulations to the newly elected MPs from all parties. “The clear result…

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81% of financial services SMEs predict positive growth

Eight in ten (81%) project professionals working for SMEs in the UK financial services sector are expecting a rise in the number of appointed projects over the next three years, according to a survey by the Association for Project Management (APM), the chartered membership organisation for the project profession. In a positive sign for the…

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Confidence rather than rates driving funding appetite

Improving confidence among business leaders is the primary factor in growing demand from SMEs for external funding according to researchby Atom bank. The quarterly poll of commercial brokers by Atom bank found that the appetite for external funding continues to grow, with almost two thirds (63%) of brokers stating that they were seeing a growing…

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Construction sector borrowing the most to fund insurance

New analysisfrom Premium Credit has shown that the Construction sector borrows the most to fund insurance but the Wholesale and Retail Trade sector is the fastest-growing. Premium Credit’s Insurance Index, which monitors insurance buying and how it is financed, shows 55% of SMEs now use some form of credit to pay for insurance borrowing an…

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Political parties’ plans to tackle late payments

New analysis by Atradius has reviewed the political parties’ key business-related pledges with the Conservatives, Labour and Liberal Democrats having all made promises to tackle the late payments crisis harming businesses. Labour says it would stamp out the late payment of invoices via new legislation to force large businesses to reveal their payment practices. The…

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Business confidence declines

Confidence among British businesses fell from an eight-year high in June, according to analysis by Lloyds Banking Group. The research showed that business confidence fell by 9 points to 41% in June. Despite falling from last month’s highs, this latest confidence reading is consistent with levels seen during Q1 2024, before the sharp rise in…

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Business leader optimism hits four-month low

The Institute of Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy has shown a drop in optimism -14 in June 2024 from -3 in May. The analysis showed notable drops in business leaders’ investment intentions, which fell to +19 in June from +30 in May. Furthermore, headcount expectations…

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