Credit, Collections & Insolvency News
Business confidence edged upwards by three points to 47% in May, according to the latest Lloyds Business Barometer, indicating tentative stabilisation after the decline seen in April. The 12-month average for overall confidence is currently sitting at 48% and trending above the long-term average of 30% since the survey began in 2002. Businesses’ own trading…
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More than half of UK businesses plan to increase investment in AI over the next year, according to a Barclays survey of 900,000 firms. The report found that 68% of companies plan to invest in cybersecurity, while 54% expect overall investment to grow. Six in ten firms are already using AI agents to improve productivity…
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The percentage of UK small businesses citing barriers holding their business back from growing has hit a six-year peak (84%), with the impact of overseas conflict on energy and fuel prices in the UK now a serious concern for one in three enterprises (32%), according to new findings from Novuna Business Finance. The data show…
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New data from the British Retail Consortium (BRC) has shown that furniture and health and beauty products are among the items that have risen most in recent weeks, driving an increase in shop prices of 1.2% year on year in May, with the rate slightly above the three-month average of 1.1%. High oil prices and…
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Small businesses in sectors including legal, healthcare, and IT could be among the biggest winners from the government’s new crackdown on late payments, according to new research from Hiscox. The Small Business Protections Bill, introduced to Parliament last week and now progressing through the House of Lords, will introduce sweeping new rules aimed at tackling…
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A South London man who secured Covid support funds for a construction firm which never traded has been disqualified as a company director for the maximum period of 15 years. Ademilson Nascimento obtained a £46,500 Bounce Back Loan in July 2020 by falsely claiming that his Buildan Construction Ltd company had a turnover of £192,000.…
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The Government has announced that the Small Business Protections Bill has been introduced to Parliament, aiming to end the scourge of late payments. The Small Business Protections Bill (formally known as the Commercial Payments Bill) delivers the toughest crackdown on late payments in a generation – putting a clear duty on large firms to pay…
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Small businesses have welcomed new legislation aimed at curbing late payments, calling it a historic moment. The King’s Speech introduced measures that empower the Small Business Commissioner to investigate and fine firms that consistently delay payments. The Late Payments Bill enforces a maximum payment term of 60 days and mandates interest for late payments at…
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The conflict in the Middle East is forecast to weigh on the UK economy and exacerbate longstanding challenges for retail and hospitality businesses, according to the new EY UK Economic Outlook. The analysis shows that, prior to the outbreak of the conflict in the Middle East, UK GDP was on track to grow by 1.3% in…
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UK small and medium-sized enterprises (SMEs) are facing a wave of mounting pressures, with recession fears hitting a two-year high and concerns over energy costs and supply chain disruption rising sharply, according to iwoca’s latest SME Expert Index. The survey found that 70% say their SME clients are worried about the conflict’s impact on energy…
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The number of SMEs using some form of credit to pay for one or more insurance policies has significantly increased, according to new research from Premium Credit. The data, which monitors insurance buying and how it is financed, shows 90% of SMEs use some form of credit when they buy insurance, compared with 54% recorded…
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New findings from fraud prevention service, Cifas, has revealed a shift in attitudes towards insider‑enabled fraud, with 13% of employees saying they have either sold their company login details to a former colleague, or know someone who has, in the past 12 months. For organisations, the normalisation of credential sharing significantly increases exposure to insider…
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UK businesses facing ‘critical financial distress’ have surged by 36.9% to 62,193 in Quarter1, according to BTG, while those in ‘significant distress’ rose 9.6% to 634,867 Rising labour costs, higher National Insurance contributions and sustained energy price pressures are hitting margins, particularly in hospitality and leisure. Industry experts warn that many “zombie” businesses are now…
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