Credit, collections & insolvency news
Half of UK C-suites (50%) say that the threat of economic disruption has meant innovation has ceased in their business, according to new research from independent consultancy Magnetic. Just 22% disagree, with 28% undecided. This corroborates the 56% who say they’re prioritising the survival of their business above all else; an especially concerning figure when two-thirds…
Read more
Small businesses are calling for Ofgem to alter energy regulation with changes which will enable access to energy contract cooling-off period and standing charges freeze ahead of winter. Small businesses say that utilities remain a cost driver according to new research by the Federation of Small Businesses (FSB). FSB’s latest Small Business Index shows over…
Read more
EY ITEM Club analysis has predicted that Scotland will avoid recession despite it’s flat economic performance. The research found that resilient consumer spending may have helped the Scottish economy avoid a recession, but economic growth has been flat since Q2 of 2022 and will remain into 2024 when GVA is expected to rise by 0.3%. The…
Read more
New research by Premium Credit has highlighted the impact that inflation and rising interest rates have had on SME business confidence. SMEs are optimistic for the year ahead expecting revenues to rise although concerns remain about how to cope with inflation and higher interest rates, The company’s Insurance Index, which monitors insurance buying and how…
Read more
UK inflation fell to the lowest rate in two years last month, falling to 4.6% in the year to October from 6.7% in September. Economists have said the main reason inflation has fallen from its peak of 11.1 per cent in October 2022 is due to a reduction in the energy price cap, which limits…
Read more
The difficulty small business owners are experiencing accessing funding without having to sign a personal guarantee has become clear according new analysis by Purbeck Insurance. The company say that October 2023 saw the largest number of small business owners ever recorded, taking insurance to mitigate the risk of signing a personal guarantee as a condition…
Read more
New data released by leading audit, tax and consulting firm RSM has helped to allay fears that the UK economy is already in a recession. While the overall economy stagnated in Quarter 3 (Q3), conditions in the middle market, a key engine of UK growth, remained cautiously optimistic at the end of the year, helped…
Read more
Latest Office for National Statistics (ONS) data has shown that the economy failed to grow in Quarter 3 (Q2). While GDP was up 0.2% in September, growth for August was revised down to 0.1% from 0.2%. With GDP flatlining in Q3, it means the UK has avoided a recession in 2023, with this defined as…
Read more
Analysis of the Bank of England’s data by Ebury has found that debt repayments halved in Quarter 3 (Q3) 2023 compared to the previous quarter with SMEs are continuing to pay down the significant debt pile accumulated through the pandemic. SMEs have accelerated debt repayments amid the soaring cost of borrowing as interest rates have…
Read more
SME business owners have revealed that cash flow is the biggest challenge for nearly half of the respondents. Almost half (48%) of small to medium enterprises cited cashflow as the largest single challenge their business was facing, according to research by Millbrook Business Finance. This was followed by the cost-of-living crisis (32%) and energy prices…
Read more
78% of small business owners are most concerned about productivity issues within their business or staff, according to a survey by Simply Asset Finance. Rising operational costs and supply chain issues are also top worries for 74% and 70% of small business owners, respectively. The research found that SMEs across the UK are at risk…
Read more
New figures released by the HMRC have indicated that the amount of tax owed to the Exchequer but remaining unpaid totalled £45.5 billion as of the end of September 2023, a slight reduction from the £45.9 billion balance for the quarter ending 30th June 2023 but still well above pre-pandemic levels. The total debt comprises £7.8…
Read more
New research by NerdWallet has found that over half (55%) of businesses still have outstanding invoices from the last tax year (2022/23). The problem also seems to be getting worse with time with just under half (46%) of SMEs were left with more unpaid invoices at the end of the 2022/23 tax year than the…
Read more