Credit, Collections & Insolvency News
Prices in shops have risen at the fastest pace for more than a year and are 0.9% up on a year ago, according to the British Retail Consortium (BRC). The increase comes as retailers pass on additional costs to consumers, with the Government having hiked both employer National Insurance contributions and the minimum wage. The…
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Large retailers, including Tesco, Sainsbury’s, John Lewis and Boots, have warned that the Government’s tax plans could jeopardise living standards in a signed letter to the Chancellor sent by trade body British Retail Consortium (BRC). The retailers argue that proposed tax increases and rising business rates may lead to a 6% rise in food prices.…
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Extreme currency fluctuations have caused SMEs to face substantial losses and are compelling businesses to change their FX strategy, according to data from independent SME funder, Bibby Financial Services (BFS). 54 per cent of SMEs surveyed say they’ve been stung by volatile exchange rates in the past year, losing over £53,000 on average as a result.…
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Industry leaders have warned that the hospitality sector is under increasing pressure, with 79% of pubs, restaurants, and bars raising prices due to increased operating costs. A survey by trade bodies including UKHospitality, the British Institute of Innkeeping and the British Beer & Pub Association shows that 73% of operators have less than six months…
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Accountants and financial advisers are increasingly seeing clients struggling to pay tax bills, with the average bill they are struggling to pay coming in at £120,000, according to research from Premium Credit. The study found almost all (94%) accountants and financial advisers who advise on tax have seen a rise in clients struggling to pay…
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Latest ONS data has shown that GDP rose 0.4% month-on-month in June, following a 0.1% fall in May. The market had expected 0.1% growth GDP rose 0.3% in the quarter, versus market expectations of 0.1% growth, with services output growing by 0.3% month-on-month. Construction output grew 0.3% month-on-month whilst Production output grew 0.7% month-on-month. ONS…
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A new Business Trends report from BDO, the business advisory and accountancy firm, has found that business optimism in the manufacturing sector is at its highest level in nine months. BDO’s Optimism Index rose to 91.96 in July, up from 91.58 in June, following nine consecutive months of subdued business sentiment since the Autumn Budget.…
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Data from the British Retail Consortium (BRC) and KPMG shows that retail sales in the UK increased by 2.5% year on year in July, with this driven by warm weather and major sporting events. Total retail sales increased by 2.5% year on year in July, against a growth of 0.5% in July 2024. This was…
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Almost two-thirds (61%) of SME finance brokers report submitting over half of their loan applications to alternative lenders in the last four weeks, according to research by Iwoca. Iwoca says that the shift underlines a change in business attitudes, with demand for modern, tailored financial solutions now outpacing traditional banking options. Speed of decision-making is…
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Latest British Retail Consortium data has shown that total UK footfall decreased by 0.4% in July (YoY), up from -1.8% in June. High Street footfall decreased by 1.7% in July (YoY), up from -3.0% in June whilst Retail Park footfall increased by 1.7% in July (YoY), up from -1.1% in June. Shopping Centre footfall decreased by 0.3% in July (YoY), up from -1.6%…
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Listed companies in the FTSE Construction and Materials sector issued eight profit warnings during H1 2025, four times the number issued during the same period last year and the highest total since the Covid-19 pandemic in 2020, according to EY-Parthenon’s latest Profit Warnings report. Listed firms in the sector issued three profit warnings in Q2, down…
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The Bank of England has cut interest rates to 4%, with the cut from 4.25% marking the fifth reduction since August 2024. The Bank of England’s Monetary Policy Committee (MPC) voted 5:4 for a cut. One voted for a 0.5% cut and four voted for rates to be held. Responding to the news, Federation of…
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A pioneering new service has launched with the ambition to reshape the commercial debt recovery and enforcement landscape across England & Wales. Remote Court Users (RCU) introduces a streamlined, scalable model that places creditors, legal professionals, enforcement agencies, and the court system in closer alignment, delivering efficiency, transparency, and societal benefit. RCU positions itself as…
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