Credit, Collections & Insolvency News
Small business confidence regained some ground between the second and the third quarters of the year, but is still in negative territory for the sixth quarter in a row, according to Federation of Small Businesses (FSB’s) latest Small Business Index for Q3, in partnership with Google. The headline confidence reading was -8.0 points in Q3,…
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Business confidence in the UK halved in the third quarter as worries over higher interest rates and weakening sales growth bite, a survey of business leaders has found. Sentiment tracked by ICAEW’s Business Confidence Monitor (BCM) put confidence at 2.9 on the index for Q3 2023, down from 6.1 in Q2 and below the pre-pandemic…
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Small businesses in the UK are facing a worsening late payment crisis, with payment times hitting a three-year high. According to Xero’s quarterly small business index, small firms are waiting an average of 29.4 days to be paid by their customers, with payments in September being made 7.7 days after the due date. The manufacturing…
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The Lending Standards Board (LSB) has today announced the release of its latest inclusion report, ‘Increasing Access to Finance for Ethnic Minority Led Businesses.’ The report represents the third instalment of the LSB’s series on inclusion. It highlights the barriers faced by ethnic minority led businesses and underscores the crucial role that financial institutions play…
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Small companies have been left with “nowhere to turn for justice” during banking disputes following a decision not to extend the reach of the Financial Ombudsman Service, according to an Federation of Small Businesses. The Financial Conduct Authority (FCA) has decided that it would not be proportionate to provide access to the ombudsman’s dispute resolution…
Read moreSupply chain pressures are the top challenge facing mid-sized businesses in the lead up to winter, according to the latest research from accountancy and business advisory firm, BDO. In the regular survey of 500 mid-sized business leaders, almost a third (29%) were concerned that supply chain challenges, such as suppliers folding or stock shortages, could…
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The Federation of Small Businesses (FSB) has labelled the upcoming Autumn Statement a watershed moment for the Government to cement its commitment to the small business community and cultivate conditions that focus on business recovery. The call comes exactly one month before the Chancellor delivers his speech to set the economic agenda for the next…
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Small and medium-sized businesses are losing out on £7.5 billion each year because banks are failing to pass on higher interest rates to companies with savings according to research by Allica Bank. The study of the business savings market by Allica Bank found that banks are systematically offering larger companies better savings rates while small…
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Nearly one in five larger SME owners are considering selling their businesses as they prioritise succession planning, while a third have grown in the last year according to research from Shawbrook Bank. The study found that 17% of SME owners and decision makers view an exit strategy as a top concern. Among SMEs with a…
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UK inflation remained at 6.7% in September, figures from the Office for National Statistics (ONS) show, ending a run of three consecutive monthly falls. Economists had forecast a fall to 6.6% over the year to September. Grant Fitzner, Chief Economist at the ONS, said: “We continue to see food and non-alcoholic beverages prices fall. We’ve…
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Finance executives at leading British firms are more wary about borrowing than at any time since at least 2007, according to a survey by Deloitte. Against a backdrop of elevated interest rates, Deloitte’s Q3 CFO survey shows finance leaders continuing to focus on defensive balance sheet strategies. UK CFOs now rate bank borrowing as being…
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The UK should still avoid a recession, although GDP growth is set to remain sluggish for the remainder of 2023 and into 2024 amid headwinds from high interest rates and a weaker-than-anticipated labour market, according to the EY ITEM Club’s new Autumn Forecast. Following a better-than-expected start to the year, GDP growth expectations for 2023 have…
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Employers are becoming increasingly cautious about hiring new employees due to the impending threat of a recession, resulting in BDO’s employment index reaching its lowest level in almost a decade. The index, which measures hiring intentions, dropped for the third consecutive month in September, indicating the weakest reading since 2014. Sectors such as retail, wholesale,…
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