Credit, Collections & Insolvency News
A poll by small business lender Bibby Financial Services shows that almost half of SMEs think the current business climate is worse now than during the pandemic revealing that 2023 is the worst economic environment for small and medium sized enterprises (SMEs) in 15 years. Findings from the 2023 Global Business Monitor, which surveyed SME owners…
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A hike in the interest rate charged for late payment of taxes means that customers who fail to pay their taxes on time will face a 7.75% late payment fee, up from the current rate of 7.5%. Quarterly instalment payee will see the change come into effect on 14th August, while for non-quarterly instalment payments,…
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Latest GDP figures have shown that the economy grew 0.5% in June and 0.2% between April to June. The struggling manufacturing sector experienced a modest rebound in the second quarter and with the economy benefitted from the effects of May’s extra bank holiday. The Bank of England said last week that it expected annual growth…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in June 2023 by 18% compared with the same month in 2022. In the first half of 2023, new business was 15% higher than in the same period in 2022. The business…
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A new report by the Institute of Directors has found that over a fifth of UK importers have had to alter their supply chains due to geopolitical tensions, with China being a major focus. The report states that 20.5% of importers have already made changes, while 15% are considering doing so. The majority of firms,…
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The National Institute of Economic and Social Research (NIESR) said the country is on course to experience five years of lost economic growth. The reports says that the triple shocks of Brexit, Covid and the war in Ukraine had all contributed to the dire forecast. NIESR says that despite continuing to expect the UK to…
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The latest Business Trends report from the accounting firm BDO reveals a fall in business confidence last month. Higher interest rates, weak global demand and a slowing UK economy all contributed to the first fall in hiring intentions in six months. BDO’s Employment Index fell for the first time in six months as businesses reduced…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25%. The increase to 5.25%, the fourteenth rate rise in a row, taking the base rate to the highest it’s been since April 2008. The Bank of England has increased interest rates 0.25…
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Thousands of companies are running out of time as the burden of rising interest rates, unmanageable debt, subdued consumer confidence, higher material and labour costs, and wider economic uncertainty combine to put considerable pressure on businesses across the country, according to the latest Begbies Traynor Red Flag Alert. The latest data is sourced from a…
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Three in five businesses (61%) say they are currently involved in a tax dispute with HMRC which has lasted more than one year, according to a new survey from accountancy and business advisory firm BDO. The new figures, which come from a BDO survey of more than 500 mid-sized businesses, underline the difficulty that many…
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Business confidence fell by six points to 31%, driven largely by lower economic optimism, which fell to a five-month low. The confidence level in July remains above the long-term average of 28%, although it is below the average of 33% seen in the last three months and down from June’s 13-month high of 37%. Firms…
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New data from the Institute of Directors (IoD) shows the drop in business confidence that was picked up in June has been sustained into July. The monthly IoD Directors’ Economic Confidence Index, which is the most-timely indicator of UK business sentiment, fell from -6 in May to -31 in June, suggesting a significant deterioration in…
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British towns have lost 6,000 retail outlets over the past five years, though the vacancy rate has improved in some settings, according to latest British Retail Consortium figures. The figures showed that the biggest 650 towns across have lost a combined 6,000 retail outlets, such as shops and restaurants, since 2018 with vacancy rates reaching…
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