Credit, Collections & Insolvency News
More than a fifth (22%) of UK business leaders now believe their business to be “extremely resilient”– suggesting organisations in the UK have learned to adapt to the long-term economic turbulence of the last decade. According to Dun & Bradstreet’s Data-Driven Resilience report – which surveyed 3,396 business leaders across 18 countries – three years of pessimistic outlooks…
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This summer sees a two-year high for the proportion of seasonal businesses predicting growth for the quarter ahead according to tracking data from Novuna Business Finance. The research reveals that 40% of small businesses that have a seasonal business model predict growth for this summer – a 25% rise on the start of the year…
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Higher wages are the driver of price rises for two-thirds of businesses, according to the British Chambers of Commerce’s (BCC). The findings also showed that the pace of wage increases had become the biggest cost headache in the period, replacing energy bills. The Quarterly Economic Survey (QES) for Quarter 2 2023 shows that less than half of firms…
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Latest research by Purbeck Personal Guarantee Insurance has revealed that 78% of small businesses are currently turning a profit. While one in five (19%) are breaking-even and 44% are in the black by a small margin, over a third (34%) said they are making a good profit. just 3% are loss-making and 1% close to…
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Two in five (40%) small and medium sized enterprises (SMEs) have had to stop or pause an area of their business because of a lack of finance over the last couple of years – a significant increase from 27% of SMEs recorded in last year according to new research commissioned by Manx Financial Group. The…
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New analysis of Bank of England data by RSM has found that In May 2023, consumer borrowing fell from £1.5 billion in April to £1.1 billionn. Consumers withdrew £4.6 billion from banks and building societies, which marked the highest level of household withdrawals on record, suggesting households are using savings to pay down debt which…
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The Institute of Directors (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -31 in June 2023, down from -6 in May, wiping out the improvements recorded since the beginning of the year. The reasons for the drop are greater concerns around inflation and, separately, falling customer…
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HMRC has been accused of profiteering from self-employed workers over the rate it charges on late payments. Analysis shows that while taxpayers have been charged 7% on late payments, those who are owed a refund from HMRC receive interest of just 3.5%. Julia Kermode, founder of IWORK, said “HMRC is profiteering from self-employed workers at…
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Business confidence bounced back in the first half of June, increasing by nine points to 37%, the biggest monthly rise since March 2023 according to Lloyds Bank. The increase was driven largely by rises in firms view of their trading prospects and optimism in the wider economy, despite last month’s interest rate rise. Business confidence…
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Access to finance is becoming a critical issue for UK small businesses, with new research finding that more than half (53%) would have to put plans on hold if they were unable to secure finance. The research from Novuna Business Finance underlines how important access to finance is for the small business sector at a…
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Retail sales shrugged off the expected drag from May’s extra bank holiday, rising for the second successive month however the EY ITEM Club is predicting that persistent inflationary pressures and rising mortgage costs mean a sustained retail renaissance is unlikely in the near-term, with sales growth set to remain slow throughout this year. Low unemployment…
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Research by PayPal found that six in te small business owners are worried about staying afloat. The Business of Change 2023 report surveyed 500 British SME owners and decision makers, with 43% believing adaptability is critical to success. The report found that having a presence on online marketplaces, selling via social media, reducing systems and…
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The Bank of England has hiked interest rates by 0.5 percentage points to 5%. Rates have now hit the highest level in 15 years it’s the 13th time that the Bank of England has increased bank rates, with its Monetary Policy Committee (MPC) voting by a majority of seven to two to raise rates by…
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