Credit, Collections & Insolvency News
More than six in 10 (61 per cent) UK businesses have shifted their focus from growth towards cost cutting, in response to rising inflation and interest rates, according to the annual European Payment Report (EPR) from credit management services provider Intrum. The study of more than 10,000 companies across 29 European countries surveyed 500 businesses in…
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New data from the Office for National Statistics (ONS) shows that inflation fell to 8.7% in April, down from 10.1% in March. The figure is higher than economist forecasts of 8.2 per cent and above the 8.4 per cent projection from the Bank of England. Annual food and drink price inflation, which rose to its…
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Latest figures from the Office for National Statistics has shown that the economy fells 0.3% in March, but grew by 0.1% for the first three months of the year The services sector led the decline, falling by 0.5% whilst the production sector grew by 0.7%, the strongest read since May 2021. Construction was up 0.2%.…
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New research from Aldermore has revealed the investment and growth plans of small and medium-sized enterprises (SMEs) in the UK. Despite the ongoing cost-of-living crisis, SMEs plan to spend an average of £321,000 on growth strategies over the next year. One in eight (12%) SMEs plan to spend over £1 million investing in growth. A third…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to 4.5%, marking its 12th consecutive rate rise. The BoE revised up its growth forecasts from gloomy numbers released in February, but it also now expects inflation to be slower to fall than it had hoped, mostly due…
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Optimism among business leaders has hit the highest level since before last September’s controversial mini-Budget. BDO’s optimism index climbed to 98.22 in April, the highest since August 2022 on an index where a score above 95 is deemed positive. The Output Index reached an eight-month high of 99.80 in April, driven by a jump of…
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Businesses are spending over 71 days per year – more than a quarter of the working year chasing late payments, according to the annual European Payment Report from credit management services provider Intrum. The 26th edition of Intrum’s report surveyed more than 10,000 companies across 29 European countries, shedding light on the challenges that businesses…
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Research by iwoca has found that recession fears are receding with small business loan application figures rising. The company says there are signs of confidence returning to the UK’s 5.5m small and medium-sized businesses and the lending market they rely on. The new research, carried out with over one hundred SME finance brokers who collectively…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2023 by 14% compared with the same month in 2022. In Q1 2023, new business was also 14% higher than in Q1 2022. The business new car and commercial vehicle…
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A new survey by NerdWallet has found that over half (55%) of businesses still have outstanding invoices from the last tax year (2022/23). Business debt seems to be getting worse with time, as just under half (46%) of SMEs were left with more unpaid invoices at the end of the 2022/23 tax year than the…
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New research ReFarm Fund has found that farmers are struggling with financial viability, taking a personal toll on their physical and mental health. The research showed that 53% were confident about their finances, but 47% said their farm’s finances were average or in a poor state. Some 38% say they have considered getting out of farming…
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The Federation of Small Businesses (FSB) is urging energy suppliers to allow small firms locked into fixed tariffs from last year to renegotiate contracts to better reflect the significantly lower wholesale energy prices. The call comes a month after massive cuts to government support on energy bills for businesses. Since 1 April 2023, the Energy…
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The arrival of Spring sees a significant rise in the percentage of established small businesses (those with a turnover of £1-10 million) predicting growth for the next three months – rising from 33% to 50% since the start of the year. Conversely, there has been a sharp decline in the percentage of start-up enterprises predicting…
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