Credit, Collections & Insolvency News
Research by RSM has indicated that there was an increase in construction output in February, however, the company has warned that this does not reflect the slow down in housebuilding activity. In February 2023, the volume of monthly construction output increased 2.4%, following a 1.7% fall in January 2023, with the rise coming from increases…
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The UK is set to be one of the world’s worst-performing major economies this year, according to a forecast from the International Monetary Fund (IMF). The report says the UK economy’s performance in 2023 will be the worst among the G7, predicting that the economy will shrink by 0.3% in 2023 and then grow by…
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A new report from accountants at Mazars has found that the top 20 building merchants are increasingly turning to winding up petitions against contractors who fail to pay on time. Builders merchants have applied for winding up petitions against 185 constructors compared with just 44 in the previous year to the end of January 2023,…
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According to the latest CIPS data, the headline UK Construction Purchasing Managers’ Index (PMI) fell to 50.7 in March, down from 54.6 in February. House building was the weakest performing area at 44.2 (down from 47.4 last month) recording the fastest decline in housing activity since May 2020. Civil engineering boosted the sector showing the…
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The British Chambers of Commerce (BCC) Quarterly Economic Survey (QES) for Q1 2023 shows that while business confidence has improved from a very weak base, most firms see no improvement to business conditions. The survey of over 5,200 firms – 92% of whom are SMEs – reveals a sectoral division in business performance, with hospitality…
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New research published by Bibby Financial Services (BFS) has revealed the extent to which the UK’s small and medium sized enterprises (SMEs) are exposed to substantial debt stress with the average bad debt amongst UK SMEs jumping by 61 percent. The average level of debt has risen from £10,329 in Spring 2022, to £16,641. Currently,…
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The average energy bill for a pub will rise by £18,400 a year this month when the Energy Bill Relief Scheme ends, the British Beer and Pub Association (BBPA) has warned, putting many pubs at risk of closure. More than 4,800 licensed premises closed last year due to the cost of living crisis with the…
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New data released by the Institute of Directors (IOD) suggests the UK economy grew strongly in March, confounding official forecasts from the Office of Budget Responsibility of a contraction in Quarter 1. Order books have strengthened considerably since the turn of the year, and expectations of future revenue, hiring and investment are also all pointing…
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British businesses are more confident than in any month since May last year, according to Lloyds Bank’s latest Business Barometer. The index rose by 11 points to 32% in March, with this driven by rising optimism about the outlook for the economy. While wage expectations increased slightly in March, Lloyds said it detected signals that they…
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Small business lender iwoca’s latest SME Expert Index data – based on UK finance brokers who submit over 2,000 SME finance applications a month – has revealed a third of experts (32%) report increased business running costs as small businesses’ top concern. The Budget statement contained a number of measures that touched on these worries.…
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Research by Nucleus Commercial Finance has found that most SMEs find the current cost-of-living crisis more of a burden than the pandemic lockdowns. The research found that around two-thirds of those surveyed said the current cost-of-living crisis is proving more of a burden on their business than the pandemic lockdowns, with nearly 70 per cent…
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The UK economy proved to be more resilient than expected at the end of 2022 but the squeeze on household real incomes and the impact of past interest rate increases will likely derail short-term momentum, with UK growth expected to be negative this year at -0.3% and only 0.6% in 2024 according to the latest…
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New data from Time Finance has revealed the worsening challenge of late payment debt as it finds SMEs are owed on average quarter of a million pounds in outstanding invoices. In a recent survey, the alternative finance provider to UK SMEs, uncovered that one in three businesses are forced to wait between 60 and 120…
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