Credit, Collections & Insolvency News
The end of the Energy Bill Relief Scheme in seven days could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB). With help for energy bills due to be radically downscaled in a week’s time, FSB is warning that 370,000 small businesses who fixed…
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The Bank of England has raised interest rates for an 11th consecutive time to 4.25% following the surprise rise in inflation. The Monetary Policy Committee (MPC) voted for this change by a majority of 7-2, with the minority vote wishing to keep the rate at 4%. Commenting on the announcement Federation of Small Businesses (FSB)…
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The digital revolution is in full swing! Perhaps we are so engaged and invested on a daily basis that we fail to recognize how powerful the present developments are and how they transform firms and their connections with their business partners. Credit management is involved in all aspects of a commercial relationship, from the initial…
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More UK business sectors reported an increase in output than at any time in the past 10 months in February, as stronger demand and weaker cost inflation drove activity, according to the Lloyds Bank UK Sector Tracker. Of the 14 sectors monitored by the tracker, 11 saw output expand in February (vs. 6 in January)…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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New research by Dun & Bradstreet has found that almost half (43%) of global business leaders see energy price increases as their biggest challenge this year, despite Western countries’ best efforts to impose energy spend caps over the winter months and control inflation. Dun & Bradstreet which surveyed 3,396 business leaders across 18 countries revealed…
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A report by Oxera commissioned by SME lender Allica has found that proposed changes to UK bank capital rules could result in a £44 billion drop in lending to SMEs. The research suggests that the Prudential Regulatory Authority (PRA) could put up to £44 billion of SME lending at risk. In November 2022, the PRA…
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Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector amid national supply shortages of products like eggs and some vegetables. The analysis shows that the agriculture sector also saw claims more than double (119% increase) last year. Atradiius says that the rise in claims…
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Business energy retailer United Gas & Power (UGP) has been hit with a £2.1 million financial penalty for multiple breaches of its licence conditions. A two-year investigation by Ofgem concluded that UGP deliberately overcharged customers, did not return credit balances owed to former customers and repeatedly failed to properly communicate at time of contract renewal.…
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UKHospitality says pub and restaurant businesses are expected to lose as much as £530 million due to transport strikes. The analysis shows that hospitality could lose as much as £530 million as a result of rail and tube strikes on across March and 1st April, this includes knock-on disruption on the 17th and 31st March. The analysis…
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Britain will avoid a recession this year, according to an Office for Budget Responsibility (OBR) forecast. The report says GDP will fall by 0.2% this year, with this far lower that the 1.4% downturn it predicted in November. In the longer term, the report says the economy will grow by 1.8% in 2024, 2.5% in…
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Chancellor Jeremy Hunt has announced the budget for 2023. Responding to the Chancellor’s Spring Budget, Martin McTague, National Chair of the Federation of Small Businesses (FSB) said “The Chancellor has set high expectations for supporting small firms during these challenging times, but today’s Budget will leave many feeling short-changed. The distinct lack of new support in…
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A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…
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