Credit, Collections & Insolvency News
Latest market analysis by Octane Capita has revealed that the monthly average level of outstanding lending within the construction industry fell by 4% in 2022, the first annual decline seen since 2019, with residential construction the only sub-sector to see growth at 9.2%. The analysis of Bank of England lending data shows that £35.8 billion…
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Ahead of the Spring Budget, new data from SME funder Bibby Financial Services (BFS) has revealed that small to medium sized business (SMEs) have lost confidence in the Government’s commitment to support them. In a survey of 500 SMEs from across the UK, four in five (80%) of respondents said they don’t think the government…
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RSM UK’s latest MMBI (Middle Market Business Index) shows 39% of businesses feel the economy has improved over the last quarter with over half (54%) expect the economy to continue to improve over the next quarter, a significant jump from just 38% last quarter. Almost half of businesses (45%) say their net profits are up…
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Figures from the Office for National Statistics (ONS) show that the economy expanded by 0.3% in January, with the rebound following a 0.5% contraction in December. While the data shows month-on-month growth, the economy stagnated in the November to January period compared with the previous three months. The report also showdc that January saw a…
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The British Chambers of Commerce (BCC) has said the UK will avoid a recession this year, but will continue to show sluggish growth and the economy won’t recover to pre-pandemic levels until the final quarter of 2024. The BCC upgraded its outlook after better-than-expected consumer spending and business investment figures. The BCC forecasts the economy…
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Small business concerns over economic uncertainty have sky-rocketed over the last 12 months by almost 50%, according to new research from Novuna Business Finance. The latest tracking data from its Business Barometer study revealed the percentage of small business owners worried about market volatility has risen from 27% in Q1 2022 to 40% this quarter…
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Government efforts to reform Companies House won’t achieve their aims without closing risky loopholes, insolvency and restructuring trade body R3 has warned. The Economic Crime and Corporate Transparency Bill aims to address the misuse of UK company registrations and removals by reforming the powers of Companies House, but R3 believes that without changes to the…
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Chief Executive of UKHospitality, Kate Nicholls, has warned the energy secretary that the industry regulator needs to be handed powers urgently to tackle the treatment of business customers by suppliers. In a letter to Grant Shapps MP, the Secretary of State for Energy Security and Net Zero, UKHospitality has reiterated the pressing need for OFGEM…
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New research from Direct Line business insurance has indicated that tradespeople are currently owed on average £6,984 which is past the due date for payment. Late payments are a longstanding issue and many tradespeople have had to write off significant sums. On average, the largest single invoice they have given up chasing on payment comes…
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Latest PMI data by S&P and CIPS has found the headline construction PMI rose to 54.6 in February, up from 48.4 in January and the highest monthly reading since May 2022. Commercial work was the best-performing area in February (55.3), enjoying the steepest rate of expansion for nine months. Civil engineering activity also returned to…
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New research by Glenigan’s has found that Construction sector output began to flatline in February with the value of underlying work starting on-site during the three months to February fell 22% against the preceding three-month period to stand 40% lower than a year ago. Residential construction starts slipped back 27% on the preceding three months…
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Chain stores are closing at their slowest rate for eight years, new research shows. While a total of 11,530 outlets shut across in 2022, representing an average of 32 closures a day, marking an improvement compared with the previous three years according to research by PWC Comparing openings to closures, 2022 saw 3,627 net closures.…
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Latest data from the British Business Bank shows that lending to small firms by challenger and specialist banks hit a record high in 2022. The report shows that smaller banks lent £35.5bn to SMEs last year, giving challenger and specialist banks a 55% share of the market. This exceeds the 51% market share smaller lenders…
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