Credit, Collections & Insolvency News
The Bank of England (BoE) has upped the base rate by 50 basis points to 4%, marking the tenth consecutive increase. This hike, the tenth time Threadneedle Street has done this in a row. The 0.5% increase is the second consecutive rise of that magnitude, but still less than the 0.75% rise recorded in early…
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Research jointly conducted by Federal Management and Frontline Collections has found that 79% of small business owners say that their mental health suffered as a result of business late payments. The majority of smallest businesses (less than 5 employees) said they are constantly worrying about not being paid at all. A further 41% said that late payment…
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Business confidence in the UK has dropped to its lowest point on record since the global financial crisis more than a decade ago according to a sentiment survey tracked by ICAEW’s latest Business Confidence Monitor (BCM). The survey put confidence at -23.4 on the index, the weakest since 2009, the survey found. A weakening economy,…
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The Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose to -28 in January 2023, from a near-record low of -58 in December. This is the most positive level recorded since Russia’s invasion of Ukraine pushed the index down to -33 in March last year.…
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The number of profit warnings issued by UK-listed companies in 2022 increased by 50% year-on-year, with record levels of warnings citing rising costs, according to EY-Parthenon’s latest Profit Warnings report. In total, 305 profit warnings were issued in 2022, an increase of 102 from 2021 when 203 warnings were issued. Half (152) of the warnings issued in…
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A report from the British Retail Consortium (BRC) and Local Data Company (LDC) has revealed that the number of shops lying vacant on British high streets fell during the final three months of 2022. In the fourth quarter of 2022, the overall GB vacancy rate improved to 13.8%, which was 0.1 percentage points better than…
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The latest Lloyds Bank Business Barometer points to increased optimism among British businesses, with confidence hitting its highest level in six months in January. Edging closer to the long-term average of 28%, overall confidence among UK companies increased by five points to 22%. The Barometer found that business confidence made a positive start to the…
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Small firms’ confidence in the final quarter of 2022 plunged to a depth almost on a par with that measured during the second Covid lockdown two years previously, new research from FSB has found. The Small Business Index (SBI)’s headline confidence figure in Q4 2022 fell to -46 points, down from -36 points in Q3…
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The number of companies in critical financial distress increased by a third (36%) in the last three months of 2022, according to figures from insolvency firm Begbies Traynor’s Red Flag Alert data. Businesses are struggling at an increasing rate as a combination of legacy Covid debt, inflation and greater pressure on consumers who are reining…
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Business investment grew a projected 5.2% in 2022 – leaving it 7% below pre-pandemic levels latest EY ITEM Club research has found. EY ITEM Club now expects business investment to fall of 0.8% this year although weaker business investment is one of the factors likely to slow the recovery from recession. It is predicted that…
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The number of UK sectors reporting output growth more than doubled in December, according to the Lloyds Bank UK Sector Tracker. Seven of the 14 sectors monitored by the Tracker reported output growth (versus three in November) – the highest number since June 2022. However, overall UK economic activity saw a slight decline (49.0 vs.…
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A survey by the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network reveals confidence among SMEs has fallen from 38% in summer last year to 17% now The number of SMEs who have plans for growth has plummeted from 38% in the summer of last year to just 17% with the Chancellor’s…
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New research from Intuit QuickBooks has revealed that over two-thirds (68%) of sole traders already feel burnt out as a business owner entering 2023. Additional pressures are growing too, with the Self Assessment tax return deadline looming and more than half (52%) not having yet started their return as of 9thJanuary 2023. The research also…
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