Credit, Collections & Insolvency News
Business confidence bounced back to rise by seven points to 17% in December, the highest level since July and the first increase in sentiment seen since May of this year. However, confidence levels remain lower than December 2021 (40%) and the long-term average (28%) according to new research by Lloyds Bank. The rebound in business…
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UK businesses expect to be hit the hardest by inflation, according to new research from Taulia. Nearly half (48%) of UK businesses expect inflation to get worse in the next 12 months, higher than businesses in Germany (42%), Singapore (35%) and the US (21%). The findings come at a time where nearly nine in 10…
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The Bank of England’s Monetary Policy Committee has voted to increase interest rates to 3.5 percent, a rise of 0.5 percentage points. The latest rate increase marks the ninth hike this year and the highest level since the financial crisis 14 years ago. Commenting on the rise, Kitty Ussher, Chief Economist of the Institute of…
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Latest data from UK Finance has indicated a slowdown in lending to SMEs following a reduction in applications for finance – particularly loans in the previous quarter. It is expected that SMEs’ demand for finance will continue to be muted this year as SMEs become more cautious because of the uncertain year ahead. The figures…
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New research by RSM has suggested tha almost three-quarters of businesses are feeling resilient despite the exceptionally tough economic outlook. According to the the research 71% of middle market businesses say they are prepared to face the recession. While businesses seem confident in their ability to navigate the economic headwinds, RSM’s research showed almost half of…
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Businesses are wasting more than £600 million each year on keeping unused dormant companies open according to analysis by Mazars. There are currently 681,000 companies in the UK that are currently registered as ‘dormant’ with Companies House – meaning it is not currently trading or generating any income. Keeping a dormant company open costs at…
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The Federation of Small Businesses (FSB) is warning that discontinuing government energy support at the end of March would force tens of thousands of small firms to close or downsize. This comes ahead of the publication of the Energy Bill Relief Scheme review, which is due imminently – when the government will decide whether current…
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The economy grew by 0.5 per cent in October after contracting the previous month when an extra Bank Holiday for the Queen’s funeral suppressed growth, according to data from the Office for National Statistics. However, in the three months to October, output contracted 0.3 per cent compared with the previous three months, the largest fall…
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The British Retail Consortium (BRC) published its latest annual Payments Survey. The report reveals that in 2021, as stores closed for lockdowns and the public was advised to use contactless payments, cash usage fell to just 15% of all transactions (down from 30% in 2020), while 82% were made on credit or debit cards (up…
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Research by HSBC has found that the rising cost of living isn’t just hurting small firms’ bottom lines but is leading to a decline in wellbeing for business owners. One in four (26%) small business owners are reporting that cost of living pressures are causing a decline in their wellbeing. Businesses reported rising inflation was…
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New research by payment merchant, Cashflows has found that 20% of UK small and medium businesses (SMBs) are considering making redundancies to help contend with rising inflation. A further fifth (19%) have already cut staff. As the UK sinks further into recession, payment decision makers said they are considering a range of options to counteract…
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According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI fell to a three-month low of 50.4 in November 2022, down from 53.2 in October 2022, reversing the previous upward trend which had been driven by a surprising increase in commercial activity. The recent fall indicates a slowdown in construction…
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Supply chain disruption and rising costs are the biggest worries facing the UK’s mid-sized businesses in the coming months, according to the latest research from accountancy and business advisory firm BDO. In the bi-monthly survey of 500 medium-sized businesses’ leaders, half (49%) said rising supply chain costs ranked top of their list of concerns between now and…
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