Credit, Collections & Insolvency News
In response to the UK Government’s introduction of the Energy Bill Relief Scheme (EBRS), the Institute of Directors has found that 24% of business leaders believe that the energy price cap has removed a serious risk to their business. In its poll of nearly 500 directors, of those reporting energy making up more than 5%…
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With the Office for Budget Responsibility forecasting that the UK economy will be in recession until the third quarter of 2023*, new research from Novuna Business Finance has found that the prospect of stormy seas ahead in the coming year is prompting eight in 10 small businesses to take fortifying action. The research tracked the…
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The amount that restaurant business owners have been forced to lend to their own businesses has increased 12% in the past year, from £377 million in 2020/21, to over £424 million in 2021/22, according to audit, tax and advisory firm, Mazars Rising costs and falling restaurant sales has meant that more restaurant owners are having…
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The latest economic forecast from the Confederation of Business Industry predicts Britain’s economy will shrink 0.4% next year as inflation remains high and companies put investment on hold. The expected 0.4% fall in GDP is a downgrade from its previous forecast of 1% growth set in June. Business investment is expected to slump by 9%…
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Business confidence fell by five points to 10% in November, the weakest since February 2021, according to the latest Lloyds Bank Business Barometer. While business confidence sits below the long-term average of 28%, it remains above the lowest level seen in 2020 during the first Covid-19 wave (-33% in May 2020). The survey was conducted…
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The Institute of Directors (IoD)’s Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -64 in November, the second lowest figure on record (after the -69 registered in April 2020). In October 2022, the Index recorded a value of -60. The index of confidence in business leaders’ prospects…
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A new SME Outlook Report 2022, conducted by UK-based digital business lender Fleximize, has revealed that most UK SME owners are confident about the future and consider themselves financially resilient – despite confirming they will likely be looking to find ways to cut existing business costs, revising pricing and consider lending options. From those surveyed, 54%…
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92% of SMEs say that rising costs are impacting their profitability with 32% stating that it is a big problem, shows a new survey by Moore UK. Moore UK says with inflation having hit a 41-year high of 11.1% in mid-November, businesses are increasingly struggling against a rising tide of costs. By far the biggest…
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The number of overdue invoices in Scotland has reached its highest level for this year, according to new research insolvency and restructuring trade body R3. R3’s analysis of data provided by Creditsafe shows the number of invoices in Scotland that have gone past their payment deadline rose to 593,114 in October – the highest recorded…
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Small firms’ survival during the ongoing energy price crisis will depend on continued government support through Energy Bill Relief Scheme (EBRS) beyond March 2023, according to a new Federation of Small Business (FSB) energy survey. The survey, which measured the impact of the energy price crisis on small businesses, shows small firms await with both hope and…
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Analysis by Lloyds Bank has revealed that twelve of the fourteen key sectors of the economy experienced a drop in output in October. This is up from nine in September and the highest number to report contraction since May 2020. Rising inflation was behind the decline, forcing businesses and consumers to cut back on spending. The…
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A poll by software company FreeAgent has found that a quarter of SMEs believe the economy has been damaged irreversibly by Brexit and the pandemic. The poll also showed that 64% of businesses are worried their businesses may not survive the next 12 months. The study found that while a fifth of SMEs believe there…
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Chancellor Jeremy Hunt has unveiled new measures to help businesses and shops. The measures include freezing the business rates multiplier for another year, meaning that rates will no longer be increased in line with inflation from April. The Chancellor said that a revaluation of business rates would go ahead as planned next year but that…
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