Credit, Collections & Insolvency News
Business Bank Redwood has announced that it will continue its relationship with Jaywing through the uptake of Echelon, the consultancy’s Commercial Real Estate Credit Scoring software. Echelon enables clients to process commercial credit risk applications faster, securely and with greater consistency, while gathering and storing data to enable a cycle of continuous learning and improvement.…
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The Bank of England has raised interest rates from 1.75% to 2.25% – the highest level for 14 years and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September but it now believes it will shrink by 0.1%. The Bank of…
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New research from SME funder, Bibby Financial Services (BFS), has indicated that many businesses are at breaking point, with almost four in five (79%) stating the current economic landscape is worse than the pandemic and just one in ten (11%) fully prepared to deal with further cost rises expected. Derek Ryan, Managing Director of Bibby…
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Britain’s small and medium-sized businesses (SMEs) are owed on average £147,141 in late payments, nearly £74,000 more than in 2019, according to research by Dun & Bradstreet. Following the fallout from Covid-19 and Brexit, plus late payments and rising inflation, it comes as no surprise that 61% of SMEs are struggling to pay back loans, according…
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The number of UK sectors reporting falls in demand increased for a fourth successive month in August, according to the latest Lloyds Bank UK Sector Tracker. Of the 14 sectors monitored by the Tracker, 11 saw demand, as represented by new orders, fall – one more than in July and the highest number since June…
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The Government has announced a new scheme that will see energy prices for non-domestic energy customers such as businesses, charities and public sector organisations cut – protecting them from rising energy costs. Through a new Government Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic…
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The UK labour market is set to see an end to its 10-month streak in positive hiring intentions following a dip in productivity and growing recessionary fears according to a report from accountancy and business advisory firm, BDO. BDO’s Employment Index has seen an increase each month since October 2021, increasing 0.53 points to 115.33 in…
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More than 40,000 UK SMEs are expected to rely on finance-providers to help stay afloat amid challenges around rising costs, according to research from fintech lender Nucleus Commercial Finance (NCF). While 15% of firms with 10 to 249 employees expect to need a loan to support the running of their business, just 1% of sole…
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Falling petrol prices have pushed the inflation rate back to 9.9% in August latest Office for National Statistics (ONS) have shown. The consumer prices index has dipped from 10.1% in July to 9.9% last month, with cheaper motoring costs offsetting the impact of expensive food prices, although prices are still continuing to rise at nearly…
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Only 15% of The Bounce Bank Loan Scheme (BBLS) fraud has been investigated by the National Investigation Service in the past two years according to research by international law firm RPC. The Bounce Bank Loan Scheme, common to other COVID related support schemes, was heavily targeted by fraudsters. It was argued by the previous Government…
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New Prime Minister Liz Truss has announced that businesses will get help with their energy bill with prices capped for six months. Responding to the announcement, National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It’s a huge relief for millions of small businesses to hear confirmation they will be part of…
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Energy UK has written to the Chancellor of the Exchequer ahead of the new Prime Minister starting work next week, setting out possible measures which could help non-domestic customers facing steep rises in their energy costs. While domestic customers are facing a big increase in bills, which was confirmed by Ofgem’s price cap announcement last week, non-domestic…
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Business leaders warned Liz Truss on Monday that the new Prime Minister must take swift and bold action on rising costs or the economy will drift into worse territory. The Institute of Directors said members were crying out for clear direction from the Government Responding to the announcement of Rt Hon Liz Truss MP as…
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