Credit, Collections & Insolvency News
European small and medium enterprises (SMEs) are suffering from significant payment issues, but lack a thorough understanding of the processes involved, new research Vodeno. The company commissioned an independent survey among 2,004 senior decision-makers in SMEs across the UK (504), Belgium (500), France (500) and the Netherlands (500). It found that just 37% of respondents…
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Britain’s manufacturers are calling on the Government to bring forward a package of policy measures on the scale of those seen during the worst points of the pandemic to prevent a permanent scarring of the economy and help avert a severe recession, potentially substantial insolvencies and job losses. The call comes on the back of…
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The Institute of Directors (IoD) is calling on the Government urgently to adjust its tax policies to take account of the extraordinary energy cost pressures businesses currently face. The IoD says this should include using tax incentives to support the business transition to a low carbon economy, with less dependency on expensive fossil fuels. Specifically,…
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The British Chambers of Commerce (BCC) says that it expects the UK economy to plunge into recession before the end of 2022, with inflation spiking to 14% and lingering weakness in growth expected to continue into 2024. In the short term, the BCC is now forecasting a recession for the UK economy with three consecutive…
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NatWest is set to refund hundreds of business customers after it wrongfully forced them to open current accounts to secure a loan, which cost money. The Competition and Markets Authority (CMA) has found that NatWest breached banking rules by forcing business customers to open a business current account, which incurs fees, in order to secure…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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Confidence among British businesses is at its lowest since during the third national lockdown in early 2021, according to Lloyds Bank’s latest Business Barometer. Businesses reported a fall in confidence for the third consecutive month in August, declining nine points to 16%, The pressures on households and businesses continued to grow, leading confidence to fall below…
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Store closures by multiple retail operators have stabilised to the lowest rate in over seven years but openings have yet to recover to pre-pandemic highs, suggesting retailers are exercising strict caution in the current trading environment according to PwC’s latest Store Openings and Closures report for H1 2022. Closures have seen an accelerating trend since…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The Federation of Small Business (FSB) says that energy…
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Business confidence in the UK has plunged into negative territory as companies grapple with a crisis from the rising cost of doing business according to the ICAEW. The research found that business confidence falls into negative territory after record peak last year with the cost of doing business now pushing UK closer to recession amid…
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A survey of 885 UK-based retail investors has revealed how investors are managing their portfolios in light of high inflation, low growth, subsequent recession risks and the Conservative leadership contest new research commissioned by HYCM has found. The survey found that the majority (62%) of investors believe the UK will enter a recession before the…
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The Confederation of British Industry (CBI) (CBI) has warned that the escalating energy crisis could lead to thousands of companies collapsing without Government support. The CBI has urged the government to freeze business rates for another year and take quick and targeted action to prevent otherwise viable businesses from going bust. The lobby group said…
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Organisations representing the UK’s independent brewers and beer consumers have called for urgent action on energy and support for the sector. The Society of Independent Brewers (SIBA) and the Campaign for Real Ale (CAMRA) have jointly signed a letter to the Chancellor highlighting the challenges which are putting the future of the UK beer industry…
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