Credit, Collections & Insolvency News
Business confidence in the UK fell for a third quarter in a row, amid concerns on the tightening of the economy and rising inflation, according to latest survey results by the ICAEW. Sentiment tracked by ICAEW’s Business Confidence Monitor™ (BCM) for Q2 2022 put confidence at 18.6 on the quarterly index, down from its peak…
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Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…
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Delayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…
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Middle market businesses have hit the brakes on crucial people and business investment as inflationary pressure, recessionary fears, wage pressures and staff shortages all converge to reduce confidence. RSM UK’s latest Middle Market Business Index (MMBI), the first economic index to focus solely on middle market businesses in the UK, showed that fewer firms (41%)…
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The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…
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Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…
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Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…
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The global economy remains challenged by supply chain issues and high energy prices, with the Russia-Ukraine conflict further increasing commodity prices and inflation, according to new a report by Atradius. The report highlights that global recovery from the impact of the pandemic has been thwarted by the Russia-Ukraine conflict, which is having a negative impact…
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The Institute of Directors has found that seven in ten (72%) of business leaders view cyber risk as a significant concern for their organisation, with 58% believing that the risk of a cyber attack on their organisation has increased. In its poll of nearly 600 directors, the IoD also found that 54% believe that every…
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According to new research conducted by Time Finance, more than 70% of financial intermediaries believe their clients will need some form of funding support over the next 6 months to deal with and overcome the economic challenges that 2022 continues to throw at them. The findings come as many of their SME clients face supply…
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Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…
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The Office for National Statistics (ONS) has revealed that consumer price index inflation hit 9% in April, its highest level in more than 40 years. Commenting on today’s inflation figures for April, ONS Chief Economist Grant Fitzner said “Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2022 by 13% compared with the same month in 2021. In Q1 2022 as a whole, new business was 7% higher than in the same quarter in 2021. The IT…
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