Credit, Collections & Insolvency News
Business confidence in the UK has dropped to its lowest point on record since the global financial crisis more than a decade ago according to a sentiment survey tracked by ICAEW’s latest Business Confidence Monitor (BCM). The survey put confidence at -23.4 on the index, the weakest since 2009, the survey found. A weakening economy,…
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The Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose to -28 in January 2023, from a near-record low of -58 in December. This is the most positive level recorded since Russia’s invasion of Ukraine pushed the index down to -33 in March last year.…
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The number of profit warnings issued by UK-listed companies in 2022 increased by 50% year-on-year, with record levels of warnings citing rising costs, according to EY-Parthenon’s latest Profit Warnings report. In total, 305 profit warnings were issued in 2022, an increase of 102 from 2021 when 203 warnings were issued. Half (152) of the warnings issued in…
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The number of UK sectors reporting output growth more than doubled in December, according to the Lloyds Bank UK Sector Tracker. Seven of the 14 sectors monitored by the Tracker reported output growth (versus three in November) – the highest number since June 2022. However, overall UK economic activity saw a slight decline (49.0 vs.…
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The World Bank has warned that the global economy is perilously close to falling into recession, pointing to higher inflation and interest rates among the factors that could hit growth. The World Bank expects the world economy to grow by 1.7% this year, this down from the 3% it predicted in June. Growth of 1.7%…
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A survey of over 1,000 UK small businesses has revealed that rising fuel and energy costs is now believed to be one of the greatest threats to SME survival in 2022. The SME Insights Report, published by small business insurance provider Simply Business, also found that one third (36%) stated tax and national insurance hikes are their greatest concern.…
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According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI dropped below 50 to 48.8 in December 2022, down from 50.4 in November 2022, continuing the previous downward trend, with activity and new work declining at the fastest rate since May 2020. New orders also fell to 48 in December,…
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The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade. It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…
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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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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 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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More than two out of every five (41%) established small and medium businesses (those with between 10 and 100 employees) across the UK expect to shut their doors permanently, be forced to conduct mass redundancies or close locations within the next 12 months. Whilst more than one in three (39%) fear their business will be…
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