Credit, Collections & Insolvency News
The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.0%. The MPC voted 7 to 2 in favour of the hold, with two dissenting member preferring to cut rates by 0.25% to 3.75%. Commenting on the MPC’s decision not to change the Bank Rate from 4.00%, George Lagarias, Chief Economist at…
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Latest Office for National Statistics (ONS) data has shown that inflation held at 3.8 per cent in the year to August. Core Inflation came in at 3.6% in the 12 months to August, down from the 3.8% in July and in line with forecasts. Commenting on today’s inflation figures for August, ONS Chief Economist Grant Fitzner…
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New data from Millbrook Business Finance has found that four in ten (35%) said access to affordable finance is one of their biggest challenges. The survey data asked SMEs what the single biggest challenge facing their business right now, with 14% highlighting rising operational costs, whilst 14% noted economic uncertainty, and 13% cited late payments. A…
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The owner of a scaffolding company who fraudulently obtained £100,000 in Covid loan funds has been ordered to repay the money in full, with interest of more than £15,000. Mark Degnan, repaid £55,608 before appearing at Leeds Crown Court on Monday 15 September where he was ordered to repay the remaining £59,578 within six months.…
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New analysis by the British Retail Consortium (BRC) shows that 400 large-format stores are at risk of closure, if they are included in the Government’s new business rates surtax on premises with a rateable value over £500,000. The retail industry accounts for 5% of the economy yet pays over 20% of all business rates bills.…
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Latest ONS data has shown that GDP showed no growth in July 2025, following growth of 0.4% in June Real GDP grew by 0.2% in the three months to July 2025 compared with the three months to April 2025, down from three-month-on-three-month growths of 0.3% in June 2025 and 0.6% in May 2025. Services output…
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A fraudster has been jailed after illegally securing three Bounce Back Loans and using the funds to buy and ship goods to Ghana for resale. Eric Agyeman obtained £130,000 in three Bounce Back Loans for DOK Logistics UK Ltd when businesses were only entitled to a single loan under the scheme. Agyeman invented turnover figures…
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New research by Capital on Tap has found that 46% of business owners don’t have a business credit card, with 54% of consumers actively avoiding them For business owners, cash flow management is the main purpose of a credit card, with 80% highlighting this as their reason for use. Employee-related expenses such as payroll and…
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Aldermore Group has announced that Steven Cooper is stepping down as Chief Executive Officer (CEO). Cooper, who joined Aldermore in May 2021, has decided to leave for a new opportunity outside the banking industry where he has built a 20-year career. In his four and a half years with Aldermore. Raj Makanjee will step into…
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Small and medium enterprises (SMEs) in the UK are increasingly pivoting to focus on internal talent during a tough labour market, latest research from Shawbrook reveals. When asked about their plans for the rest of 2025, just under half (48%) of SMEs leaders revealed they are looking to upskill their current team, by far the…
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UK Finance’s latest Business Finance Review shows that SME lending by the main high street banks increased by 8 per cent in the second quarter of 2025 to £4.24 billion, compared with the same period last year. Within this total, gross lending to small businesses (with a turnover of up to £2 million) increased the…
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A Joiner whose two companies failed to pay more than £300,000 in tax has been sentenced after ignoring a director disqualification. Robert Kurzawa was banned as a director for three years in 2017 after his RK UK Construction Ltd company went into liquidation owing more than £195,000 in tax. However, Kurzawa continued acting as a…
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Ultimate Finance has announced that it has appointed Paul Hansen in the newly created role of Asset Finance Sales Director. Hansen brings over 30 years’ asset finance sales experience, including more than a decade in senior leadership roles across both lenders and brokerages. He will lead the asset finance sales strategy, accelerate new business growth…
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