Credit, collections & insolvency news
2025 will be the most expensive on record for businesses who employ workers on the minimum wage, according to new analysis by the Centre for Policy Studies. The research shows that the tax wedge – the combined amount of tax paid by employees and employers – for those on minimum wage will equate to a…
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The Christmas ‘golden quarter’ of 2024 has not provided the anticipated boost for UK retailers, as consumer confidence remains low according to the British Retail Consortium-KPMG Retail Sales Monitor. The data showed that sales increased by only 0.4% in the three months leading to December compared to the previous year. December’s sales, including Black Friday,…
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The National Association of Commercial Finance Brokers (NACFB) has recorded a 15% rise in the number of its member firms in 2024. This growth saw broker firm numbers climb from 1,168 in January to 1,338 by year-end. Last year’s record-setting growth builds upon the 11% increase in NACFB Members recorded in 2023. Additionally, the NACFB’s…
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A fraudster jailed for illegally obtaining a Covid Bounce Back Loan has been ordered to pay the funds back in full with interest. Restaurant owner Ilhan Kekec overstated his company’s turnover to secure a £30,000 loan in May 2020. The 36-year-old was jailed for two-and-a-half years in March 2024 following a trial at Isleworth Crown…
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One in three of these businesses anticipate needing financial support as they head into the new year according to the latest research from accounting and advisory firm, BDO. BDO’s bi-monthly survey of 500 mid-sized business leaders, which looks at the challenges and opportunities facing UK companies with a turnover between £10m-£300m, reveals over a quarter (29%)…
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The National Association of Commercial Finance Brokers (NACFB) has appointed two broker members to its board as Non-Executive Directors. Tom Perkins, Director and Co-Founder of Charles & Dean, and Evette Orams, Managing Director of Hilton-Baird Financial Solutions, have joined the NACFB board. NACFB CEO Jim Higginbotham said “Having individuals of Evette’s and Tom’s calibre join…
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More than half of companies are planning to raise prices in the next three months as they face rising costs and taxes pressures according British Chambers of Commerce (BCC). Following the Budget, concern about taxation is now cited by 63% of responding firms, up from 48% in Q3. This is the highest level of tax…
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The Institute of Directors (IoD) Economic Confidence Index, which measures business leaders’ optimism about the UK economy, crept up to -61 in December 2024 from -65 in November. The rise represents the fourth-lowest reading of the index since its introduction in July 2016. Business leader confidence in their own organisations also rose to +8 in December, from…
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Most businesses are optimistic about their prospects for 2025, with new surveys indicating plans for growth despite lingering economic challenges. According to Lloyds Bank’s monthly survey of 1,200 businesses revealed that about 70% expect their turnover to rise in the coming year, an increase from 62% recorded in December 2023. Additionally, 73% of respondents expressed…
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Business confidence in the UK has fell to its lowest level at the end of 2024, dropping two points to 39%, according to the latest Lloyds Business Barometer. Despite the fall, 55% of businesses expressed optimism about the broader economy, with nearly two-thirds anticipating stronger output. However, 19% of respondents plan to reduce their workforce,…
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New research from R3 shows that in November, the number of overdue invoices in Northern Ireland fell to a 2024 low. The restructuring body’s analysis of data provided by Creditsafe shows that businesses in Northern Ireland had 62,544 unpaid invoices on their books last month – the lowest monthly total in 2024. Overdue invoices in…
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The Bank of England’s Monetary Policy Committee (MPC) has voted to hold interest rates at 4.75%. The Monetary Policy Committee (MPC) voted 6 to 3 in favour of holding rates flat, with three members preferring to cut rates by 0.25% to 4.5% Commenting on the decision, Anna Leach, Chief Economist of the Institute of Directors, said…
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New research by Chartered Institute of Credit Management (CICM), in a survey of 200 professional Credit Managers, has shown that more than four out of five (81%) say their organisations have experienced fraud this year with two out of five (40%) saying the frequency of attempted frauds has increased. The most common frauds relate to…
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