Credit, Collections & Insolvency News
New analysis from Premium Credit has shown that the Construction sector borrows the most to fund insurance premiums. The Professional and Scientific sector saw the most growth in terms of using credit for insurance. The data showed that 54% of SMEs use some form of credit to pay for insurance premiums, borrowing an average of…
Read more
The boss of four companies, which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a Director. Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC. A fourth company, Zoya Investments Limited, failed…
Read more
The vast majority of businesses using AI say the technology has helped them to boost their productivity and profitability according to new research from Lloyds’ Business Barometer. The data showed that of the 59% of UK companies currently using AI, more than three quarters say it has improved their productivity (82%) or profitability (76%). Productivity…
Read more
The Lending Standards Board (LSB) has announced it will close. The UK’s non-statutory regulator will begin a solvency wind-down of its business operations, scheduled for 31st October 2025. The LSB’s decision to close follows the withdrawal from registration by the UK’s largest high street banks, who said that the FCA’s Consumer Duty provided sufficient protection…
Read more
More parts of the economy saw higher activity levels in May, according to the latest UK Sector Tracker from Lloyds. Four of the 14 sectors monitored by the Tracker grew in May – two more than in April. Software services expanded at the fastest pace (55.8), while food and drink manufacturing (51.1) grew for the…
Read more
Premium Credit research has found a surge in growth for the total amount it lends and number of customers it helps spread the cost of VAT, corporation tax and self-assessment tax payments. The number of customers using the Tax and VAT funding service has more than doubled in the past two years by 108% while…
Read more
Payment defaults dip 1% on average across UK across all industry sectors from May 2024 to May 2025 according to latest research by Atradius. Despite continued inflationary pressure, high operating costs, and global economic uncertainty, some sectors are showing strong signs of resilience. The most notable year-on-year declines in payment claims (May 2024–May 2025) were…
Read more
A survey of SME business owners and managers by Purbeck Insurance has found that three in four (77%) businesses are owed money by late-paying customers. On average, SMEs with ten or more employees across the UK are each currently owed £18k-£22K in unpaid invoices. The survey found that SMEs with 100-249 employees have the biggest…
Read more
More than 7,000 British businesses are set to see their electricity bills slashed by up to 25% from 2027, as the Government unveils its new Industrial Strategy. Lowering energy costs for thousands of businesses by exempting them from some green energy levies will be the central part of the refroms. The modern Industrial Strategy sets out a…
Read more
New data from Uswitch.com has found that the vast majority of SME owners (86%) believe that a subscription model can help improve cash flow management, offering a more predictable and manageable income stream. Nearly half of SME owners (46%) have already integrated subscriptions into their businesses. Whether they’re offering curated product boxes, regular services, or…
Read more
The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.25%. The MPC voted 6 to 3 in favour of leaving rates unchanged, with 3 members preferring to cut rates to 4.0%. Responding to the Bank of England’s Monetary Policy Committee’s vote to keep the base rate at 4.25%, Tina…
Read more
Latest Office for National Statistics (ONS) data has shown that inflation stood at 3.4% in May 2025 down 0.1% on April 2025 with rises in food and furniture costs offset by lower air fares and petrol prices. Annualised inflation was forecast to come in at 3.4% whilst core inflation came in at 3.5% in the…
Read more
The Government has announced that it has appointed Emma Jones CBE, Founder of Enterprise Nation as the new Small Business Commissioner. Jones will take up the role on 23rd June 2025 following the completion of Liz Barclay’s four-year term as the current Commissioner. Barclay was instrumental in designing and delivering the new Fair Payment Code,…
Read more