London businesses fear inflation will hit progress

Two thirds of London businesses are concerned that inflation and high interest rates will dampen economic activity in the first half of 2024, according to a quarterly survey from the London Chambers of Commerce and Industry (LCCI). The survey also shows that a majority of those polled saw fuel and energy costs increase in Q4…

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Future of banking dispute resolution is ‘uncertain’ for SMEs

25th January 2024 Business Lending |

MPs on the Treasury Committee have warned that SMEs face “gaps” in banking dispute resolution when an independent compensation scheme closes, questioning whether the Financial Ombudsman Service’s (FOS) jurisdiction is appropriate to handle cases from the Business Banking Resolution Service (BBRS). MP John Baron said there was “uncertainty around the future of dispute resolution services…

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More than 47,000 businesses on the edge of collapse

The levels of ‘critical’ financial distress jumped dramatically in Q4 2023, up 25.9% on the prior quarter (Q3 2023: 37,772), leaving more than 47,000 businesses near collapse in the UK at the start of 2024 according to Begbies Traynor. This represents the second consecutive period where critical financial distress has grown by around a quarter.…

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Lower debt interest costs give Chancellor timely boost ahead of Budget

24th January 2024 Commercial Credit Management |

Lower than expected inflation over the end of last year has helped to reduce debt interest costs, and in turn reduce borrowing levels – providing the Chancellor with a timely boost in the penultimate set of public sector finances data before the Budget according to the Resolution Foundation. Borrowing in December was £7.8 billion –…

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Small business owners regret not asking for help sooner

22nd January 2024 Commercial Credit Management |

Nearly half of small business owners (47%) feel they could have got their enterprise up and running more quickly – if they had asked for more help when they were first starting out, according to research commissioned by Santander UK. The survey of 500 adults, who run their own business, found that almost eight in…

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Peer to Peer business lender enters administration

22nd January 2024 Business Lending |

Quantuma appointed administrators of peer-to-peer (P2P) lender ABLRate. Brian Burke, Sean Bucknall and Andrew Hosking from business advisory firm Quantuma as Joint Administrators of the P2P lending platform Aviation and Tech Capital Limited and ABLRate Assets Limited have operated a Peer to Peer (P2P) lending platform and facilitated crowdfunded loans which were used to finance…

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Two in five small firms saw revenues fall over Q4 of 2023

Small business confidence lost ground in the final three months of 2023, reversing gains made earlier in the year, according to the Federation of Small Business (FSB)’s latest quarterly Small Business Index (SBI) with two in five small firms seeing revenues fall over Quarter 4 (Q4). The headline confidence reading was -15.0 points in Q4,…

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Small business optimism grows

Optimism among small and medium-sized enterprises (SMEs) is at its highest level in almost two years, driven by a rise in output in December, according to a survey compiled by NatWest. However, the survey reveals a divide in the trading performance of services, manufacturing, and construction businesses. Services-based companies outperformed their larger peers, while manufacturers…

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Controlaccount accredited as a living wage employer

19th January 2024 Commercial Credit Management |

Controlaccount has been accredited as a living wage employer. The company’s living wage commitment will see everyone working at Controlaccount receive a minimum hourly wage of £12, higher than the government minimum for over 23s, which currently stands at £10.42 per hour. Controlaccount is based in the Bromsgrove, Worcestershire, a region where 13.3% of all…

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Inflation rises – business industry reaction

Latest data from the Office of National Statistics, that showed the annual rate of CPI inflation increased from 3.9% in November to 4.0% in December 2023. Commenting on the inflation figures ONS Chief Economist Grant Fitzner said “The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently…

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Asset finance new business grew by 12% in November

17th January 2024 Asset Finance | #asset finance

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2023 by 12% compared with the same month in 2022.  In the eleven months to November 2023, new business was 13% higher than in the same period in 2022. The…

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Nearly half small business owners expect turnover growth

Small businesses are increasingly confident over an economic recovery and the positive impact this will have on their finances. A poll by small business lender Iwoca shows that almost half (47%) of small businesses expect their revenues to expand this year, marking a steep increase on the 26% who said the same at the start…

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Cambridge & Counties Bank sets new LSB business standard

16th January 2024 Commercial Credit Management |

Cambridge & Counties Bank has become the latest financial services firm to sign up for interim registration to the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers (business Standards) and the Standards for business customers – asset finance. The registration marks the first time a financial institution has signed up to both…

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