Credit, Collections & Insolvency News
Consumer confidence in the UK economy has plummeted to an 11-month low, with the British Retail Consortium’s survey revealing a net balance of -37 in February, a decline of 40 points since last summer’s general election. This is the fifth consecutive month in which expectations have worsened. The survey indicates that two-thirds of retailers anticipate…
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According to the Office for National Statistics, inflation jumped to 3% in January, up from 2.5% in December, marking the highest level since March last year. The increase was driven primarily by increases in the cost of transport, food, and non-alcoholic beverages (The Times). Private school fees were also a factor, rising by almost 13…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in December 2024 by 7% compared with the same month in 2023. In 2024 as a whole, new business was 3% higher than in 2023. The commercial vehicle finance and plant and…
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Despite promising UK infrastructure investments announced, many small businesses could still be left with unanswered questions following the Chancellor’s speech on growth, leaving many uncertain of their ability to achieve their growth ambitions this year. Research from Simply Asset Finance, which surveyed 500 UK small business owners before and after the Autumn Budget, revealed that…
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A new EY ITEM Club forecast has predicted bank-to-business lending growth to increase from 2.9% in 2024 to 4.5% in 2025 – the highest rate since 2020 – and 5.6% in 2026 as borrowing rates continue to fall Bank lending to UK businesses grew by 2.9% in 2024, as falling interest rates boosted market confidence…
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A Bank business manager and his friend have been sentenced following an investigation into fraudulent accounts that helped them steal over £7.3 million. The two men from East London were sentenced at Southwark Crown Court to a combined nine-and-a-half years in prison for opening bank accounts used to launder money from fraud. The sentencing follows…
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Small business confidence hit its lowest recorded point outside the Covid pandemic in the fourth quarter of last year, according to FSB’s Small Business Index (SBI). The headline confidence reading fell from -24.4 points in Q3 to -64.5 points in Q4.This is a fall of 40.1 points, and the lowest reading on this measure since…
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Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays. The FSB has described late payments as one of the ‘biggest problems’ facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research…
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The UK economy grew by 0.1% in the final months of 2024 according to the Office for National Statistics (ONS). The data showed growth in the quarter was driven by a range of industries, from pubs and bars to machinery manufacturers, having a strong December. Responding to the figures, ONS Director of Economic Statistics Liz…
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The Insolvency Service has sanctioned a former owner of takeaway over a claimed £50,000 Covid loan for a business which was not eligible for any money. Zhongqing Li from Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green. Li made a loan application on…
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Business confidence amongst UK CEOs is growing, despite ongoing geopolitical and macroeconomic challenges, according to the latest EY-Parthenon CEO Outlook survey. The survey of 100 UK CEOs, which evaluates optimism levels and provides insights on capital allocation, investment and transformation strategies, found that 82% of UK CEOs felt very or somewhat optimistic about the business…
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A third (34%) of contract workers, such as gig workers on online platforms and independent contractors, are reliant on credit to pay household bills, almost three times the UK average (13%) according to research by responsible lender Creditspring. With an estimated 1.1 million people having missed the 31st January deadline to file their Self Assessment…
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Cynergy Bank has bolstered its executive team with two senior executive appointments aith Stefano Combi appointed as Chief Financial Officer and Paul Street appointed as Chief Risk Officer. Combhas over 27 years of Financial Services experience having advised Banks across the UK, Europe and globally on M&A, ECM and DCM transactions. He previously was a…
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