Credit, collections & insolvency news
Business leaders’ confidence in the prospects for the UK economy fell to levels not seen since the pandemic during November, according to analysis by the Institute of Directors (IoD). The institute’s Economic Confidence index fell to -65 in November, down from -52 during October. This marks the fourth consecutive monthly fall and is the second…
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A company director has been given a suspended prison sentence after claiming a £50,000 Bounce Back Loan and then dissolving her business. Irena Tokarczyk from Watford, was the sole director of Good Food Shops Ltd when she applied for a £50,000 Bounce Back Loan in June 2020 – the maximum amount allowed under the rules…
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Recent data indicates that households are increasingly anxious about the state of the economy, particularly following Rachel Reeves’s Budget, which has raised concerns about a potential UK recession. The BRC-Opinium tracker shows a decline in consumer confidence, with only 19% of respondents feeling optimistic about the economy in the next three months, down from 21%.…
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The Lending Standards Board’s (LSB) has announced Iwoca, as the latest firm to achieve full registration to the Standards of Lending Practice for business customers. The LSB’s business Standards set the best practice benchmark for SME lending in the UK and can be applied across a range of financial services firms, from digital or challenger firms to…
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The UK’s retail sector continues to display resilience amid economic pressures with notable trends in late payments and insolvencies as the year concludes. The data from trade credit insurer Atradius also highlighted a rise in payment defaults in specific retail categories but remains optimistic about the sector’s ability to adapt and thrive in 2025. The…
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The ICAEW has announced the appointment of Phil Parry as Chief Information Officer (CIO). Parry will be responsible for the development and implementation of the Institute’s technology and AI solutions. As a member of the leadership team reporting into the Chief Executive, Alan Vallance, he will also assume responsibility for IT operations, digital and publishing…
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Newly published research has revealed that nearly one in three firms surveyed (31%) believe they’ll need to embark on a wave of redundancies in the coming year according to research Evelyn Partners. The research also showed that 30% of business owners polled say it’s likely they’ll default on debt over the next 12 months. The research…
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The British Business Bank, the UK’s economic development bank, has appointed Richard Bearman and Reinald de Monchy as Co-Chief Banking Officers, with a shared responsibility for all of the organisation’s banking activities for smaller businesses. Bearman will oversee a new Relationship Management function bringing together a number of existing skillsets across relationship management, account management…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows the rate of inflation rose to 2.3 per cent in the 12 months to October, up from 1.7 percent in September 2024. The increase showed that core Inflation (excluding food and energy) rose to 3.3%, up from 3.2% in September.…
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The number of overdue invoices on the books of Scottish firms increased by 42.8% in October 2024 when compared to the same period in 2023, according to new research by R3, the UK’s insolvency and restructuring trade body. The analysis of data provided by Creditsafe shows Scottish businesses had 600,588 invoices that had gone past…
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Working capital was the most in-demand funding choice for businesses in most sectors in the first half of 2024, according to analysis by business financial platform Funding Options by Tide. The research showed that working capital finance came out as the number one business enquiry for 11 out of the 16 business sectors analysed in…
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Time Finance has announced that it has appointed Sophie Aitken as Broker Manager in its Asset Finance team. Aitken joins the leading independent finance provider with over 10 years of experience in the financial services industry. Her previous roles include broker at Halo Corporate Finance, internal sales manager at InterBay Asset Finance and various roles…
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Office for National Statistics (ONS) data shows that the economy grew by just 0.1% between July and September, falling back from the 0.5% growth seen between April and June. The stalling of growth is being blamed on the worries in the economy over the potential tax rises that were being anticipated in Labour’s first budget…
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