Credit, Collections & Insolvency News
The latest Lloyds Bank Business Barometer showed that business confidence remained at 50% in August. Although there was no increase to the overall confidence figure, the result highlighted the continued positivity amongst businesses, with confidence still at the highest level reported since November 2015. This continued confidence was displayed in the economic optimism metric, which…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell back to -12 in August, following a three-year high of +7 in July 2024. Business leader confidence in their own organisations also fell from +36 in July to +23 in August. This reduction in confidence is also…
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Three in four (73%) SME finance brokers feel optimistic about the future of small businesses, according to SME lender iwoca’s latest Q2 2024 SME Expert Index. The survey of SME brokers reveals a tentatively bullish outlook for the UK’s 5.5m SMEs, as optimism among brokers is up 3pp compared to Q1 2024, and 6pp compared…
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Costs per person employed in the services sector grew at an accelerated pace over the last quarter, far above the long-run average, according to the CBI’s latest quarterly Service Sector Survey. Despite this, selling prices only rose modestly over the last three months, and are expected to rise more slowly in the next three months.…
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New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if invoices are not paid on-time or within the first 30 days of becoming…
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Analysis by the Federation of Small Businesses (FSB) suggests that confidence among small business owners fell into negative territory in Q2, with rising employment costs denting morale. The FSB’s Small Business Index (SBI) for Q2 2024 saw the headline confidence reading tumble to -10.8 points, a fall of 16.3 points from Q1’s +5.5 points. Construction…
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Retail sales in the UK have declined for the third consecutive month in August, although the rate of decline has eased, according to the Confederation of British Industry’s (CBI) latest Distributive Trades Survey. Retailers reported “poor” sales volumes and anticipate a continued decline in September, albeit at a slower pace. As a result, many retailers…
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Data from Cornwall Insight’s newly launched Business Energy Cost Forecast has revealed that a typical small business such as a pub, restaurant or independent retailer is paying over £5,000 more a year in energy bills than prior to the energy crisis, with bills predicted to rise further from the April 2025 – March 2026 contract…
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New analysis by FreeAgent has found that late payments in the UK have increased by 49.3%, with the average late payment rate now higher than it was during the same period the previous year (43% in 2022-2023). Late payments are also higher than it was during the 2020 calendar year (46%), which suggests that the…
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New research by Zempler Bank has shown that microbusinesses struggle to make over £10,000 in salary The data highlight the day-to-day challenges facing UK entrepreneurs. For many of the UK’s 5.3m microbusinesses, the opportunity to be their own boss is highly attractive, but entrepreneurship isn’t without its challenges. When asked how much they take in…
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The latest Federation of Small Businesses Small Business Index (SBI) for Q2 2024 saw the headline confidence reading tumble to -10.8 points, a fall of 16.3 points from Q1’s +5.5 points. Construction was the least optimistic of the main sectors, with a score of -20.7 points. The wholesale and retail sector was not far behind,…
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A London taxi driver hit with 11-year sanctions after falsely claiming £100,000 of Bounce Back Loans and failed to spend the money on his businesses. The investigation found that Ahmad claimed £50,000 for his delivery business in July 2020, the maximum allowed under the scheme. He applied for a second £50,000 loan – this time…
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A Sussex director who committed Covid Bounce Back Loan fraud and encouraged an associate to invest in the creation of a footgolf course he never had permission to create, has been sentenced. Lee Walkey was sentenced to eight months in prison, suspended for 12 months, at Lewes Crown Court. Walkey was also ordered to complete…
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