Credit, Collections & Insolvency News
The number of overdue invoices in Scotland has reached its highest level this year, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had 538,172 unpaid invoices on their books last month – the highest monthly total in 2024…
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Food and drink producers recorded the strongest growth in output of any sector last month as inflationary pressures drove manufacturing price hikes, Lloyds Bank UK Sector Tracker data has revealed. Higher demand helped the UK food and drink manufacturing industry score 59.2 in July, compared to 56.9 the previous month. However, the research also said…
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More than four years on from the onset of the pandemic, there are still lingering effects across the economy according to new research by Centre for Economics and Business Research (Cebr). The analysis has found that productivity growth has stalled, working patterns have been disrupted, and public borrowing and debt levels remain elevated. In spite…
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A Derby-based business consultant who fraudulently obtained two Covid loans worth a combined £100,000 has been handed a suspended sentence. Imran Mushtaq was the sole director of IZ Business Consultants Limited when he applied for two Bounce Back Loans for the company in June 2020. Mushtaq was sentenced to 20 months in prison, suspended for…
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Britain’s economy grew by 0.6% in the second quarter of the year, marking the second consecutive quarter of growth. The growth is in line with estimates and indicates that the UK economy is recovering from the recession experienced at the end of last year. The service sector played a significant role in driving this growth,…
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The UK’s inflation rate has risen for the first time this year as annualised inflation came in at 2.2% in July, higher than the 2.0% reported in June. Core CPI (excluding energy, food, alcohol and tobacco) rose by 3.3% (down from 3.5%) and services inflation fell from 5.7% to 5.2%. Commenting on the inflation figures,…
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Research by BDO found that. the UK economy showed signs of growth in July following a boost in manufacturing production and the start of the summer tourism season, which likely contributed to an increase in headcount across the services sector. The analysis showed that despite prevailing challenges including elevated input prices and persistent tightness in…
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The ICAEW has announced it has appointed Paul Brooks as the new chair of its regulatory board. Brooks has been appointed as lay chair of the ICAEW Regulatory Board (IRB) with effect from the beginning of August for a three-year term. Brooks has previously chaired ICAEW’s Conduct Committee and has held positions on other ICAEW…
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The percentage of small business owners predicting growth has hit its highest level for more than two years, after a period of slow decline since the start of 2022 according to research commissioned by Novuna Business Finance. The research showed that during the fortnight immediately after the General Election, 35% of UK small business owners…
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A construction contractor has been banned as company director after Covid loan abuse. An Insolvency Service investigation found that Nick Addison submitted misleading information to obtain a £50,000 Bounce Back Loan, the maximum amount businesses were entitled to. Addison was the owner of a former Bedfordshire construction firm which mainly focused on dry lining and…
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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) fell in June 2024 by 7% compared with the same month in 2023. In the first half of 2024, new business was 5% higher than in the same period in 2023. The business…
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Retail sales recovered last month as warm weather finally arrived in the UK according to industry data from the British Retail Consortium. The data showed that total retail sales increased by 0.5% year on year in July, with people buying summer clothes and health and beauty products. However, spending on furniture and household appliances weakened…
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The Bank of England’s Monetary Policy Committee (MPC) has voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%. Inflation has held at 2% for 2 months, although it is expected to rise to 2.75% in the second half of…
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