Credit, Collections & Insolvency News
The Federation of Small Businesses (FSB) has called for the energy regulator Ofgem to take action on the standing charges paid by small businesses, many of whom have seen the daily fixed price they pay, regardless of usage levels, soar over recent months. FSB has written to Ofgem’s chief executive Jonathan Brearley to draw his…
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New research by credit insurer, Atradius has revealed that the number of claims it received from UK businesses decreased by 18% compared to the same period in 2023, as a positive consumer outlook boosts consumer sectors. Atradius’ report reveals the energy and fuel sector had a 75% increase in payment defaults in Q1 year-on-year. The…
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The British economy is expected to remain subdued this year due to the Bank of England delaying interest rate cuts in the face of stubborn inflation according to a repott by the EY Item Club. The report now expects GDP growth of 2% in 2025, up from 1.8% in January’s Winter Forecast. However, the growth forecast…
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UK Finance has released a report which looks at the use of model clauses to support the development of Variable Recurring Payments (VRPs) for commercial applications. VRPs are a form of payments instruction that allows customers to authorise registered payment service providers (PSP) to initiate payments from their bank account on an ongoing basis. The…
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Only three in 10 small business owners (30%) predict any form of growth in the next three months – the lowest it has been since the Covid lockdown of January 2021 (26%) according to analysis by Novuna Business Finance. After small business confidence enjoyed a slight peak after Covid restrictions finally fell away by Q2…
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New data from NatWest SME PMI Business Activity Index has found that business activity among UK SMEs has expanded at a solid rate throughout the first quarter of the year with the recording 52.6 in March. NatWest’s index shows that a PMI reading over 50.0 indicates growth or expansion, while a reading under 50.0 suggests…
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Global credit information and risk management provider, Creditinfo has announced the appointment of John Cannon as its Global Chief Commercial Officer (CCO). Cannon has over 25 years of experience in finance and credit bureaus, he will spearhead the strategy and execution behind Creditinfo’s solutions and products for all 30 of its credit bureaus, which are…
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Criminals have been sentenced for conspiracy to defraud and fraud by false representation to the value of £272,625 and a further count of money laundering for £80,459 following an investigation and arrest by specialist banking industry-sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). The three men from Peterborough have been sentenced to…
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Revenue based finance lender, 365 Finance has announced that it has appointed Warren Abbey as its new Chief Executive Officer. Abbey joined 365 Finance in 2023 as Chief Commercial Officer and has been instrumental in driving commercial success, achieving a 42% year-on-year increase in business. Abbey is a Chartered Accountant who started his financial career…
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A survey by invoice finance company Novuna Business Cash Flow has found that 34% of SMEs could cease trading if unable to secure funding. The figure contrasts sharply with the surprising revelation that 50% of SMEs have not sought any form of financial assistance since November 2023, despite the precarious position many find themselves in…
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Latest ONS data has found that inflation came in at 3.2% in March, slightly less of a drop than economists had forecast. The rate is at it’s the lowest in two and a half years, and well down from the peak at 11.1% in October last year. The biggest factor pushing inflation down was food,…
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Lloyds Bank Business & Commercial Banking has announced it has appointed Linda Weston as Head of Commercial Cards. Weston will start the role in June, Linda will be based in London and report into Chris Loring, Managing Director, Lending & Working Capital. Weston’s career spans 25 years in the cards and payments industry and she…
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Latest Office for National Statistics (ONS) has shown that Gross Domestic Product (GDP) rose 0.1% in February providing another sign of a return to sluggish economic growth this year. Output from the production industry led the economy’s growth, rising by 1.1%, compared to a fall of 0.3% in January. The figures were in line with…
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