Credit, Collections & Insolvency News
Despite entering another year already defined by economic uncertainty, supply chain disruption and geopolitical tensions, Taulia’s global Supplier Sentiment Survey found that businesses are largely optimistic about the year ahead. The survey finds that more than eight in 10 (85%) businesses globally are feeling optimistic about the year ahead; a significant increase from 2022 when…
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Latest UK Finance data has highlighted that £3.5 billion was lent to SMEs in the fourth quarter of 2023 – the first quarter not to see a fall since Q2 2022. Figures from banking trade body UK Finance show that lending to SMEs fell for a third consecutive year in 2023. Gross lending to SMEs…
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Latest figures released by the Office for National Statistics (ONS) have shown that GDP rose by 0.2% in January following a fall in output during the previous month.. The UK’s economy grew in January, boosted by stronger sales in shops and online and more construction activity. January’s growth figure raises expectations of the economy expanding…
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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 January 2024 by 8% compared with the same month in 2023. In the twelve months to January 2024, new business was 12% higher than in the same period in 2023. The…
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The cost of late payments to small businesses has more than doubled in two years, reaching £1.6 billion at the end of 2023, according to a report by Xero. The latest quarterly data shows small firms were paid, on average, 6.1 days late during the last three months of 2023. This figure shows no signs…
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Chancellor Jeremy Hunt has announced the budget for 2024. Commenting on the Chancellor’s Budget Statement, Federation of Small Businesses (FSB) Policy Chair Tina McKenzie said “We welcome today’s increase in the VAT threshold as well as the cut to self-employed National Insurance Contributions (NICs). Elsewhere, we were pleased to see a package of small business…
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The Financial Conduct Authority has said it will investigate the practice of requiring personal guarantees from directors of some small businesses when banks lend to them. The move comes in response to a ‘super-complaint’ made in November by the Federation of Small Businesses, which claimed that excessive requirements for personal guarantees were a ‘straitjacket’ on…
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New data from Novuna Business Finance has revealed that three quarters (75%) of small business owners are experiencing sleepless nights, with market volatility being their top concern for the second consecutive year. With 35% expressing worry about this in Q1 2024, the figure has slightly decreased from Q1’s 2022’s peak, amidst market turmoil following the…
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An EY report has predicted stronger economic growth in London and the wider south-east of England over the next three years compared to the rest of the country. The report forecasts that overall economic growth across the UK will average 1.9% a year between 2024 and 2027, with London and the south-east growing by 2%…
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The retail sector has recorded a fifth consecutive month of negative sales with total like-for-like sales falling by 1.3% according to new data from BDO’s High Street Sales Tracker. Retailers cited high operating costs including the cost of borrowing as one of their top challenges over the next six months. The fashion sector was highlighted as…
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Companies House has announced new and enhanced powers to improve the quality and reliability of its data and tackle misuse of the companies register. The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4th March 2024. Changes introduced include: Greater powers to query information and…
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The British Business Bank’s Small Business Finance Markets 2023/24 report reveals that asset finance has grown for the third consecutive year, reaching a record high of £23.5bn in 2023, increasing by 7%/ The increase follows a rise of 11% in 2022 and 23% in 2021 and highlights the continued rebound in the asset class as…
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Small firms need protection from deepfakes and improvements to the education system to allow Artificial Intelligence (AI) to live up to its true potential, a new report by the Federation of Small Businesses (FSB) shows. Redefining Intelligence: The Growth of AI Among Small Firms, published today, emphasises that while the technology can work in tandem…
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