Credit, Collections & Insolvency News
New figures by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in December 2023 by 1% compared with the same month in 2022. In 2023 as a whole, new business was 12% higher than in the same period in 2022. The industry supported investment…
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The continued recovery of the service sector has boosted business confidence, according to analysis from BDO. The firm’s Output Index shows that output rose for the third consecutive month in January, hitting 99.42. This marks the highest level since July 2022. Meanwhile, the Services-Sub Index reached 100.05 – the highest reading since August 2022. This…
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The Lending Standards Board (LSB) has published outcomes of its review of the Standards of Lending Practice for business customers, identifying new opportunities to strengthen customer protections with practical guidance for banks and lenders. Following an industry-wide consultation, and drawing on its own compliance and research findings, the LSB will enhance its guidance on digital…
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Proposals from a financial services watchdog to protect and widen access to cash are a ‘good start but could go further’ that is the view of the Federation of Small Businesses (FSB), in response to the Financial Conduct Authority (FCA)’s consultation on access to cash. The FCA was given the task in the Financial Services…
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A survey on the state of small business finances by Purbeck Personal Guarantee Insurance has uncovered that despite a turbulent year in 2023 with high inflation and geopolitical unrest knocking consumer confidence, almost a third of small businesses (31%) are making a good profit and 45% are in profit by a small margin. 18% say they are…
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SME anxieties regarding a potential recession have eased by a third (32%) since Q4 2022, though inflation concerns remain, according to iwoca’s latest research. The findings showed that inder half (49%) of SME finance brokers surveyed report their SME clients having any recession fears––a significant drop compared to 73% in Q4 2022. Economic fears persist…
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Latest British Retail Consortium (BRC) data has shown that sales were up by 1.2% year-on-year in January, marking a slowdown on the 1.7% rise recorded in December. The Retail Sales Monitor also shows that January’s sales were down on the 4.2% growth seen in the same month in 2023. Food sales increased 6.3% year on year…
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More than 80% of companies expect to increase prices of their goods and services over the next two years due to rising energy costs. A survey conducted by PwC found that volatile energy costs look set to challenge the competitiveness of UK businesses and add upward pressure to forecasted falls in inflation, as 81% plan to…
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Asset-based lending specialist, Cynergy Business Finance (CBF) has announced the appointment of Dave Green as Corporate Sales Director. Green, a well-known business finance professional in the North West, brings almost 25 years of experience within the asset-based lending sector, having previously worked as a Business Development Manager for nearly 15 years at RBS Invoice Finance,…
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Businesses entered the new year with renewed positivity as overall confidence rose to the highest level for nearly two years according to the Lloyds Business Barometer. The research shows overall confidence rose to 44%, up 9 points on the previous month. It was the biggest monthly increase since August and the highest level of confidence…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, leapt upwards to -14 in January 2024, up from -28 in December 2023. This represents the Index’s highest value since May 2023 (-6) and the biggest jump in a single month (+14) since this time last year (+30).…
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Over a third of the owners and directors of small businesses had to take the big step of signing a personal guarantee to keep their businesses afloat in the final quarter of 2023, according to the latest Purbeck Personal Guarantee Insurance (PGI) Monitor. 34% of PGI applications in Quarter 4 2023 were for loans to…
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New research from Bibby Foreign Exchange (BFX) has found that UK SMEs trading abroad remain hamstrung by circumstances borne out of Brexit, as the UK’s withdrawal from the European Union (EU) approaches its four-year anniversary. Data from BFX’s 2024 Trading Places report finds that more than half (55%) see the ongoing impact of Brexit as a significant challenge, ranking…
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