Credit, Collections & Insolvency News
UK inflation fell to 3.9% from 4.6% in October, the decline is abigger dip than expected, and inflation is now the lowest it’s been in more than two years according to the Office for National Statistics (ONS) data. ONS Chief Economist Grant Fitzner said “Inflation eased again to its lowest annual rate for over two…
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Two people have been sentenced at Liverpool Crown Court following an Insolvency Service investigation which found they had abused a £30,000 Bounce Back Loan, and then closed down their company in an attempt to avoid paying back the loan. Matthew Wright from Liverpool, was sentenced to 14 months imprisonment for each offence of fraud and…
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Small businesses (SMEs) in the UK face costs £10,000 higher than they were during the same period last year according to new research by Liberis. The research also indicates that the cash buffer provided by various government-led Covid Business Interruption Loans is quickly depleting. Small businesses, which have relied on these loans to weather the…
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The Bank of England has announced that it held interest rates at 5.25% the third rate pause, two years on from the first rate rise. Responding to the Bank of England’s Monetary Policy Committee’s (MPC) vote, Federation of Small Businesses (FSB) Chair Martin McTague said “A third hold in a row was widely expected, but…
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The latest Business Finance Review by UK Finance has revealed a 20% year-on-year drop in lending to SMEs. UK Finance’s latest data shows £3.5 billion was lent to SMEs in the Quarter 3 (Q3) of 2023 compared to £4.4 billion in the same period last year. This represents the fifth consecutive quarterly fall, while gross…
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The UK economy shrank by 0.3 per cent between September and October, according to new data from the Office for National Statistics (ONS). Economists had expected a fall of just 0.1 per cent after the economy grew by 0.2 per cent in September. The services, construction and manufacturing sectors all contracted and household spending has…
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The Payment Systems Regulator (PSR) has announced that it is proposing to introduce a price cap to protect UK businesses from overpaying on these interchange fees. Subject to the PSR’s final report and further consultation on remedies, this could happen in two stages: An initial time-limited cap of 0.2% for UK-European Economic Area (EEA) consumer debit…
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The Confederation of British Industry (CBI) does not expect the Bank of England to cut interest rates until 2026, predicting that the base rate will stay at 5.25% for at least two more years. The CBI’s forecast is based on projections showing that consumer price inflation will not reach the Bank’s 2% target until Q3…
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The Federation of Small Businesses (FSB) has issued a super-complaint to the Financial Conduct Authority (FCA) to highlight the harsh lending practices of banks that excessively demand personal guarantees for business loans. The FSB says personal guarantees can be a straitjacket on business growth, forcing entrepreneurs to put their homes or other assets on the…
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The monthly Bank of England base interest rate announcement causes increased anxiety to two thirds of SME business owners according to a new study from Recognise Bank. The SME Mental Health Report 2023 surveyed the areas of business and events that have a significant impact on mental health, with the monthly announcement affecting 66.4% of…
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Proposals to expand protections to drive excellent customer service for businesses have been set out by Ofgem. The energy regulator has launched a statutory consultation on proposals to ensure businesses get the highest standards of service and provide more clarity on the costs being paid to third party energy brokers. Business groups have repeatedly told…
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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 October 2023 by 11% compared with the same month in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022. The…
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Redwood Bank has announced that it has appointed John Eastgate as its new Chief Commercial Officer. Eastgate has more than 30 years’ experience and has previously worked in C-suite roles with OSB Group and Shawbrook Bank. Gary Wilkinson, Co-Founder and CEO of Redwood Bank, said “John has joined us at a very important time and…
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