Credit, collections & insolvency news
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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A London-based builder sentenced for Covid loan abuse after an investigation by the Insolvency Service. The self-employed builder from Hounslow overstated income to claim £50,000 Bounce Back Loan then lost it in scam crypto investment scheme. Lukasz Nowak a self-employed builder from Hounslow, West London, was sentenced to 20 months imprisonment, suspended for two years,…
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Five water retailers have refunded thousands of customers who were overcharged. In total, the five retailers have refunded £380,000 to 3,500 customers after a CCW investigation uncovered billing errors. The consumer watchdog took the action after discovering the firms had been significantly overcharged on their bills when water retailers misinterpreted a change to Ofwat’s retail…
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New analysis by the British Business Bank shows that the Government’s £47 billion Bounce Back Loan Scheme rescued around one in 20 participating businesses. The pandemic support scheme, which offered taxpayer-guaranteed facilities of up to £50,000 to business owners to help the firms survive lockdown measures, prevented the failure of between 5% and 6.5% of…
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Energy regulator Ofgem has announced that Hudson Energy Supply (HES) is to be issued a penalty of £1,668,426 for serious overcharging of business customers. The regulator found that HES has failed its customers by with 10 breaches of licence conditions relating to a situation whereby HES had outsourced elements of its day-to-day customer operations without…
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Small businesses are calling for Ofgem to alter energy regulation with changes which will enable access to energy contract cooling-off period and standing charges freeze ahead of winter. Small businesses say that utilities remain a cost driver according to new research by the Federation of Small Businesses (FSB). FSB’s latest Small Business Index shows over…
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Chancellor Jeremy Hunt has announced his Autumn Statement. The Chancellor began his speech by saying he had more than 100 measures to incentivise and support businesses in what he described as the ‘biggest business tax cut in modern British history. Responding to the Autumn Statement, Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB),…
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While many businesses are urging the Chancellor to avoid introducing sweeping changes at the Autumn Statement and instead prioritise stable policy, a significant number are also eager to see specific cuts to promote economic growth, according to EY’s Autumn Statement survey. EY asked more than 1,300 finance professionals from UK companies to select the business-focused…
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New research by Premium Credit has highlighted the impact that inflation and rising interest rates have had on SME business confidence. SMEs are optimistic for the year ahead expecting revenues to rise although concerns remain about how to cope with inflation and higher interest rates, The company’s Insurance Index, which monitors insurance buying and how…
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A number of proposed reforms were announced by King Charles as he laid out the government’s priorities for the year ahead at the State Opening of Parliament. Responding to the announcements, Alex Veitch, Director of Policy and Insight at the British Chambers of Commerce said “The King’s Speech opened with an aspiration to increase economic…
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The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25%. Governor Andrew Bailey insists rates needed to be held high to squeeze inflation out of the economy. In its latest forecast, the Bank cut expectations for UK growth to zero, down from a previous prediction of 0.5%, while…
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The Lending Standards Board (LSB) has today announced the release of its latest inclusion report, ‘Increasing Access to Finance for Ethnic Minority Led Businesses.’ The report represents the third instalment of the LSB’s series on inclusion. It highlights the barriers faced by ethnic minority led businesses and underscores the crucial role that financial institutions play…
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Small companies have been left with “nowhere to turn for justice” during banking disputes following a decision not to extend the reach of the Financial Ombudsman Service, according to an Federation of Small Businesses. The Financial Conduct Authority (FCA) has decided that it would not be proportionate to provide access to the ombudsman’s dispute resolution…
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