Interest rates cut to 4.5% – business industry reaction

The Bank of England’s rate-setting body voted to cut the base rate by 0.25% to 4.5%. The nine-strong Monetary Policy Committee voted by a majority of 7–2 to reduce Bank rate by 0.25%. But two members, Swati Dhingra and Catherine Mann, thought more help was needed and voted for a 0.5% cut. Bank Governor Andrew…

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SMEs cut debt by £4.4bn across 2024

Analysis of the Bank of England’s data1 in Ebury’s SME Borrowing Tracker shows that SMEs decreased their debt by £4.4 billion across 2024, reinforcing nearly three years of falling debt among SMEs, following the significant ‘debt pile’ accumulated during the pandemic. However, the final three months of 2024 marked the first quarterly uptick in SME…

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Kitchen firms which took customers’ deposits are shut down

Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…

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Accountant jailed for Covid loan fraud

An accountant who helped himself to £27,000 from the ‘Eat Out to Help Out’ scheme as part of a bigger Covid loans fraud has been jailed for three years and eight months. Zeeshan Ashraf claimed a total of £268,102.07 and tried to claim £52,732.66 that he was not entitled to from support schemes set up…

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Six in ten businesses missing out finance options

New data from independent lender, Time Finance, reveals that SMEs are not utilising their options when it comes to accessing alternative finance, with nearly 60% having never looked beyond their own bank for commercial finance solutions. Urging SMEs to broaden their horizons when it comes to investing in growth, Time Finance’s new survey delves into…

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Economic growth forecast slashed for 2025

The EY ITEM Club Winter Forecast is predicting that UK GDP growth will be at 1% in 2025, down from the 1.5% growth projected in October’s forecast. This represents only a marginal improvement on the 0.8% GDP growth the UK economy likely achieved in 2024. However, the EY ITEM Club still expects steady quarter-on-quarter growth…

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Business leader confidence stays at historically low levels

The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, edged up to -59 in January 2025 from -61 in December. However, confidence remains at historically depressed levels. Business leader confidence in their own organisations declined to +6 in January, from +8 in December. There was also a…

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Business confidence falls for fifth consecutive month

British businesses increased pessimism in January, marking five consecutive months of declining corporate confidence according to the Lloyds Bank Business Barometer.The Barometer fell by two points to 37%, its lowest level in a year, following a £25 billion tax increase announced in October. Despite the dip, confidence is still above the long-term average of 29%. In previous…

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Ten year ban for director who abused Covid support scheme

30th January 2025 Business Lending |

The former boss of a West London bakery who overstated his company’s turnover to secure a maximum-value Covid loan has been banned from acting as a director for ten years. Azizullrahman Akbari, obtained a £50,000 Bounce Back Loan just weeks into the pandemic, claiming the turnover for his New Watan Bakery Limited company was more…

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Record jump in number of firms in financial distress

The latest ‘Red Flag Alert’ report from Begbies Traynor reveals a worrying surge in the number of businesses in the UK entering ‘critical’ financial distress in the final quarter of 2024. In Quarter 4 (Q$) 2024, ‘critical’ financial distress rose by 50.2% to 46,853 companies, underscoring a deteriorating outlook. Of the 22 sectors covered by…

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Rising costs and taxes biggest concerns for two in five SMEs

Two in five SMEs (42%) cite rising costs and taxes as their biggest concerns, with 70% questioning the Government’s support for SMEs according to new research from iwoca. The research also highlighted the looming threat of higher taxes under the current Government comes in close second—a primary worry for two in five (40%) owners. Leaders of the…

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Former minicab driver handed 11-year sanctions for Covid loan abuse

20th January 2025 Commercial Credit Management |

A former London minicab driver is subject to 11 years of stringent sanctions after the Official Receiver found he abused the Covid loan scheme to claim over £47,000 more than his business was entitled to. Huseyin Houssein, a former private hire driver from Nash Road in Edmonton, North London, applied for a £50,000 Bounce Back…

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Inflation fell to 2.5% in December – business industry reaction

UK inflation fell in December for the first time in three months as hotel prices fell and tobacco costs eased according to latest ONS data.Annualised inflation came in at 2.5% in December, down from the 2.6% reported in November. Menawhile, core inflation came in at 3.2% in the 12 months to December 2024, down from…

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