Credit, Collections & Insolvency News
President Donald Trump has set out plans for new import taxes on all goods entering the US, with a baseline tariff on all imports of at least 10% and higher rates for countries that the White House described as the ‘worst offenders.’ While goods from the UK are set to face a new 10% tariff,…
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Latest data from the Office of National Statistics (ONS) has shown that inflation fell slightly to 2.8% in February down from 3% in January. Core Inflation came in at 3.5% in the 12 months to February, down from the 3.7% in January and lower than forecast. ONS Chief Economist Grant Fitzner said “Inflation eased in…
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Small and medium-sized enterprises (SMEs) across the UK are urging the government to take decisive action to stimulate economic growth, with tax cuts and skills development emerging as key priorities. New research from specialist lender Shawbrook shows that over a third of SME leaders believe tax breaks for reinvestment (36%) and research and development (34%)…
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Two connected technology companies which claimed to protect people online and enhance their social media image have been shut down by the Insolvency Service following concerns they were running a direct debit scam. Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court. Affinity claimed to offer a…
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The Bank of England Monetary Policy Committee (MPC) has voted to hold interest rates at 4.5%. Commenting on the latest update from the Bank of England, Neil Rudge, Chief Banking Officer for Commercial at Shawbrook, said “The Bank of England has chosen to keep the base rate frozen in the final decision of the tax…
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A company director has been disqualified after failing to provide accounting records when her company went into liquidation owing an estimated £319,000 in corporation tax. Jenna Lennon was the sole director of Hope & Pride Limited, which was incorporated in March 2019 and described its business on Companies House as “other information service activities not…
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New data from Atradius has revealed that 65% of UK businesses are confident in their ability to overcome Budget-related challenges and continue growing. This optimism is supported by a decline in claims across two-thirds of sectors compared to February 2024, signalling a positive start to the new financial year. Sectors experiencing the most significant drop…
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Chancellor, Rachel Reeves is set to announce 60 measures aimed at reducing regulatory burdens and stimulating economic. With between 100 and 130 regulatory bodies currently in the UK, the Government plans to significantly cut this number. The new ‘radical action plan’ will be published following consultations with regulators, as the Government seeks to address deteriorating…
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A taxi driver jailed after inflating turnover to secure three Covid Bounce Back Loans. Nelson Clark fraudulently applied for three Bounce Back Loans in 2020 by significantly exaggerating his turnover.cHe then used the funds for personal use, breaking the rules of the scheme again. Clark from Dartford, was sentenced to two-and-a-half years in prison when…
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The Department for Business and Trade is launching a review into SME lending, due to the increase in the price of debt in recent years. Commenting on the Government’s publication of a call for evidence on SME access to finance, Emma Lovell, Lending Standards Board (LSB) Chief Executive, said “SMEs are the backbone of the…
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A business trends report from BDO has revealed that business output fell for the second consecutive month, indicating a persistent slowdown in the pace of growth in overall activity across the UK economy. Despite the decline recorded in overall output, the Services Output Index rose from 98.05 to 98.29 in February. This reading suggests the…
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Research by the National Association of Commercial Finance Brokers (NACFB) has found that brokers facilitate nearly three-quarters (£26.5 billion) of the UK’s £38 billion SME lending market. Lenders are attributing 67% of their SME portfolios to intermediaries on average. The data also reveals brokers’ role in diversifying SME funding access, with 33% of deals facilitated…
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The Payment Systems Regulator (PSR) has found significant issues within the UK market for card scheme and processing services, identifying a substantial increase in fees and a lack of clear information. In its final report of its card scheme and processing fees market review, the PSR found that Mastercard and Visa have increased their core…
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