Credit, Collections & Insolvency News
Three quarters of SMEs (74%) say that the upcoming budget will directly impact their future growth plans, according to research from specialist SME lender, Simply Asset Finance. Nearly a third of businesses (31%) say it’ll have a significant impact,13% believe it will be fundamental to them, while just 15% expect the budget to have no…
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A company Director who failed to produce accounting records and refused to co-operate with the Insolvency Service after his company went into liquidation owing more than £200,000 in unpaid tax has been jailed. Vezubuhle Ndlovu was sentenced to 10 months in prison when he appeared at Manchester Crown Court. The 41-year-old had previously pleaded guilty…
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Latest Office for National Statistics (ONS). data has shown that Inflation unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, Lower airfares and petrol prices were the main drivers behind the surprise slowdown. City Analysts had expected the rate to drop to 1.9 per cent, while the Bank…
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Dun & Bradstreet’s Global Business Optimism Insights report has found a 7% increase in business optimism quarter-over-quarter, driven by gradual easing of inflation rates and favourable borrowing conditions. Nearly four in five businesses are expressing increased optimism in domestic and export orders, capital expenditures and financial risk due to a combination of easing financial pressures,…
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Economic uncertainty and the prospect of tax changes being introduced in the upcoming Budget are behind a slowing appetite for external funding according to Atom bank’s ‘SME Pulse’ for Q3 2024. The quarterly poll of commercial brokers found that there has been a drop off in demand from SMEs for funding. While nearly half (47%)…
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The Federation of Small Businesses (FSB) is calling on the Chancellor to deliver a decisively pro-small business Budget, saying SMEs are ‘sick of stagnation.’ The UK’s largest small business group says the Budget, on 30th October, will be the Chancellor’s ‘first and best chance’ to secure sustainable, long-term economic growth. It calls for specific measures…
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In the first major survey of business sentiment since the General Election, the BCC’s Quarterly Economic Survey – the UK’s largest and longest running independent business survey – shows taxation is now the main area of concern for businesses. Ahead of the Budget later this month, 48% of firms cited it as a worry (compared…
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The Government has confirmed that it is launching new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year according to Intuit QuickBooks, The government will…
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A new Government consultation will investigate introducing regulations in the energy retail market to protect consumers and businesses from unregulated rogue energy brokers Energy brokers and price comparison websites will be among those set to be held to account by a new regulatory regime, to provide better protections and save money for consumers and businesses. These…
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The Bank of England has held interest rates at 5% for a second month in a row. Commenting on the news, Anna Leach, Chief Economist of the Institute of Directors, said “Today’s 8-1 vote by the MPC for no change in rates was widely expected by markets and analysts. The Bank has indicated a “gradual…
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The Government has unveiled new measures to support small businesses and the self-employed by tackling late payments, which is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year. The new Fair Payment Code will replace the old Prompt Payment Code, which will be open to signatories this autumn.…
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One in six business to business (B2B) sellers (suppliers) are offering business customers over two months to pay their invoices, according to a new joint report from economic consultancy Cebr and iwoca. The report reveals the number of suppliers offering repayment terms over 60 days to customers has surged from just 7% of suppliers in…
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Latest Office for National Statistics (ONS). data has shown that Inflation remained steady at 2.2 per cent in August, slightly above the Bank of England’s two per cent target. Rising airfares were balanced by lower fuel prices and a slowdown in restaurant price increases. The Bank of England is expected to keep interest rates at…
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