Credit, Collections & Insolvency News
Around two-thirds (63%) of people are set to take a holiday this summer, bringing a related boost to the UK retail economy according to KPMG UK’s latest quarterly Consumer Pulse survey. The data showed that demand, other spending plans over the coming three months, as well as the impact that the Iran conflict had on…
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Business confidence has fallen to its lowest level in four years, according to the ICAEW Business Confidence Monitor. The index recorded a score of minus 14.6 for the second quarter, marking six consecutive quarters of negative reading, the joint-longest streak since the 2008 financial crisis. Negative confidence readings typically coincide with difficult periods for businesses…
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New figures from Novuna Business Finance reveal that nine in ten small businesses (90%) say that aspects of the increase in the cost of living are threatening their growth plans for 2026. As part of the Business Barometer study, which has monitored the growth outlook of UK small business owners every quarter since 2015, Novuna…
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A Wolverhampton director has been sentenced for fraud and money laundering after pocketing £30,000 in Covid loans he was not entitled to. Sohail Cheema falsely declared his company’s turnover was £60,000 when applying to two separate banks for £15,000 Bounce Back Loans in 2020. His business, Sohail Cheema Limited, set up for him to gain…
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Instability arising from US trade tariffs has fractured the ‘special relationship’ between the UK and US trading partners, according to new research from international SME funder, Bibby Financial Services (BFS). BFS’s report finds that UK SMEs have suffered average losses of £59,000 in the past 12-months due to US tariffs, leading many to reprioritise trade…
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Garfield AI (Garfield), the world’s first AI-powered law firm authorised and regulated by the Solicitors Regulation Authority, has helped a freelancer win a small debt claim at trial. This marks the first court trial won with the support of a regulated AI lawyer anywhere in the world. The win is a landmark moment for legal…
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A banned company director who spent £300,000 of Covid support on family holidays, private school fees, and other personal spending has been jailed. Steven Brookes used funds from six fraudulently obtained Bounce Back Loans to pay for a trip to Disneyland, a holiday rental in Tenerife, and an Audi with personalised number plates for his wife. The 40-year-old also paid £7,000…
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The Bank of England has held interest rates at 3.75% after a deal between the US and Iran pushed oil prices down and reduced inflationary risks to the UK economy. The Monetary Policy Committee voted seven to two to leave rates unchanged, with chief economist Huw Pill and external member Megan Greene dissenting. They called…
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Latest figures from the Office for National Statistics (ONS) have shown that inflation remained steady in May, with consumer prices rising 2.8% year-on-year, unchanged from April and below economists’ forecasts of 3%. The ONS says lower food inflation, including meat and dairy products, helped offset upward pressure from air fares, vehicle taxes and petrol. Services…
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The ICAEW has warned that proposed UK reporting requirements for close companies could unfairly burden small businesses. The association says that under the new proposals, close companies will need to report details of transactions with participators to HMRC, placing a disproportionate administrative burden on compliant businesses, while doing little, if anything, to reduce the small…
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A decade since the UK voted to leave the EU, a regular survey of mid-sized businesses paints a mixed picture of Brexit’s impact on their operations, according to accountancy and advisory firm BDO. BDO’s bi-monthly tracker of 500 mid-sized businesses with revenues between £10m and £500m, revealed that just over a quarter (26%) felt the…
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Two men who carried out a £3 million insolvency fraud and money laundering scheme have been sentenced. Disqualified director Tariq Sarwar knew his company was in financial difficulty and likely to be wound up when he sold commercial property in Salford – his company’s only substantial asset – for more than £5 million. Sarwar fraudulently…
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Data from the Office for National Statistics (ONS) shows that the UK economy contracted by 0.1% in April, marking its first monthly fall since August last year. While the economy contracted on a month-by-month basis, it grew by 0.7% in the three months to April, compared with the previous quarter. The monthly decline was driven…
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