Credit, Collections & Insolvency News
Latest data from the Office of National Statistics(ONS) has shown that inflation fell by more than expected in November amid a slowdown in food prices. Annualised inflation came in at 3.2% in November, down from the 3.6% reported in October Commenting on the inflation figures for November, ONS Chief Economist Grant Fitzner said “Inflation fell notably in November…
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The British Retail Consortium (BRC) has published its annual BRC Payments Survey, which shows how people make payments in 2024. This year’s survey reveals a significant decline in credit card use, from 14.2% of transactions to 12.6%. With higher interest rates making credit cards a more expensive way to shop, consumers turned to debit cards, where…
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The UK economy unexpectedly contracted by 0.1% in October, data from the Office for National Statistics (ONS) shows, matching the 0.1% decline recorded in September. Economists had anticipated growth of 0.1%. Quarter-on-quarter, the economy shrank by 0.1% in three months to October, primarily due to a decline in manufacturing and stalled services growth. Production output…
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The UK economy is expected to grow by 1.4% in 2025, revised slightly up from the previous forecast of 1.3%, driven by strong public spending. However, GDP is expected to slow to 1.2% in 2026, before rising to 1.5% in 2027 – unchanged from the previous forecast, because of productivity challenges and cautious fiscal tightening.…
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Asset finance is expected to see the strongest demand for SME funding over the next 12 months, commercial finance brokers have told SME funding provider Asset Advantage. In the latest survey, 72% of commercial brokers said asset finance will be driving business funding demand in the coming year. Brokers also anticipate significant interest and demand…
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Hospitality leaders say the Budget has failed to deliver real business rates reform, leaving pubs and hotels facing steep increases in their rateable values—some of which could rise fivefold by 2029. They warn this will accelerate closures and push more venues into distress, undermining communities and local economies The analysis from UKHospitality reveals that small…
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SMEs are borrowing more to pay for credit on their insurance, according to new research from Premium Credit. The research, which monitors insurance buying trends, found that one in three SMEs (33%) who use credit to pay for insurance have borrowed more this year than in the previous year. The average amount borrowed was £1,600,…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, remained at a near record low of -73 in November in the run-up to the Budget – unchanged from October. In our snap poll directly after the Budget, the index rose one point to -72. Business leader confidence…
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A snap poll of over 500 business leaders following the Chancellor’s Budget Statement by the Institute of Director has found that 80% feel negative about the Autumn Budget. A similar snap poll of business leaders following the 2024 Autumn Budget found that 67% felt negative. In terms of the individual policies announced by the Chancellor, those viewed…
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Retail confidence has dropped sharply, reaching its lowest point since 2008, according to Confederation of British Industry (CBI) analysis. The CBI’s quarterly measure of business sentiment for the next three months fell to -35 from -10 in August. Retailers anticipate subdued demand as they prepare for a challenging December, with sales expected to decline further.…
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New research has revealed that while SME confidence in Government remains fairly lukewarm, this support is fragile in the face of mounting economic pressures and uncertainty – and may well turn sour without urgent action on tax and costs at the Autumn Budget. The survey of 1,000 SME leaders and decision makers, commissioned by FTSE…
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Almost half (46%) of smaller SMEs say they’re not confident that the Government will drive a ‘pro-business’ agenda compared to only 22% of medium sized businesses according to new analysis from Simply Asset Finance. Notably, the research reveals that much of the goodwill that had been granted to the new Government early in its tenure…
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The Government has launched a consultation to cut electricity bills by up to 25 percent for over 7,000 British businesses. Business and Trade Secretary Peter Kyle will set out an offer of enhanced support in a keynote speech to a room of bosses from some of the UK’s top firms at the CBI Conference in…
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