UK Economy

CICM barometer: third consecutive fall for overall economic confidence

Confidence in the UK’s economy has fallen again, being driven primarily by a steady decline in manufacturing, according to preliminary results from the Chartered Institute of Credit Management’s (CICM) latest quarterly barometer.  Early indications from Q3 of the Credit Managers’ Index (CMI) show a third consecutive quarterly fall in the index’s headline figure, representing a worrying trend. The…

Asset Finance growth in August

New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 18% in August, compared with the same month last year. New business reported by the commercial vehicle finance and business equipment finance sectors grew in August by 28% and 24% respectively, while…

Prompt Payment Code a success in changing payment culture

New measures to support the Prompt Payment Code (PPC) and drive a culture of better payment practice have been confirmed in a letter to PPC signatories from Margot James, minister for Small Business and Philip King, chief executive of the Chartered Institute of Credit Management (CICM). The letter highlights the significant success of the code…

HMRC business asset seizures up 145% in a year

Research from Funding Options has announced that the number of businesses whose assets were seized by the HMRC in order to settle outstanding debts grew sharply in the last year is up 145%, from 649 in 2014/15 to 1,592 in 2015/16. Funding Options adds that HMRC seized assets to recover £42.6m of outstanding debt in the last…

Construction firms top Insolvency list in Q1

The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…

Late Payment and business failure responsible for one in five Insolvencies

A R3 report has found that at least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company. The survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% of insolvencies in the last…

Strategic Banking Corporation of Ireland and Bibby Financial Services launch invoice financing fund

The Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services Ireland (BFSI) have announced a €45million lower-cost invoice financing fund for Irish SMEs. An extension of SBCI’s on-going efforts to drive competition and choice in the Irish lending market, the announcement sees €45 million in funding being made available to Irish businesses. The agreement enables…

New Justice Secretary confirmed

Liz Truss has been appointed the new Lord Chancellor and Secretary of State for Justice. Truss was Secretary of State for Environment, Food and Rural Affairs.

The Government has announced that it is proposing a three month moratorium from creditor action for insolvent or near-insolvent companies