Credit, Collections & Insolvency News
Latest Office for National Statistics (ONS) data shows that the UK economy shrank by 0.3% in April. This marks a decline on the 0.2% growth recorded in March and is the steepest fall since October 2023. Analysts had forecast a 0.1% decline. The data shows that the services sector contracted by 0.4% while manufacturing dropped…
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Chancellor Rachel Reeves has delivered her Spending Review, setting out budgets for government departments. Responding to the announcement, Tina McKenzie, Policy Chair of the Federation of Small Businesses (FSB), said “Small businesses will be wondering when they will feel the benefits of today’s Spending Review. It was not the business-focused day they had hoped for. “As spending allocations…
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Accountants and Financial Advisers increasingly are seeing clients struggle to pay their fees with a knock on effect on their cashflow, new research from Premium Credit. Nearly nine out of ten (87%) say more clients are struggling to pay their fees and nearly three out of four (74%) expect a rise in the number of…
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More than eight in ten small business owners (83%) cite barriers holding their businesses back from growing – and in the Manufacturing (96%) sector the figures have hit a 10-year high – according to new research from Novuna Business Finance. The findings come at a time when the Government is grappling with delivering on its…
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May’s NatWest Regional Growth Tracker showed renewed increases in business activity across several parts of the UK, alongside a general revival of firms’ growth expectations for the coming year. The Tracker – which surveyed businesses operating in the manufacturing and services sectors across 12 regions of the country – showed improvements in…
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A new report by the British Retail Consortium (BRC) has put cost pressures in the UK retail sector could lead to one in ten jobs being at risk by 2028. Since 2015, over 350,000 retail jobs have already been lost, a decline significantly larger than that in the steel industry. While the Government has…
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New research by American Express has found that over two-thirds (68%) of SME leaders feel their businesses are resilient, having faced a series of challenges. The resilience sentiment translates into business confidence, with 73% of SME leaders expressing optimism about their company’s future prospects. This represents a four percentage point increase from the previous year’s survey…
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The UK could see higher than expected growth due to trade deals agreed with the US and the European Union, with KPMG predicting that growth could hit 1.2% in 2025 as trade agreements lower uncertainty. The UK economic outlook could brighten over the next two years as the economy stands to benefit from easing trade…
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Despite persistent economic headwinds, small and medium-sized enterprises (SMEs) are showing remarkable resilience, with the majority reporting growth over the last 12 months. New research from specialist SME lender Shawbrook reveals that 71% of SMEs have grown in the last year, with 21% reporting significant growth. This compares to only 46% of SMEs reporting growth…
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Nearly eight in ten (79 per cent) of UK businesses are concerned about tariffs and global trade uncertainty, prompting many to take pre-emptive measures, according to new research by Barclays. UK businesses remain confident about their own prosperity (86 per cent over the next three to five years). This uncertainty has resulted in UK firms…
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New data Purbeck Insurance Services has found that 51% of SMEs have supported employees financially during the cost-of-living crisis. With only a third of Britons describing themselves as financially comfortable, according to a recent YouGov poll, SMEs are stepping up to ease the burden on their staff. Despite facing economic headwinds themselves, these businesses remain…
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UK business confidence surged in May to its highest level since last August, according to new data from Lloyds Bank. The rise was driven by a sharp rebound in global financial markets and a softening in trade tensions between the US and its partners. The business barometer rose by 11 points to 50% up from…
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Total like-for-like retail sales in discretionary categories fell by -1.2% in May, compared to a positive base of +2.3% in the same month last year, according to BDO’s latest High Street Sales Tracker. The decline was driven in part by the fall in non-store retail sales, which dropped by -3.1% compared to May 2024. This…
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