Credit, Collections & Insolvency News
The British Chambers of Commerce (BCC) has warned that a 10% tariff on goods exported to the US will hit UK traders, with two in five businesses which export to the US saying they will suffer a ‘significant negative impact’ from charges. Around a third of British businesses exposed to tariffs are planning to raise…
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A snap poll of 562 Institute of Directors members following President Trump’s tariffs announcement has found that over a third (37%) of business leaders expect to be impacted by the tariffs and of those, over two-thirds (70%) expect their profits to decrease as a result. In response to the tariffs, 35% of members will be…
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President Donald Trump has set out plans for new import taxes on all goods entering the US, with a baseline tariff on all imports of at least 10% and higher rates for countries that the White House described as the ‘worst offenders.’ While goods from the UK are set to face a new 10% tariff,…
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Business insolvencies in Ireland hit their highest level in six years according to research by PwC. Insolvencies increased by 16 per cent, although they came in below expectations as the fourth-quarter saw a drop off in company collapses. The total figure for 2024 was 852, which was well shy of PwC’s forecast that insolvencies would…
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The Organisation for Economic Co-operation and Development (OECD) expects the UK economy to grow at a slower pace this year than it had previously forecast. However, it has upgraded its growth forecast for next year. The think-tank expects 0.9% growth this year, down from 1.1%, while 2025 is forecast to see growth of 1.7%, up…
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The global economy is continuing growing at a modest pace, according to the OECD’s latest Economic Outlook. The Economic Outlook projects steady global GDP growth of 3.1% in 2024, the same as the 3.1% in 2023, followed by a slight pick-up to 3.2% in 2025. The impact of tight monetary conditions continues being felt, particularly in…
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A new study from Juniper Research, found that by 2028, the Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…
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New research by Allianz Trade in its latest report on global Days Sales Outstanding (DSO) and Working Capital Requirements (WCR) has found that the looming profitability squeeze could extend payment delays further The research found that profitability is the number one driver of payment terms in Europe, more impactful than financing or the business cycle.…
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Business insolvencies in the UK could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7%…
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Bluestone Group has announced that it has agreed terms for the sale of its Irish motor finance operations, Bluestone Motor Finance Ireland (BMFI) to Close Brothers Limited. BMFI was established as a lending platform in 2014, after a period of several years managing acquired portfolios of assets in the Republic of Ireland. After its launch,…
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The UK is set to be one of the world’s worst-performing major economies this year, according to a forecast from the International Monetary Fund (IMF). The report says the UK economy’s performance in 2023 will be the worst among the G7, predicting that the economy will shrink by 0.3% in 2023 and then grow by…
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Audit and advisory group, Azets specialising in supporting SME businesses has entered the Irish market for the first time following its acquisition of Baker Tilly Ireland, which will rebrand as Azets Ireland with immediate effect. Azets says that aims to grow the firm in Ireland significantly in the next three years. As part of its growth…
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Nova Credit has announced it has received Financial Conduct Authority (FCA) authorisation permissions in order to provide credit references to operate in the UK. US founded Nova Credit, is a consumer-permissioned credit bureau which it says is on a mission to accelerate financial inclusion for immigrants globally. Nova Credit’s technology unlocks access to over 2…
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