Credit, Collections & Insolvency News
More than half of small businesses are looking to use finance to achieve growth in the coming year (53%) according to new research from Novuna Business Finance. The figures indicate that this is up from 49% this time last year, with hiring new staff found to be the activity most likely to be reliant on…
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The UK economy unexpectedly grew in November, with Office for National Statistics (ONS) data showing growth of 0.1%. While the figure shows a slowdown in growth after a 0.5% increase in October, analysts had predicted that the economy would shrink by 0.3% in November. The expansion was driven by the services industry, which saw a…
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A quarterly survey of the UK’s financial services firms shows that confidence in the sector increased in the three months to December. An index of confidence rose to 10 from -55 in the prior three-month period, with 95 of the firms reporting higher business volumes and employment growth in the period according to the latest CBI/PwC…
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The World Bank has warned that the global economy is perilously close to falling into recession, pointing to higher inflation and interest rates among the factors that could hit growth. The World Bank expects the world economy to grow by 1.7% this year, this down from the 3% it predicted in June. Growth of 1.7%…
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Food inflation hit 13.3 per cent in December, up from 12.4 per cent in November, according to the British Retail Consortium (BRC) shop price index. The rise marks the highest monthly inflation rate for food since records began in 2005. The data highlights that fresh food costs contributed most to the rise, which shows an…
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A quarterly survey by the British Chambers of Commerce (BCC) has revealed that British businesses are nearly as pessimistic as they were in the midst of the pandemic, as they brace for a drop in profit during a recession in 2023. The percentage of firms reporting increased domestic sales has stabilised at the low level…
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New analysis of national accounts for Q3 showed a slightly bigger 0.3% quarter-on-quarter fall in GDP than initially estimated according to research by EY Item Club. The economy’s performance in Q3 wasn’t helped by another fall in household incomes and an unexpected rise in the household saving ratio. GDP growth was also revised lower in…
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The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade. It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…
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UK businesses expect to be hit the hardest by inflation, according to new research from Taulia. Nearly half (48%) of UK businesses expect inflation to get worse in the next 12 months, higher than businesses in Germany (42%), Singapore (35%) and the US (21%). The findings come at a time where nearly nine in 10…
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The UK economy is estimated to have entered a recession in the third quarter of 2022, which could last until the end of 2023 and see output fall by 1.9% during that period according to new research by KPMG. The squeeze on incomes is the main driver, with higher inflation and interest rates significantly reducing…
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New research by payment merchant, Cashflows has found that 20% of UK small and medium businesses (SMBs) are considering making redundancies to help contend with rising inflation. A further fifth (19%) have already cut staff. As the UK sinks further into recession, payment decision makers said they are considering a range of options to counteract…
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The latest economic forecast from the Confederation of Business Industry predicts Britain’s economy will shrink 0.4% next year as inflation remains high and companies put investment on hold. The expected 0.4% fall in GDP is a downgrade from its previous forecast of 1% growth set in June. Business investment is expected to slump by 9%…
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Latest Office of National Statistics (ONS) data has revealed that Inflation jumped to a 41-year high of 11.1% in October, exceeding expectations as food, transport and energy prices continued to squeeze households and businesses. Economists had projected an annual increase in the consumer price index of 10.7%, and October’s print marks an increase from the…
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