Credit, Collections & Insolvency News
Consumer confidence has fallen to a record low, according to research from data provider GfK. The consumer confidence index for August decreased by three points to minus 44, the lowest level since records began. All five measures – which include confidence in personal finances, general economic outlook, and savings – were down in comparison to…
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The UK economy shrank 0.1% in the second quarter (Q2), data from the Office for National Statistics (ONS) shows. The data also shows that the economy contracted by 0.6% in June. The decline over Q2 was partly attributed to the test and trace and vaccine programmes coming to an end, a fall in retail sales…
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A quarter of businesses experiencing upstream supply chain issues say their business reputation is deteriorating as a result. According to RSM UK’s ‘the Real Economy’ report, more than a third (38%) of businesses experiencing supply chain problems said they had seen an overall decline in customer satisfaction, while over a quarter (28%) said they have…
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Consumer card spending grew 7.7 per cent in July compared to the same period in 2021, and 1.6 per cent compared to June 2022, as consumers spent more on clothing, beauty and staycations as the summer holiday period began according to new analysis by Barclaycard. The analysis also highlighted that consumers are starting to cut…
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The knock-on impact of soaring energy prices is being felt strongly by the UK construction sector as businesses face delays to new work while continuing to operate with disrupted global supply chains. According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI fell to 48.9, down from 52.6 in June, showing…
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The Financial Conduct Authority (FCA) has appointed Ruairi O’Connell, OBE, as the new Director of International. O’Connell will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping…
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New figures from the Registry Trust have revealed that the number of judgments registered in Republic of Ireland decreased in Q2 2022 as compared to the same period last year. However, the value of debt has seen an increase year-on-year. The total number of judgments fell from 431 in Q2 2021 to 321 in Q2…
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The UK’s economic growth prospects have been downgraded again in the latest EY ITEM Club forecast, However, the Summer Forecast says that the UK should narrowly avoid a recession – provided there are no further energy price shocks and the Bank of England doesn’t tighten monetary policy too quickly. The EY ITEM Club forecasts UK…
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Rising food and fuel prices sent CPI inflation to a fresh 40-year high of 9.4 per cent in June. The latest inflation rise was driven by the sharpest single month rise in petrol prices since at least 1989 and food price inflation, which hit a 13-year high 9.8 per cent. Inflation is expected to increase…
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Britain’s toxic combination of low growth and high inequality has left it trailing behind the comparable economies of Australia, Canada, France, Germany and the Netherlands, with disastrous consequences for low- and middle-income households according to a new report from the Resolution Foundation. The report notes that the country is approaching a decisive decade of economic…
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Arrow Global has announced the appointment of Reza Atighi as Chief Executive Officer (CEO) to its Amersfoort-headquartered Vesting Finance Servicing B.V in the Netherlands. Atigh brings a wealth of experience to Vesting Finance having worked in financial services for more than 20 years. He joins Vesting Finance from Intrum where he was, most recently, CEO…
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Coface’s 2022 Asia Corporate Payment Survey has highlighted the credit risks in the Asia-Pacific region. The report found that improved economic conditions in 2021 contributed to a notable fall in the duration of payment delays across Asia-Pacific, dropping from 68 days on average in 2020 to 54 days in 2021, the lowest level in 5…
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KPMG’s latest UK Economic Outlook report predicts GDP growth will more than halve to 3.2% this year, from 7.4% in 2021, and fall to 0.7% in 2023. KPMG warned that the invasion of Ukraine and renewed lockdowns in China put upward pressure on commodity prices and keep supply chains under strain, UK GDP growth is…
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