Credit, Collections & Insolvency News
Latest GDP figures have shown that the economy grew 0.5% in June and 0.2% between April to June. The struggling manufacturing sector experienced a modest rebound in the second quarter and with the economy benefitted from the effects of May’s extra bank holiday. The Bank of England said last week that it expected annual growth…
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The National Institute of Economic and Social Research (NIESR) said the country is on course to experience five years of lost economic growth. The reports says that the triple shocks of Brexit, Covid and the war in Ukraine had all contributed to the dire forecast. NIESR says that despite continuing to expect the UK to…
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Business confidence is at lower than the pre-pandemic average as concerns about high inflation, record wage pressures and rising interest rates bite according to reaearch by ICAEW. Sentiment tracked by ICAEW’s Business Confidence Monitor (BCM) – one of the largest and most comprehensive quarterly surveys of UK business activity – put confidence at 6.1 on…
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The UK Small Business Index (SBI) from the Federation of Small Businesses (FSB) has shown that business confidence has fallen by 14.2 points in Q1 2023, down 11.4 points from Q1 2023. The decline reflects the downbeat economic conditions small businesses had to navigate over the quarter, with stickier-than-expected inflation, while two base rate hikes…
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The UK is facing a prolonged economic slump caused by higher interest rates, economists have warned. EY Item Club has cut its growth forecast for 2024 and 2025. The group said the economy is set to grow by 0.8% next year, less than half its previous prediction of 1.9%. GDP growth will rise to 1.7%…
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European credit management service provider, Intrum has announced a partnership with Aryza Group to leverage its software solution in the Netherlands. The credit management specialist has implemented Aryza Control software which will enable Intrum to distinguish between individuals who are genuinely unable to pay and those who are unwilling to fulfil their obligations, enabling them…
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Latest data from the Office of National Statistics (ONS) has shown that the annual rate of CPI inflation fell to 7.9% in June 2023. The figures is down from 8.7% in May and well below market expectations. Inflation peaked at 11.1% in October. Core CPI inflation (stripping out energy, food, alcohol and tobacco) finally fell…
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Deloitte’s quarterly survey of Chief Financial Officers (CFOs) has shown that tighter monetary policy is considered the main threat to British businesses, with concerns over inflation and interest rates pushing ahead of fears about geopolitical issues and energy prices. Confidence among the finance leaders of the UK’s largest firms has dipped in the second quarter,…
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More than a fifth (22%) of UK business leaders now believe their business to be “extremely resilient”– suggesting organisations in the UK have learned to adapt to the long-term economic turbulence of the last decade. According to Dun & Bradstreet’s Data-Driven Resilience report – which surveyed 3,396 business leaders across 18 countries – three years of pessimistic outlooks…
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The Institute of Directors (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, fell to -31 in June 2023, down from -6 in May, wiping out the improvements recorded since the beginning of the year. The reasons for the drop are greater concerns around inflation and, separately, falling customer…
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Retail sales shrugged off the expected drag from May’s extra bank holiday, rising for the second successive month however the EY ITEM Club is predicting that persistent inflationary pressures and rising mortgage costs mean a sustained retail renaissance is unlikely in the near-term, with sales growth set to remain slow throughout this year. Low unemployment…
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The Bank of England has hiked interest rates by 0.5 percentage points to 5%. Rates have now hit the highest level in 15 years it’s the 13th time that the Bank of England has increased bank rates, with its Monetary Policy Committee (MPC) voting by a majority of seven to two to raise rates by…
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Latest data from the Office of National Statistics (ONS) has showed the annual rate of CPI inflation remained flat at 8.7% in May 2023, with core inflation rising from 6.8% to 7.1%, There is no a fear that the rise in core inflation could spook the markets with core inflation (stripping out energy, food, alcohol…
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