Credit, Collections & Insolvency News
The latest UK inflation data has shown that the rate has fallen less than expected and remains in double digits at 10.1 per cent in March, from 10.4% in February, according to the Office for National Statistics (ONS). The stubborn rate has been driven by food prices rising at their fastest rate for 45 years.…
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The UK economy is now expected to avoid both a technical recession and a calendar year contraction in 2023, according to the EY ITEM Club Spring Forecast. The economy is expected to record 0.2% growth this year, which is a significant upgrade from the -0.7% contraction predicted in January’s Winter Forecast. The improved outlook is…
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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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Global insolvencies are set to surge by 21% in 2023 and 4% in 2024, while insolvencies in the UK are expected to increase by 16% and 9% in the same period as businesses are tested by weak demand, prolonged pressure on profitability, weaker cash buffers and tighter-for-longer financial conditions, according to latest analysis by Allianz Trade.…
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The British Chambers of Commerce (BCC) Quarterly Economic Survey (QES) for Q1 2023 shows that while business confidence has improved from a very weak base, most firms see no improvement to business conditions. The survey of over 5,200 firms – 92% of whom are SMEs – reveals a sectoral division in business performance, with hospitality…
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New data released by the Institute of Directors (IOD) suggests the UK economy grew strongly in March, confounding official forecasts from the Office of Budget Responsibility of a contraction in Quarter 1. Order books have strengthened considerably since the turn of the year, and expectations of future revenue, hiring and investment are also all pointing…
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British businesses are more confident than in any month since May last year, according to Lloyds Bank’s latest Business Barometer. The index rose by 11 points to 32% in March, with this driven by rising optimism about the outlook for the economy. While wage expectations increased slightly in March, Lloyds said it detected signals that they…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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New research by Dun & Bradstreet has found that almost half (43%) of global business leaders see energy price increases as their biggest challenge this year, despite Western countries’ best efforts to impose energy spend caps over the winter months and control inflation. Dun & Bradstreet which surveyed 3,396 business leaders across 18 countries revealed…
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Britain will avoid a recession this year, according to an Office for Budget Responsibility (OBR) forecast. The report says GDP will fall by 0.2% this year, with this far lower that the 1.4% downturn it predicted in November. In the longer term, the report says the economy will grow by 1.8% in 2024, 2.5% in…
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Chancellor Jeremy Hunt has announced the budget for 2023. Responding to the Chancellor’s Spring Budget, Martin McTague, National Chair of the Federation of Small Businesses (FSB) said “The Chancellor has set high expectations for supporting small firms during these challenging times, but today’s Budget will leave many feeling short-changed. The distinct lack of new support in…
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RSM UK’s latest MMBI (Middle Market Business Index) shows 39% of businesses feel the economy has improved over the last quarter with over half (54%) expect the economy to continue to improve over the next quarter, a significant jump from just 38% last quarter. Almost half of businesses (45%) say their net profits are up…
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