Credit, Collections & Insolvency News
Figures from the Office for National Statistics (ONS) show that the economy expanded by 0.3% in January, with the rebound following a 0.5% contraction in December. While the data shows month-on-month growth, the economy stagnated in the November to January period compared with the previous three months. The report also showdc that January saw a…
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The British Chambers of Commerce (BCC) has said the UK will avoid a recession this year, but will continue to show sluggish growth and the economy won’t recover to pre-pandemic levels until the final quarter of 2024. The BCC upgraded its outlook after better-than-expected consumer spending and business investment figures. The BCC forecasts the economy…
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Small business concerns over economic uncertainty have sky-rocketed over the last 12 months by almost 50%, according to new research from Novuna Business Finance. The latest tracking data from its Business Barometer study revealed the percentage of small business owners worried about market volatility has risen from 27% in Q1 2022 to 40% this quarter…
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Latest PMI data by S&P and CIPS has found the headline construction PMI rose to 54.6 in February, up from 48.4 in January and the highest monthly reading since May 2022. Commercial work was the best-performing area in February (55.3), enjoying the steepest rate of expansion for nine months. Civil engineering activity also returned to…
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630,000 small and micro businesses could go bust this year, as the cost-of-living crisis puts unprecedented pressure on entrepreneurs trying to stay afloat according to new research by website builder GoDaddy Data analysis of 2.3 million British micro businesses revealed that more than one in nine (12%) fear closure before the end of 2023, which…
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New research by Glenigan’s has found that Construction sector output began to flatline in February with the value of underlying work starting on-site during the three months to February fell 22% against the preceding three-month period to stand 40% lower than a year ago. Residential construction starts slipped back 27% on the preceding three months…
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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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Analysis by Lloyds shows that optimism among businesses in London dipped in February, with uncertainty over whether the economy will fall into recession having an impact on confidence. Optimism among the capital’s companies has dipped 19 points to 18%, according to the bank’s business barometer, with this coming in slightly lower than the 21% national…
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Almost two-thirds (65%) of UK retail business owners report that the rising cost of living has made running their business harder, with nine out of ten (87%) of those businesses saying it has been the “toughest winter in memory” for their business according to a new poll by Santander. The data revealed the biggest challenges…
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Although the outlook for consumer inflation and interest rates is stabilising, industrial inflation could remain in double digits until the end of 2023, according to new projections from EY-Parthenon. EY-Parthenon’s latest research finds that, although consumer price index (CPI) inflation could fall to around 4% by the end of 2023, producer price index (PPI) inflation…
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The Institute of Directors’ (IoD) Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose to -17 in February 2023, up from -28 the previous month and a near-record low of -64 in November. Confidence in the UK economy is now similar to the time of the Omicron restrictions in…
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A survey by data company GfK shows that consumer confidence has unexpectedly bounced back from historic lows to hit the highest level since April 2022. GfK’s consumer confidence index has risen by seven points in February, although the headline score remains at a “severely depressed” -38. While confidence in the general economic situation over the…
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For the first time in six months, all 14 sectors monitored by the Lloyds Bank UK Sector Tracker reported that they expected their output to grow over the next year, up from 13 in December. According to the Tracker, improved optimism was driven by expectations of weaker inflation over the next 12 months. The number…
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