Recovery accelerates as manufacturers shoulder inflation pressure

The number of UK sectors reporting output growth rose in March, according to the latest Lloyds Bank UK Recovery Tracker. However, while UK services businesses benefited from strong demand and a further loosening of Covid-19 restrictions, goods producers were disproportionately affected by the war in Ukraine – leading to the largest gap between manufacturing and…

Read more

Cost of living crisis starts with cost of doing business crisis as input prices rise at record rate 

Latest ONS updates have highlighted that input price inflation for businesses has surpassed 19% reaching its highest point on record with the consumer prices index also hitting 7%. Commenting on the rise Federation of Small Businesses (FSB) National Chair Martin McTague, said “It’s been decades since we’ve seen input costs surging at this kind of unmanageable rate.” “The discrepancy…

Read more

Households suffer as inflation hits 30 year high

14th April 2022 Global | #inflation

Office for National Statistics (ONS) data shows that inflation hit a 30-year high of 7% in March. The increase marks the highest level of inflation since the 7.1% rate recorded in March 1992. Inflation increased from the 6.2% seen in February and also came in higher than the 6.7% expected by analysts. The increase does…

Read more

Mixed picture of optimism and caution amongst small business’ plans

7th April 2022 Commercial Credit Management |

New research from Novuna Business Finance suggests a mixed picture of optimism and caution amongst small business’ plans for the next three months. A poll of over 1,000 small business owners and senior decision-makers showed that two thirds (67%) of businesses could point to specific plans to try and achieve business growth in the next…

Read more

Consumer sentiment falls as cost of living and inflation pressures impact households

5th April 2022 Global |

PwC’s Consumer Sentiment Index for March 2022 has seen a considerable drop off in sentiment reflecting the cost of living crisis. The Index found that consumer sentiment is currently tracking at -20, after peaking at +10 in June 2021. A 30 point decline in nine months is the biggest sustained fall in the survey since…

Read more

Cash a crucial part of payments mix

Around ten million people, or one in five adults, would struggle to manage in a society without cash, according to a report from the Royal Society of Arts commissioned by cash machine network Link. The research found that almost half of people believe going cashless would be problematic, and while three in ten think they…

Read more

Poorest hardest hit by inflation

A report from EY Item Club has revealed that the fifth of households on the lowest incomes will be hit the hardest by rising inflation – suffering a 9.6% rise in living costs compared with an average of 8.6% for the richest fifth of households. EY Item Club economists say inflation will peak next month…

Read more

SPRING STATEMENT: National Insurance threshold and cuts fuel duty – Industry reaction

24th March 2022 Arrears and Recoveries | #economy

The Chancellor delivered a Spring Statement which will reduce fuel duty on petrol and diesel by 5p per litre for the next year and announces a £5 billion income tax cut from 2024. The National Insurance starting thresholds will rise to £12,570 from July.  The Government says that the tax cut, worth over £6 billion,…

Read more

Lack of support for low-income families will see 1.3m pushed into absolute poverty

The Chancellor’s failure to support families through the cost of living crisis will mean that absolute poverty is expected to rise by 1.3 million people next year according to the Resolution Foundation’s analysis of Spring Statement 2022. Inflation Nation shows that faced with an unprecedented squeeze on family’s household finances and a significant boost to…

Read more

Ukraine crisis and rising fuel prices are top concern for small businesses

21st March 2022 Commercial Credit Management |

The outbreak of war in Ukraine has had a significant impact on UK small business owner confidence. Nationally, 78% of small business owners say there are worries that keep them awake at night – and the feared implications of the Ukraine conflict have cast aside small business concerns over Covid, Brexit and red tape –…

Read more

Recovery accelerates as supply chain pressures ease

The number of UK sectors reporting output growth rose in January as supply conditions improved, according to the latest Lloyds Bank UK Recovery Tracker. However, businesses continued to face significant cost inflation, which translated into a record uptick in selling prices among service sector firms. The number of UK sectors monitored by the Tracker reporting…

Read more

Cost-of-living crisis spreads impacting three-quarters of households

18th February 2022 Consumer Collections | #cost of living

The extension of cost-of-living costs is impacting three-quarters of households new ONS fortnightly data has revealed. In the first half of February, 76% of people said their cost of living had risen in the previous month, up from 69% in the second half of January. The most common price rise they mentioned was the increasing…

Read more

Covid impact creates £114.8bn damage to hospitality industry

The hospitality sector has urged the Chancellor to extend VAT support beyond April, with industry body UKHospitality saying the pandemic had resulted in almost nearly £115bn of lost sales for its businesses since March 2020. The sector was hit first and hit hardest by coronavirus, the sector has racked-up £114.8bn sales lost versus what was…

Read more