Credit, Collections & Insolvency News
Some 49% of people surveyed by the Office for National Statistics say they had purchased less food than normal between 22 June and 3 July. This was up from 8% of those polled last September. Another 48% said they had been forced to spend more than usual on their food shopping. Overall, 91% of 2,300…
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High levels of inflation and the deepening cost of living crisis have prompted further slowing of retail sales growth, according to new figures by accountancy and business advisory firm BDO LLP. The High Street Sales Tracker (HSST), total like-for-like (LFL) sales, combined in-store and online, increased by +8.4% in June compared to the equivalent month…
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Consumer sentiment has continued to decline as the cost-of-living crisis escalates, according to the latest update to PwC’s Consumer Sentiment Survey. Sentiment is now at -36, falling a further 16 points from the last iteration in March. Sentiment is now lower than at the start of the first national lockdown in March 2020 (-26%) but still higher than…
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More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…
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Families faced with uncertainties about how they can make ends meet with soaring living costs are not getting the kind of backup from the government that helped them survive the pandemic, a study has found. The research, from the Centre for Research in Social Policy (CRSP) at Loughborough University, funded by Joseph Rowntree Foundation, has followed a group…
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The cost of living gap between rich and poor household is at its highest level since records began in mid-2000s according to the Resolution Foundation. The Foundation’s research found that the gap in the inflation experienced by the richest and poorest tenth of households grew to 1.5 percentage points in April – the largest gap…
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The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…
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The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…
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