Credit, Collections & Insolvency News
Latest data from Office for National Statistics (ONS) showed that the economy fell 0.1% in January. GDP had been expected to rise 0.1% month-on-month. Services output grew 0.1% month-on-month whilst construction output fell 0.2% month-on-month. Production fell 0.9% month-on-month. Commenting on today’s GDP figures for January, ONS Director of Economic Statistics Liz McKeown said “The…
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A Business Confidence Survey by the Adam Smith Institute (ASI) has revealed that over 77% of business leaders in the UK have “low” or “very low” confidence in the current economic climate. The data showed that only 3.8% of respondents had ‘high or very high confidence.’ The average ‘Business Confidence Score’ across the survey was…
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Business confidence amongst UK CEOs is growing, despite ongoing geopolitical and macroeconomic challenges, according to the latest EY-Parthenon CEO Outlook survey. The survey of 100 UK CEOs, which evaluates optimism levels and provides insights on capital allocation, investment and transformation strategies, found that 82% of UK CEOs felt very or somewhat optimistic about the business…
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The UK economy experienced a modest growth of 0.1% in November, falling short of the anticipated 0.2% increase, as reported by the Office for National Statistics (ONS). Liz McKeown, Director of Economic Statistics at the ONS, said “The economy continues to be broadly flat, having grown slightly in November following two small falls in the…
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The UK economy is facing increasing risks of stagflation, according to analysis by the ICAEW. UK business confidence fell by the largest amount in two years to hover just above zero, amid record tax concerns and a slowdown in domestic sales growth. The ICAEW’s Business Confidence Monitor (BCM) for Q4 2024 fell by 14.2 points…
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2025 will be the most expensive on record for businesses who employ workers on the minimum wage, according to new analysis by the Centre for Policy Studies. The research shows that the tax wedge – the combined amount of tax paid by employees and employers – for those on minimum wage will equate to a…
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Gross domestic product (GDP) declined by 0.1% month on month in October for the second consecutive time and below expectations of 0.1% growth. GDP is estimated to have fallen largely because of a decline in production output; this follows a fall of 0.1% in September 2024. Real GDP is estimated to have grown by 0.1%…
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Recent data indicates that households are increasingly anxious about the state of the economy, particularly following Rachel Reeves’s Budget, which has raised concerns about a potential UK recession. The BRC-Opinium tracker shows a decline in consumer confidence, with only 19% of respondents feeling optimistic about the economy in the next three months, down from 21%.…
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The EY ITEM Club has revised its GDP growth expectations for 2024 down slightly from 1.1% in July’s Summer Forecast to 0.9%. UK GDP growth is expected to accelerate to 1.5% in 2025, although this is lower than the 2% forecast in July. The downgrade reflects that household savings are now lower than initially thought three…
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The British Chambers of Commerce (BCC) has warned that the UK economy is set to grow at a slower pace, with gross domestic product (GDP) expected to decline to 0.4% in the third quarter and 0.2% in the final quarter of the year. The BCC expects the UK economy to grow by 1.1% for 2024,…
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Research by BDO found that. the UK economy showed signs of growth in July following a boost in manufacturing production and the start of the summer tourism season, which likely contributed to an increase in headcount across the services sector. The analysis showed that despite prevailing challenges including elevated input prices and persistent tightness in…
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The percentage of small business owners predicting growth has hit its highest level for more than two years, after a period of slow decline since the start of 2022 according to research commissioned by Novuna Business Finance. The research showed that during the fortnight immediately after the General Election, 35% of UK small business owners…
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The Labour party will likely have a majority vote to win the General Election. Responding to the news Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said “Congratulations to the new Prime Minister and Government on their decisive election victory, and congratulations to the newly elected MPs from all parties. “The clear result…
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