Credit, Collections & Insolvency News
The UK economy proved to be more resilient than expected at the end of 2022 but the squeeze on household real incomes and the impact of past interest rate increases will likely derail short-term momentum, with UK growth expected to be negative this year at -0.3% and only 0.6% in 2024 according to the latest…
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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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Latest Office for National Statistics (ONS) figures that showed monthly GDP fell by 0.5% in December 2022, leading to an overall estimate of a flat economy in the final quarter of the year. Whilst the Bank of England is predicted we’re still heading for a recession later this year, but it will be shorter and…
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The UK economy unexpectedly grew in November, with Office for National Statistics (ONS) data showing growth of 0.1%. While the figure shows a slowdown in growth after a 0.5% increase in October, analysts had predicted that the economy would shrink by 0.3% in November. The expansion was driven by the services industry, which saw a…
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A quarterly survey of the UK’s financial services firms shows that confidence in the sector increased in the three months to December. An index of confidence rose to 10 from -55 in the prior three-month period, with 95 of the firms reporting higher business volumes and employment growth in the period according to the latest CBI/PwC…
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A quarterly survey by the British Chambers of Commerce (BCC) has revealed that British businesses are nearly as pessimistic as they were in the midst of the pandemic, as they brace for a drop in profit during a recession in 2023. The percentage of firms reporting increased domestic sales has stabilised at the low level…
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Business confidence stabilised in September after falling for three consecutive months between June and August. The index remains at 16%, its joint lowest level since March 2021, according to the latest Lloyds Bank Business Barometer. While business confidence remained below the long-term average of 28%, it is above the lowest levels seen in 2020 during…
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The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research has found that confidence among UK consumers has fallen into negative territory for the first time since June 2020. The index fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic.…
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Falling petrol prices have pushed the inflation rate back to 9.9% in August latest Office for National Statistics (ONS) have shown. The consumer prices index has dipped from 10.1% in July to 9.9% last month, with cheaper motoring costs offsetting the impact of expensive food prices, although prices are still continuing to rise at nearly…
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The number of UK sectors reporting greater output increased in June, according to the latest Lloyds Bank UK Sector Tracker. However, businesses across the economy saw weaker demand as inflation dampened customer spending. In June, nine out of the 14 sectors monitored by the Tracker reported activity up, compared to eight in May and 11…
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KPMG’s latest UK Economic Outlook report predicts GDP growth will more than halve to 3.2% this year, from 7.4% in 2021, and fall to 0.7% in 2023. KPMG warned that the invasion of Ukraine and renewed lockdowns in China put upward pressure on commodity prices and keep supply chains under strain, UK GDP growth is…
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High inflation is causing real pay packets to shrink at their fastest rate in a decade, while the slowdown in growth may be causing the tight labour market to cool as unemployment ticks up, the Resolution Foundation said today (Tuesday) in response to the latest ONS labour market statistics. With CPI inflation hitting a 40-year…
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The Bank of England’s Monetary Policy Committee’s vote to increase the base rate to 1% follows the release of ONS figures showing that 16% of microbusinesses are still not currently fully trading (compared to only 3% of big businesses) meaning that small businesses will be hit harder with a ‘cost of doing business.’ Responding the…
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