economy

Inflation hits ten year high

16th December 2021 Arrears and Recoveries | #economy

Figures from the Office for National Statistics (ONS) show that inflation hit 5.1% in the 12 months to November, exceeding forecasts of a 4.7% increase and driving the rate further beyond the Bank of England’s (BoE) 2% target. The rate up on the 4.2% recorded a month earlier and means inflation is now at its…

One in three small firms planning major staff cuts

14th December 2021 Commercial Credit Management | #economy

A third of UK small businesses are planning to make staff redundant over the next few months, rising to more than four in 10 in London, according to a new survey analysis by Moore UK. The research found that 33% of owner-managed businesses in the UK are planning to make redundancies now the safety net…

Two thirds of people say the cost of living has risen in the past month

6th December 2021 Arrears and Recoveries | #economy

Two thirds of people (65%) say the cost of living has risen in the past month according to new ONS figures. 87% say the price of food has risen, 77% that the cost of energy bills is up, and 76% that fuel prices are higher. The older people are, the more likely they are to…

Cost of living crisis could slow household recovery

2nd December 2021 Consumer Collections | #economy

Research from PwC suggests the economy will be hit by a triple whammy of a climbing cost of living, higher interest rates and the end of pandemic-related support from the government, with weaker household spending likely to slow the recovery. The analysis says more affluent households will be able to shake off the impact of…

SMEs post-pandemic business confidence grows

1st December 2021 Commercial Credit Management | #economy

Despite lingering anxieties about the pandemic and a variety of economic and commercial issues, the majority of SMEs believe it is now imperative to begin building back from the crisis. They are ready to step up their business investment, with ambitious plans for recruitment, renewal of equipment and machinery, and both domestic and international expansion…

Business confidence dips in November

1st December 2021 Business Lending | #economy

New analysis from Lloyds Bank has indicated that business confidence dipped by three points to 40% in November, although it remains above the annual average. Nine out of the 12 UK regions and nations saw confidence decline, with Wales, the South East and East of England the only places to register an increase in confidence. The…

Inflation rises to ten year high at 4.2%

17th November 2021 Consumer Lending | #economy

The cost of living surged by 4.2% in October, the highest rate in almost 10 years, due to rising fuel and energy costs, according to ONS data. Commenting on the figures, Shachar Bialick, CEO and founder of Curve, a financial super-app, said “If Andrew Bailey is uneasy about rising inflation then Brits have every right…

Consumer spending slows

4th November 2021 Consumer Lending | #economy

While consumer spending has continued to bounce back post-pandemic, research by Nationwide shows that growth has started to slow. Between July and September growth in consumer spending hit 3%, marking a slowdown following the 14% increase recorded in Q2. The study, which looked at more than 620 million transactions by Nationwide consumers, also revealed that…

Warning that households will be £1,000 worse off next year

19th October 2021 Consumer Collections | #economy

UK households will be over £1,000 worse off next year new research from the Resolution Foundation has found. The research found that household incomes are set to fall by about 2% amid the cost of living squeeze. The UK is set for its biggest ever current-year economic growth upgrade next week as a result of a…

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