Credit, Collections & Insolvency News
A Deloitte survey of CFOs found persistent labour shortages, the pandemic, climate change and higher inflation were seen as the leading risks to their businesses in the year ahead. However, some 37% said that increasing capital expenditure was a priority for 2022. This is the highest figure recorded by Deloitte since it first asked the…
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The Government has announced £1 billion in support for businesses most impacted by Omicron across the UK. The new measures will mean businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for…
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A study by insurance provider Simply Business has predicted that one in five small businesses will not survive 2022 unless their Christmas sales are strong. It was also found that 27% of SME staff are “not confident” about their trading fortunes, while one in ten expects to fare worse this month than they did last…
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The Bank of England has raised interest rates for the first time in three years amid growing concerns over inflation. The Bank’s Monetary Policy Committee (MPC) voted by a majority of eight to one to raise rates from the historic low of 0.1%. With inflation at a ten year high, the Bank said this was…
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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…
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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…
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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…
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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…
Read moreDespite 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…
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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…
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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…
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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…
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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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