Inflation puts brakes on consumer spending

With inflation surging to a ten year high, consumers’ financial optimism has taken a hit for the second quarter in a row, according to TransUnion’s latest Consumer Pulse study. In stark contrast to the renewed positivity seen earlier this year, consumers have significant concerns about the future state of their household finances, with confidence dropping from…

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Thames Water to pay £11m to business customers and water retailers over billing errors

7th December 2021 Business Utilities | #featured#water

Ofwat has finalised its decision which will see Thames Water pay over £11 million to 13,800 business customers and water retailers for errors in its data which led to customers being billed the wrong amount. In addition to the financial package, Thames Water has proposed a series of undertakings which, among others, include strengthening its…

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British Business Bank responds to NAO report on Bounce Back Loans

A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. The British Business Bank stepped up to deliver the Bounce Back Loan Scheme on behalf of Government to ensure…

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Almost 20,000 Scottish businesses vanished over the past year

7th December 2021 Business | #featured#insolvency

Scotland lost almost 20,000 small businesses during a single year of the covid crisis, according to official statistics. As a consequence of this dramatic fall in business numbers, the Federation of Small Businesses (FSB) is urging the Scottish Government to outline new measures to aid the recovery of local businesses in the budget next week.…

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Banks urged to remember pressures that consumers and businesses face

14th July 2021 Banking and Loans | #featured

The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…

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Stretched businesses owe average of £21k in late payments

8th July 2021 Business | #featured

New data from Intuit QuickBooks has highlighted the burden of late payments on already financially stretched small and medium-sized businesses (SMBs) with the average amount figure owed being £21,373. The figure represents more than two thirds (67%) of typical SMB monthly turnover. The company’s Late Payments Bulletin provides a snapshot of the late payments issues…

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Average debt has dropped by 32% over the past year

28th April 2021 Arrears and Recoveries | #featured

New research by Experian has revealed that the average debt in the UK has dropped by 32% (nearly one third) over the past year of living with the enforced Covid-19 lockdowns. The average credit balance across all accounts, excluding mortgages, is now £7,851 – when it was £11,615 at the start of March 2020 and…

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Retired households disposable incomes fell by 12% last year

31st March 2021 Credit Cards | #featured

New research by Key has indicated that retired households saw their average disposable incomes fall by 12% last year. The analysis shows average disposable incomes for retired people fell in the financial year ending 2020 from the previous year by nearly 12% with much of the cut coming from lower private pension income and investment…

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Energy company pays £1.5m redress after overcharging customers

16th December 2019 Consumer Collections | #featured

iSupply Energy is to pay out £1.5 million in redress after the supplier overcharged around 4,400 of its customers on default tariffs and failed to alert the regulator (Ofgem) and put things right quickly. The price cap for 11 million customers on default tariffs came into force on 1st January 2019 with all energy suppliers…

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FEATURE: Is technology helping or hindering the customer experience?

16th July 2019 Consumer Collections | #featured

In recent years, the customer retail journey has been through a period of significant change across several industries – largely due to the internet and related technologies. In today’s connected society, purchase decisions can be made from all manner of devices and locations. Often a strong wi-fi signal and a spare five minutes can be…

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Late payments are a growing concern for businesses

11th July 2019 Drafts | #featured

Late payments are a growing concern for businesses according to the latest Lloyds Bank Business Barometer. The survey says a third (33% of businesses who were paid late in the last year did not chase outstanding payments,  Fear of damaging valuable customer relationships was the biggest rationale by some margin, cited by two thirds (62%)…

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FEATURE: AI tools legal firms need to have on their radar

Having already made significant progress across industries like finance and healthcare, I believe artificial intelligence (AI) is naturally placed to radically transform the legal sector. Indeed, the pace of technological change in the last decade means that businesses are constantly exploring new AI-driven solutions to help them gain a competitive advantage and survive in the…

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Consumer credit continued to slow in May

2nd July 2019 UK Economy | #featured

The Bank of England has revealed that annual growth in consumer credit continued to slow, falling to 5.6% in May, in its monthly Money and Credit update. The monthly flow of consumer credit in May was broadly in line with the average since July 2018, at £0.8 billion. The Bank of England gross lending stats…

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