Credit, collections & insolvency news
Economists analysis of PMI data say the recession may already be over and predict that inflation could soon fall to 0%. The prediction came as data revealed that the private sector has grown at the fastest rate in nine months. The S&P Global Flash PMI hit 53.3 in February on an index where a reading…
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Latest GDP figures has indicated that the UK ended 2023 in recession. The figures showed that GDP fell 0.1% in December, following a 0.2% rise in November. GDP was down 0.3% over the three months to the end of December, a second consecutive quarter of negative growth, pushing the UK into a technical recession. The fall reflects…
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SME anxieties regarding a potential recession have eased by a third (32%) since Q4 2022, though inflation concerns remain, according to iwoca’s latest research. The findings showed that inder half (49%) of SME finance brokers surveyed report their SME clients having any recession fears––a significant drop compared to 73% in Q4 2022. Economic fears persist…
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The Centre for Economics and Business Research (CEBR) predicts that the UK economy likely experienced a mild recession in the second half of last year. However, the think-tank believes that the country is now on the path to recovery, thanks to higher disposable household income and increased spending. CEBR says the UK economy has battled…
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New data released by leading audit, tax and consulting firm RSM has helped to allay fears that the UK economy is already in a recession. While the overall economy stagnated in Quarter 3 (Q3), conditions in the middle market, a key engine of UK growth, remained cautiously optimistic at the end of the year, helped…
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The UK should still avoid a recession, although GDP growth is set to remain sluggish for the remainder of 2023 and into 2024 amid headwinds from high interest rates and a weaker-than-anticipated labour market, according to the EY ITEM Club’s new Autumn Forecast. Following a better-than-expected start to the year, GDP growth expectations for 2023 have…
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Employers are becoming increasingly cautious about hiring new employees due to the impending threat of a recession, resulting in BDO’s employment index reaching its lowest level in almost a decade. The index, which measures hiring intentions, dropped for the third consecutive month in September, indicating the weakest reading since 2014. Sectors such as retail, wholesale,…
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The UK economy has performed better than expected so far this year, and should avoid recession, leading the EY ITEM Club to upgrade its 2023 UK bank lending forecast for households and businesses. Total loans to households and businesses are expected to rise 1.2% this year (a net increase of £29 billion), improving on February’s forecast which…
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Research by iwoca has found that recession fears are receding with small business loan application figures rising. The company says there are signs of confidence returning to the UK’s 5.5m small and medium-sized businesses and the lending market they rely on. The new research, carried out with over one hundred SME finance brokers who collectively…
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PwC has joined the Bank of England and Office for Budget Responsibility in forecasting that Britain will avoid a recession this year. PwC estimates that the UK economy will grow by 0.1% this year before returning to 1% growth by the end of 2024 and 1.6% by end of 2025. It believes GDP will rise…
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Britain will avoid a recession this year, according to an Office for Budget Responsibility (OBR) forecast. The report says GDP will fall by 0.2% this year, with this far lower that the 1.4% downturn it predicted in November. In the longer term, the report says the economy will grow by 1.8% in 2024, 2.5% in…
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The British Chambers of Commerce (BCC) has said the UK will avoid a recession this year, but will continue to show sluggish growth and the economy won’t recover to pre-pandemic levels until the final quarter of 2024. The BCC upgraded its outlook after better-than-expected consumer spending and business investment figures. The BCC forecasts the economy…
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The National Institute of Economic and Social Research (Niesr) has predicted that the UK is likely to avoid a recession this year. Niesr says that the UK will likely avoid a protracted recession in 2023, but GDP growth is set to remain close to zero. However, with the cost-of-living crisis having a lasting effect on…
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