Latest Issue: Credit Insurance News Digest (no 107)
March's News Quiz
Events and Offers
ISSUE 58: Credit Insurance News Digest
Latest Issue: Credit Insurance News Digest (no 107)
March's News Quiz
Events and Offers
Business Information: Latest Reports and Business Shorts
Terrible start to the Summer for UK retailers.
According to BDO’s monthly High Street Sales Tracker, the UK high street has reported its worst June for nearly since 2006, with a 2% drop in year-on-year sales for June. Despite the improving UK economy, retailers are struggling against a combination of falling footfall from domestic and overseas shoppers, and consumer nervousness sparked by the global environment, such as the uncertainty around Greece’s IMF default. Instead, consumers are more likely to spend money on leisure activities like eating out. The like-for-like fall is also the fourth monthly dip of the year so far. While not as severe as March’s 4% drop, consumers are still reluctant to increase spending on the high street. All sectors were hit by the downturn. To read BDO news release go to
UK showing signs of 'two-tier' growth, as services race ahead of manufacturing.
The British Chambers of Commerce (BCC) Quarterly Economic Survey (QES) shows that in the second quarter of 2015 the service sector continued its current trend of steady progress but manufacturing firms reported much weaker growth. While most key national service sector balances recorded small increases in Q2 2015, and are now higher than their average 2007 pre-recession levels, virtually all the key national manufacturing balances recorded declines in Q2 – continuing the slowdown seen in Q1. To read BCC's news release with a link to the full report go to
UK growth slows but expectations buoyant.
The rate of economic growth slowed in the three months to June, but activity remained solid across the quarter as a whole, according to the latest CBI growth indicator. The survey of 752 respondents across the manufacturing, retail and service sectors showed a reading of +14% in the three months to June, compared with +33% in May. This slowdown was largely due to last month’s fast pace of growth in business and professional services not being sustained. Nonetheless, expectations are buoyant, with respondents anticipating that growth will bounce back in the next three months (balance of +32%). UK manufacturing growth gained a bit of traction, but overall remained moderate, whilst retail sales volumes rose robustly in the year to June, albeit at a slower pace than previously. To read the CBI's news release go to
Fewer shops close as retail administrations fall 32% in the first half of the year.
The number of retail administrations in England has fallen by 32% this year, according to research from Deloitte. In the first six months of this year, 45 retailers entered into administration, compared with 66 in the first six months of 2014. This year’s figure is less than half the total of the 95 retailers that went into administration in the first six months of 2013. Lee Manning, restructuring services partner at Deloitte, said: “After a few turbulent years and something of a clear-out, the retail sector is now benefitting from the calmer waters of a stable economy. In fact, the only well-known retail insolvency this year has been Bank Fashion." To read Deloitte's news release go to
Growth slows in emerging markets, picks up in advanced economies.
According to the IMF’s latest update on the World Economic Outlook, moderate growth continues, with global growth forecast to be slightly down for 2015, reflecting an unexpected setback to economic activity in the first quarter of 2015. Growth in advanced economies is forecast to increase from 1.8% in 2014 to 2.1% in 2015 and 2.4% in 2016. In contrast, growth in emerging market and developing economies is projected to slow from 4.6% in 2014 to 4.2% in 2015. The slowdown reflects the dampening impact of lower commodity prices and tighter external financial conditions—particularly in Latin America (e.g., Brazil) and oil exporters. Other factors include rebalancing in China, structural bottlenecks, and economic distress related to geopolitical factors. To read the IMF's news release with a link to the WEO Update go to
Britain’s micro-businesses are owed £16.9 billion in late payments.
According to research commissioned by Intuit QuickBooks and carried out by Opinion Matters, Britain’s micro-businesses are owed £16.9 billion by their customers. As a result, many micro-businesses are being forced to rely on debt to shore up their finances; 32% of respondents said they have had to take out loans or rely on credit to pay wages or suppliers. Additionally, the number of customers dragging their feet over payment means that micro-businesses spend an average of 19 working days a year chasing invoices. To view Intuit's Quickbook's press release go to
The global economy is in transition.
The World Bank has released a new publication, 'Global Economic Prospects: The Global Economy in Transition', which warns that developing countries face a series of tough challenges in 2015, including the looming prospect of higher borrowing costs in a new era of low prices for oil and other key commodities. The World Bank Group’s latest 2015 Global Economic Prospects report advises that this will result in a fourth consecutive year of disappointing economic growth this year. Developing countries are now projected to grow by 4.4% this year, with a likely rise to 5.2% in 2016, and 5.4% in 2017. "Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment," said World Bank Group President Jim Yong Kim. To read the World Bank's news release with a link to the full report go to
The UK smallest businesses are waiting longer than ever for payment.
The smallest businesses are now waiting longer than ever for their invoices to be paid, says the Asset Based Finance Association (ABFA). According to the ABFA, UK businesses with turnovers of under £1 million are now waiting an average of 72 days for payment of invoices – a day more than a year ago – despite the strengthening economic recovery. By contrast, businesses with £500 million-plus turnovers have seen payment waits fall by a day since last year to 47 days. The ABFA also says that the smallest businesses are now waiting an average of 11 days longer for payment than they were even at the peak of the recession. To read the ABFA's news release go to
About this issue's sponsor:
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