Business news 3 November 2023
James Salmon, Operations Director.
Productivity & SMEs , BoE holds rates, slashes growth forecasts, Retail footfall, AI, Sam Bankman-Fried, Autumn Statement predictions, insolvencies & more business news that we thought would interest our members.
Productivity issues weigh on small firms
Some 78% of small business owners are most concerned about productivity issues within their business or staff, according to a survey by Simply Asset Finance. Rising operational costs and supply chain issues are also top worries for 74% and 70% of small business owners, respectively. Simply Asset Finance’s COO, Ylva Oertengren, suggests that investing in technology and machinery could help drive productivity. Business services comparison site Beasy’s co-founder, Ala Uddin, agrees and emphasises the need for AI and cloud computing technologies to optimise productivity. Despite these concerns, there is still potential for growth among small businesses, according to Mike Randall, CEO of Simply Asset Finance.
BoE holds rates, slashes growth forecasts
The Bank of England’s Monetary Policy Committee voted in favour of leaving the base rate at 5.25% on Thursday with governor Andrew Bailey insisting rates needed to be held high to squeeze inflation out of the economy. In its latest forecast, the Bank cut expectations for UK growth to zero, down from a previous prediction of 0.5%, while annual growth will remain below 1% for the next four years. In brighter news, the Bank believes inflation has already fallen below 5% and expects it to fall to 3.8% by next March, and around 3.6% in the spring. However, the Bank does not expect price rises to hit its 2% target for two more years. The FT notes that swaps markets are pricing in the first BoE cut for August or September next year. Commenting on the Bank’s decision, Yael Selfin, chief economist at KPMG UK, characterised the move as a “hawkish hold”.
Retail footfall
UK Retail Footfall worsened last month, with poor weather meaning fewer visits to the high street. According to the latest British Retail Consortium-Sensormatic IQ tracker, UK retail footfall declined 5.7% on-year in October. It was a worse outcome than September’s 2.9% decline. High Street footfall alone decreased by 4.6% in October, after a 1.1% fall in September.
AI companies agree to national security oversight
Rishi Sunak announced a deal with ten countries and the EU to test artificial intelligence developments before and after they are released to assess the technology for national security risks. The Prime Minister said the landmark deal agreed with leading technology firms, including OpenAI, Google DeepMind, Anthropic, Amazon, Mistral, Microsoft and Meta, will help “tip the balance in favour of humanity”. The document, which is not legally binding, was signed by the UK, US and Singapore along with Australia, Canada, the EU, France, Germany, Italy, Japan and South Korea. An international panel of experts will also set out an annual report on the evolving risks of AI.
Musk on AI
Elon Musk renewed calls for regulations on artificial intelligence during an on-stage conversation with British Prime Minister Rishi Sunak as part of a two-day UK AI Safety Summit. Regulation “will be annoying, it’s true,” Musk said in the remarks Thursday, “but I think we’ve learned over the years that having a referee is a good thing.”
Musk tells Sunak AI will mean people no longer need to work
Prime Minister Rishi Sunak and Elon Musk sat down for a talks about the future of artificial intelligence as the UK’s summit on AI safety came to a close on Thursday. The wide-ranging discussion included questions about the future of work, with the Tesla billionaire suggesting that AI will one day eradicate the need for jobs. Elsewhere, Sam Altman, the founder of ChatGPT developer OpenAI, has said that older workers could be squeezed out of the job market because they will lack the artificial intelligence skills of their junior colleagues. Speaking at the University of Cambridge, Altman said younger workers are starting to outperform more experienced staff because they are more comfortable using AI tools in their job.
Sam Bankman-Fried convicted of fraud over FTX’s collapse
Sam Bankman-Fried has been found guilty of all charges of defrauding customers of his now-bankrupt cryptocurrency exchange FTX. Prosecutors presented evidence and testimony showing Bankman-Fried was the architect of a scheme to siphon as much as $10bn from FTX customers to repay the debts of its sister hedge fund, Alameda Research, bankroll risky investments, buy luxury real estate and cover hundreds of millions of dollars in political donations. He was convicted on seven counts of wire fraud and conspiracy to commit money laundering. Bankman-Fried could face further charges relating to allegations of bribery of foreign officials and campaign finance violations.
Apple
Apple after Thursday’s closing bell reported fourth quarter sales and profits that exceeded Wall Street analysts’ expectations as increased iPhone sales offset a decline in Mac and iPad revenues. For the quarter ended September 30, 2023, Apple reported revenue of $89.5 billion, ahead of estimates of $89.03 billion but below sales of $90.15 billion achieved in the same period in 2022. Earnings per share of $1.46 were up 13% year-over-year from $1.29 and beat estimates of $1.39.
Ciaran
Storm Ciaran has hit the UK leaving many homes without power. The Energy Networks Association said 107,000 properties had power restored as of midday however 19,800 were still without power. There has been damage to homes in Devon and Cornwall, Sussex, Surry and the Channel Islands.
Autumn Statement predictions
Experts from accountancy and business advisory firm BDO have given their predictions for the Autumn Statement, including possible reforms to R&D tax relief and inheritance tax. The Chancellor may also consider boosting investment through Help to Save and the housing market. Jonathan Hickman, a tax partner at BDO, acknowledges the challenges faced by Jeremy Hunt and suggests improvements to the tax system that would benefit mid-market businesses. Nimesh Shah, chief executive at tax and advisory firm Blick Rothenberg, also reviews Hunt’s tax-cutting options. He said the Chancellor has more room for manoeuvre than he would like to admit as the tax threshold freeze fills Treasury coffers. “Annual receipts now exceed £800bn, having increased by £135bn in just two years.”
Latest Insolvencies
Petitions to wind up (Companies) – ENTERPRISE DATA CONSULTING LIMITED
Petitions to wind up (Companies) – BAANG LIMITED
Petitions to wind up (Companies) – KIGALI COFFEE LTD
Appointment of Liquidators – SA WEALTH LIMITED
Petitions to wind up (Companies) – DRYWALL INNOVATION LIMITED
Appointment of Liquidators – QUEENWOOD CAPITAL MANAGEMENT LTD
Appointment of Administrator – CEMINVEST LIMITED
Petitions to wind up (Companies) – GET FITTER LTD
Petitions to wind up (Companies) – J BUILDING UK LTD
Appointment of Liquidators – JRS MINTON LIMITED
Appointment of Administrator – FITTS LTD
Petitions to wind up (Companies) – ETRAMARKET LTD
Appointment of Liquidators – ALSHAIN CONSULTING LIMITED
Petitions to wind up (Companies) – N & E SEAFORD LTD
Petitions to wind up (Companies) – SUN RICH CLEANING SERVICES SOUTH LIMITED
Petitions to wind up (Companies) – MIDWAY SERVICE STATION LTD
Petitions to wind up (Companies) – BEARDSELLS LIMITED
Petitions to wind up (Companies) – HIRE SOLUTIONS LTD
Appointment of Administrator – GOALS SOCCER CENTRES PLC
Appointment of Administrator – FORTUNA PLUS LIMITED
Petitions to wind up (Companies) – BASELINK CARE LIMITED
Petitions to wind up (Companies) – ANDREW JOHN SERVICES LTD
Appointment of Liquidators – DR. R.L. RANGEL LIMITED
Petitions to wind up (Companies) – KAFEERO LIMITED
Petitions to wind up (Companies) – BOTHAR INNS LIMITED
Petitions to wind up (Companies) – EQUIP TOOL HIRE LTD
Petitions to wind up (Companies) – THE PROGRAMMATIC ADVISORY LIMITED
Appointment of Liquidators – MILVERTON CONSTRUCTION LIMITED
Petitions to wind up (Companies) – LUMBA MANAGEMENT ASSOCIATES LIMITED
Petitions to wind up (Companies) – MOBILECADDY LTD
Petitions to wind up (Companies) – ARCHEO & FUTURA LTD
Petitions to wind up (Companies) – LOUNGE RESTAURANT LTD
Petitions to wind up (Companies) – TAZ COURIERS LTD
Petitions to wind up (Companies) – NVP HEATING & BATHROOMS LTD
Petitions to wind up (Companies) – ASPEXTS CONSULTING LTD
Petitions to wind up (Companies) – JABE ACCESSORIES LTD
Petitions to wind up (Companies) – TRUST INSURANCE GROUP SERVICES LIMITED
Petitions to wind up (Companies) – CRYO STORAGE SOLUTIONS LIMITED
Petitions to wind up (Companies) – HEBBURN LIGHT HAULAGE LIMITED
Petitions to wind up (Companies) – I TIMBER LTD
Petitions to wind up (Companies) – LOLLIGO SERVICES LIMITED
Petitions to wind up (Companies) – MED GOURMET BRIGHTON LTD
Appointment of Liquidators – BRUNTON ADVISORY SERVICES LIMITED
Appointment of Liquidators – ALSTEV LTD.
Petitions to wind up (Companies) – LENNOX ESTATES (NEW COURT) LIMITED
Petitions to wind up (Companies) – AI VENTURES LIMITED
Petitions to wind up (Companies) – HOUNDING RECRUITS LIMITED
Appointment of Liquidators – BRIDGEFIELD RETORT SERVICES LIMITED
Petitions to wind up (Companies) – HARTHAM PARK MANAGEMENT LIMITED
Petitions to wind up (Companies) – BED FACTORY (CONTRACTS) LIMITED
Appointment of Liquidators – BULLGUARD LIMITED
Petitions to wind up (Companies) – PINEAPPLE SOLUTIONS LIMITED
Appointment of Liquidators – CZARNY CONSULTING LTD
Petitions to wind up (Companies) – FLOWING SCREEDS LTD
Petitions to wind up (Companies) – SARACENS BAKERY LTD
Appointment of Liquidators – SIMPLY FIX IT (SB) LTD
Appointment of Liquidators – NEWMAN DRY CLEANERS LIMITED
Petitions to wind up (Companies) – HANNAH EDWARDS LTD
Petitions to wind up (Companies) – KG DUCTING LIMITED
Petitions to wind up (Companies) – CITYGLEN PUB CO. LIMITED
Petitions to wind up (Companies) – DB INCORP LTD
Petitions to wind up (Companies) – KFHS LIMITED
Appointment of Liquidators – BEESTON MARKETING LIMITED
Petitions to wind up (Companies) – AIRCO DEVELOPMENTS LIMITED
Appointment of Liquidators – BRENDAN COWELL HOLDINGS LIMITED
Petitions to wind up (Companies) – SMC ARCHITECTURAL INSTALLATIONS LTD
Petitions to wind up (Companies) – T & M ENGINEERING LIMITED
Petitions to wind up (Companies) – PYMAN BELL (HOLDINGS) LIMITED
Appointment of Liquidators – TITANIUM SHELF 106 LIMITED
Petitions to wind up (Companies) – APUK CONSTRUCTION LTD
Appointment of Liquidators – GLOBSTAR ENTERPRISE HOLDINGS LTD
Petitions to wind up (Companies) – K P IMAGERY LIMITED
Appointment of Liquidators – SND TECHNOLOGIES LTD
Petitions to wind up (Companies) – EKO CHEM LIMITED
Appointment of Liquidators – VERTO SYSTEMS LTD
Petitions to wind up (Companies) – SECURITY INNOVATION EUROPE LTD
Appointment of Liquidators – ICUOS CONSULTING LIMITED
Petitions to wind up (Companies) – EFH CONSULTING LIMITED
Petitions to wind up (Companies) – JINJUU (SOHO) LIMITED
Petitions to wind up (Companies) – HANK CONSULTANCY LTD
Appointment of Liquidators – CLAIRE LOUISE (SCOTLAND) LIMITED
Petitions to wind up (Companies) – MIISEE LTD
Petitions to wind up (Companies) – HARROGATE AUDIO VISUAL SERVICES LIMITED
Petitions to wind up (Companies) – ELITE VEHICLE CENTRE LIMITED
Petitions to wind up (Companies) – SHAPE PROPERTY SURVEYORS LTD
Petitions to wind up (Companies) – IHDM LIMITED
Petitions to wind up (Companies) – CTA CONSTRUCTION SERVICES LTD
Petitions to wind up (Companies) – HARTS SERVICES LTD
Petitions to wind up (Companies) – PUNTO LTD
Appointment of Liquidators – DUNVEGAN (COWDENBEATH) LTD.
Appointment of Liquidators – HYPERION PROMOTIONS LIMITED
Appointment of Liquidators – SOQIS LTD
Petitions to wind up (Companies) – PROPITEER FLETTON QUAYS LIMITED
Petitions to wind up (Companies) – SUSSEX GOURMET LIMITED
Appointment of Liquidators – CLEARY CONSTRUCTION (UK) LIMITED
Petitions to wind up (Companies) – CASTLE HOME RENOVATIONS LIMITED
Appointment of Liquidators – VESPASIAN TECHNOLOGIES LIMITED
Appointment of Liquidators – MICHAEL BEVERLY LIMITED
Petitions to wind up (Companies) – HARTECH BUILDING SERVICES LIMITED
Petitions to wind up (Companies) – MC RACETRACKS LIMITED
Why should you become a CPA member!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the debt value maybe!
Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.