Business news 9 April 2025
Mostly its about the tariffs again (sorry but it is the story), but also, productivity, growth, net zero, tax, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Please note: on the 19/3/25 CPA moved after 45 years on King Street, to new offices a couple of miles down the road at Profile West, 950 Great West Road, Brentford, TW8 9ES.
More firms will collapse amid tariff turmoil
Data from Interpath shows that 330 businesses went into administration in the first quarter of 2025. While this marks an increase on the 321 recorded in Q1 2024, it is lower than the 337 seen in Q4 2024. The advisory firm has warned that the number of UK companies going bust is set to “rise sharply” as businesses “grapple with the impact of new US tariffs on their organisations and the wider economy.” Interpath’s UK chief executive, Will Wright, said the new tariff on imports into the US “has sent shockwaves round the globe and has knocked corporate confidence.”
Trade war will ‘depress activity’
Clare Lombardelli, the Bank of England’s deputy governor, has warned that a trade war sparked by US tariffs will “depress activity,” noting that the charge on exports has delivered an “increase in uncertainty and changes in asset prices.” Ms Lombardelli said the impact on inflation “depends a lot more on the circumstances on how other countries respond and how that feeds through to the UK.”
Tax rises ‘on the cards’
Former Cabinet Secretary Lord O’Donnell has warned that tax rises are “on the cards” as the UK grapples with the economic fallout from Donald Trump’s tariffs. He noted that while London and the South East may escape the worst effects, the Midlands and North, with their manufacturing base, will suffer significantly. Lord O’Donnell emphasised the indirect impacts of the tariffs, predicting a global economic downturn that could harm UK exporters.
Tariff uncertainty may ease mortgage rates
Some lenders are set to cut mortgage rates after economists forecast that the Bank of England will cut interest rates by more than had been expected to avoid an economic downturn. Experts say the uncertainty stemming from new US import tariffs means the Bank is likely to reduce the base rate three times in 2025, having previously said two cuts were likely. Sarah Coles, head of personal finance at Hargreaves Lansdown, said central banks “will be really looking to cut interest rates as much as possible in order to support growth,” adding that mortgage companies “start to price that in right away.” Laith Khalaf, head of investment analysis for AJ Bell, said that while tariffs announced by President Donald Trump “might have created havoc in the stock market … there could be a silver lining for UK mortgage borrowers.”
BoE quizzes lenders on tariff fallout
The Bank of England has asked lenders about market liquidity and whether clients were having issues with funding in the wake of new tariffs announced by the US which have shaken financial markets. The Prudential Regulation Authority (PRA) asked banks to flag any concerns over clients such as hedge funds being unable to heed margin calls. Sources say the PRA did not see any significant signs of distress in the banks’ responses. Meanwhile, Chancellor Rachel Reeves has told the House of Commons that the Bank’s governor had “confirmed that markets are functioning effectively and that our banking system is resilient.”
Chancellor to hold tariff talks with City execs
Chancellor Rachel Reeves is set to meet with City executives to discuss the impact of US tariffs which have driven volatility across global financial markets. Sources say that while the talks centre on the Treasury’s financial services growth and competitiveness strategy, fallout from President Donald Trump announcing new import tariffs will feature prominently on the agenda. Insiders say that Ms Reeves will reiterate a commitment to working with international partners to reduce barriers to trade in talks set to feature the bosses of Lloyds, Hargreaves Lansdown and Legal & General.
UK hit by ‘almost unprecedented’ fall in productivity
Analysis from the Resolution Foundation suggests that productivity slumped by 0.5% between 2019 and 2024, with the think-tank describing the rate of decline as “almost unprecedented.” The data contradicts figures from the Office for National Statistics, which estimates an increase of 1.8% over the same period. Simon Pittaway, from the Resolution Foundation, said: “Britain’s already dire productivity record in the 2010s has got even worse during the turbulent 2020s.”
Analysts expect ONS data to show slight growth
With the Office for National Statistics (ONS) set to release economic growth figures on Friday, a Bloomberg poll of economists suggests that the data will show month-on-month growth of 0.1% for February. This would mark an improvement on the 0.1% contraction recorded in January. Any rise in February is expected to be driven by the services sector, while industrial production and manufacturing are predicted to have rebounded from 1% declines. Most forecasters do not expect UK growth to come in above 0.5% for any quarter of this year. Capital Economics predicts that there will be growth of 0.2% in Q1 and Q2, followed by 0.3% growth in the following three quarters.
Net zero no longer a priority for small firms
A survey of around 500 business owners suggests that SMEs are no longer prioritising net zero practices. The poll from technology firm Bionic shows that more than half of respondents have deprioritised green practices in the last year. The poll also reveals concern over finances, with a quarter of SMEs identifying high energy costs as a key issue. Nearly a third said higher National Insurance contributions will stretch their budgets.
Markets
Yesterday, on the news that the Trump team might be discussing deals with other nations, the FTSE 100 closed up 2.71% at 7910.53 and the Euro Stoxx 50 closed up 2.52% at 4773.65.
PM Sir Keir Starmer said all options remained on the table with respect to British Steel’s Scunthorpe operations amidst calls for nationalisation.
There was also the sense that US tariff threats against China have reached ludicrous levels were running out of steam a bit. HSBC moved 2p lower in the face of the US China standoff.
US President Donald Trump says a deal with South Korea, over more than just tariffs and trade, is close to being agreed, with his administration “dealing with many other countries”, apart from China.
Overnight however the mood soured as Trump’s tariffs kicked in, with China facing 104% in net tariffs. In the US the S&P 500 fell 1.57% to 4982.77 and the NASDAQ fell 2.15% to 15267.91.
Asian markets also sold off as the tariffs came into force. Japan’s Nikkei index fell by 3.93% while the ASX 200 sold off 1.8%.
Pharmaceuticals are next on the tariff list, with Trump saying an announcement will come “very shortly.” . Health care and energy shares led declines, while automobile and media stocks are the biggest outperformers.
Beijing filed a complaint at the WTO over US tariffs on Chinese goods, saying they “seriously undermine the rules-based multilateral trading system.” In a letter to the WTO, China said the 34% tariffs set to take effect on Wednesday violate international trade rules. It described the US measures as “discriminatory and protectionist in nature” and asked for bilateral talks to resolve the dispute.
This morning on currencies, the pound is currently worth $1.281 and €1.1625. On Commodities, Oil (Brent) is at $60.7 & Gold is at $3046. On the stock markets, the FTSE 100 is currently down 3% at 7675 and the Eurostoxx 50 is down 3% at 4628.
The oil price dropped to its lowest in more than four years this morning on looming demand concerns fuelled by an escalating tariff war between the US and China, the world’s two biggest economies, and a rising supply outlook.
The Gold price rose 1% this morning as the dollar weakened after US President Donald Trump’s tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade tensions and recession fears intensified
British firms remain committed to DEI
Analysis by the Institute of Directors (IoD) shows that UK businesses have yet to change their approach to diversity, equity and inclusion (DEI). While firms in the US are rowing back on DEI policies amid a clampdown by President Donald Trump, 71% of British business leaders said they are not planning to change their current approach to diversity. The IoD found that just one in ten UK firms plan to scale down their DEI activities, while 8% plan to review the matter this year. It was also shown that 4% plan to enhance their DEI initiatives.
Tax policy accelerates wealth exodus
Analysis shows that 30,000 millionaires have left London in the last decade, with an increasingly hostile tax environment said to be a contributing factor in the exodus of wealth. Data compiled by analytics firm New World Wealth for advisors Henley & Partners shows that the number of millionaires in the capital has fallen from 245,100 in 2014 to 215,700 in 2024, marking a 12% decline. The UK saw 10,800 millionaires depart in 2024, with this coming amid an inheritance tax raid and changes to non-dom rules that mean foreign wealth is subject to domestic taxes after four years. Under previous rules, non-doms were exempt from paying tax on money made abroad. Adam Smith Institute analysis suggests that each of the millionaires who left Britain last year would have paid at least £393,957 in income tax per year. Christopher Groves, a partner at international law firm Withers, said Britain has been “slowly strangling the golden goose,” arguing that the Government’s approach “is to say they are pro-growth and pro-business but then administer punishment beatings through the tax system.” Matthew Braithwaite, client partner at law firm Wedlake Bell, commented: “The non-dom reforms have led to a spike in millionaires leaving the UK, but the tax environment has become more hostile to foreign investors over the last 10 years.” Andrew Amoils, head of research at New World Wealth, notes that the UK’s capital gains and inheritance taxes “are amongst the highest in the world,” warning that this deters wealthy business owners and retirees from living here.
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Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
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 and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
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’s collection department 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!