Business news 11 April 2024

7.4 million struggle to pay the bills. Older people coping best. Cutting taxes could get more people into work. Brexit border controls cost  & more business news that we thought would interest our members.

James Salmon, Operations Director.

7.4 million struggle to pay the bills

The FCA reports that 7.4 million people in the UK are struggling to pay the bills (in January 2024),  demonstrating the sheer scale of the cost of living crisis in the UK.

The number in financial difficulty is down from a peak of 10.9 million in January 2023, yet it’s still far higher than the 5.8 million recorded in February 2020, before inflation was sent shooting up by the Ukrainian invasion.

The Financial Conduct Authority  calculated that 5.5 million people fell behind or missed paying one or more domestic bills or credit commitments in the last six months. 2.7 million adults support help from a lender in the last 12 months.

The report is “a stark reminder of the financial struggles that continue to be a reality for millions of households,” said Lauren Peel, director of consumer insights at Fair4All Finance.

Older people coping best with cost-of-living squeeze

Older Britons, particularly baby boomers, are better equipped to handle the cost of living squeeze compared to millennials, according to a survey by the Financial Conduct Authority (FCA). The survey found that over-75s were most likely to say they were coping well with financial pressures, while those aged under 44 were the group most likely to say they are struggling.

The FCA attributed the better coping ability of baby boomers to factors such as owning homes outright, having inflation-linked income, and benefiting from the triple lock state pension increase. On the other hand, older millennials, aged between 35 to 44, were the most likely group to report financial struggles, with many having large mortgages or renting.

Pension withdrawals could hit record highs

Pension withdrawals could hit new highs in the coming months, as a result of the cost of living crisis and inflation, according to AJ Bell. The provider is urging savers to “stop and think” before accessing their retirement pot during “peak withdrawals season” in April, May and June. Tom Selby, director of public policy at AJ Bell, said: “While inflation is now cooling, the pain of two years of rising prices is still being felt by households, with millions braced for significant spikes in costs as they prepare to remortgage in a world of much higher interest rates. Given these ongoing pressures on Brits’ finances, we are likely to see another surge in pension access over the next three months.”

IMF: Cutting taxes could get more people into work

The International Monetary Fund (IMF) says cutting taxes and benefits would encourage those currently out of work to find a job. With Office for National Statistics figures showing that the number of Britons who are unemployed but not seeking a job has soared to a record high of 9.25m, the IMF said there is an “urgent need for policies” to get more people working and boost economic growth. The IMF said men would be encouraged back into the workforce by cutting state benefits and reducing tax on earnings, while improved childcare and training would boost the number of women in jobs. The think-tank also found that increasing the retirement age would keep older workers in employment for longer. The Taxpayers’ Alliance said the UK’s tax system “reduces the incentive to work hard for everyone: young and old, male and female,” adding: “Frozen tax thresholds combined with crippling levels of taxation on businesses and persistent inflation mean that pay packets seem to be shrinking.”

Brexit border controls to cost UK businesses £2bn

Post-Brexit border controls coming into force this month will cost British businesses £2bn and fuel higher inflation across Britain, according to a report by Allianz Trade. The controls could add 10% to import costs over the first year. The report warns that these checks will affect £21bn of agricultural product imports, covering about 3% of all UK imports. Allianz indicates that EU companies will likely pass on these costs to UK customers. The report also highlights that these additional costs could add 0.2 percentage points to inflation. However, a two-year suspension of tariffs on goods not covered by free trade agreements is expected to cut import costs by £7bn, reducing overall inflation by 0.6 percentage points.

Nine million pensioners face tax bills

More than nine million pensioners in the UK are facing an unexpected income tax bill, with around 650,000 of them paying tax for the first time since retiring. The state pension triple lock and the freeze on income tax allowances mean more pensioners are finding themselves on HMRC’s radar and the personal allowance freeze until 2027/28 will continue to increase the number of pensioners paying tax each year. As HMRC does not tax the state pension, any money owed will be deducted from other sources.

US inflation rises to 3.5%

Data from the Labor Department shows that consumer prices in the US rose by 3.5% over the 12 months to March, with this up from 3.2% in February. The increase was driven by higher costs for fuel, housing, dining out and clothing. The Labor Department said prices jumped 0.4% from March to February, with this increase the same as that recorded in February.

Sterling fell to US$1.2550 on the US CPI data a loss of 1% with similar losses for the Euro against the resurgent US dollar.

Retail – shoplifting & Assault

With retail staff facing record levels of shoplifting and assaults, new measures are being discussed. The Government is going to roll outt new facial recognition software to identify offenders. And  also assaulting shop workers is to made its own new crime.

Latest Insolvencies

Appointment of Liquidators – THOMPSONS SELF DRIVE LIMITED
Appointment of Administrator – K TWO SALES LIMITED
Appointment of Liquidators – BEST INC LIMITED
Appointment of Administrator – JOSEPH JAMES (LS) LIMITED
Appointment of Liquidators – CARTER & SON (THATCHAM) LIMITED
Appointment of Liquidators – ACRE GLOBAL LIMITED
Appointment of Liquidators – POLYGLOT TECHNOLOGIES LTD
Appointment of Liquidators – RICHMOND C L DEVELOPMENTS LIMITED
Appointment of Liquidators – MNT PROPERTIES LIMITED
Appointment of Liquidators – CORPRIMA LIMITED
Appointment of Liquidators – DAVID LOADS (FARMS) LIMITED
Petitions to wind up (Companies) – ILILI LIMITED
Appointment of Administrator – MUJI EUROPE HOLDINGS LIMITED
Appointment of Liquidators – INSPIRIT VYSUS HOLDINGS LIMITED
Appointment of Liquidators – ATTAINMENT CONSULTING LIMITED
Appointment of Liquidators – SABINE LE MARCHAND LIMITED
Appointment of Liquidators – O S DEVELOPMENTS LIMITED
Appointment of Liquidators – ZEOPARD LIMITED
Appointment of Liquidators – CHRONOS CONSULT LTD
Appointment of Liquidators – IFINANCE CONSULTANCY LIMITED
Appointment of Liquidators – AGE UK LOCAL PROGRAMMES LOTTERY CIC
Appointment of Liquidators – STX-A10 LIMITED
Appointment of Liquidators – ZULU GLASSTEK LIMITED
Appointment of Liquidators – INS ROSEHILL ENTERPRISES PLC
Petitions to wind up (Companies) – ALVASTON KEBABS LTD
Appointment of Liquidators – CORSAIRE COMPONENTS LTD
Appointment of Liquidators – EAZIPAY LTD
Appointment of Liquidators – SUTER SALES LTD
Appointment of Liquidators – RICHMOND E L DEVELOPMENTS LIMITED
Appointment of Liquidators – WEBVIDEOS LIMITED
Appointment of Liquidators – P & C JOHNSON LIMITED
Appointment of Liquidators – SOFTEC CONSULTING LTD
Appointment of Administrator – GREENWICH CONTRACTS LTD
Appointment of Administrator – FRESHTECH SOLUTIONS LIMITED
Appointment of Liquidators – J.M. GLYNN & ASSOCIATES LTD
Appointment of Liquidators – SHANNONS LIMITED
Appointment of Liquidators – PURPLE GROUSE LIMITED
Petitions to wind up (Companies) – WESTERN AVENUE PROPERTIES LIMITED
Petitions to wind up (Companies) – HURRYKEEP LIMITED
Petitions to wind up (Companies) – JME DEVELOPMENTS LIMITED
Appointment of Liquidators – FATOUNB LTD
Appointment of Liquidators – SPARK GROWTH LIMITED
Appointment of Liquidators – A WAIN BUILDERS LIMITED
Appointment of Liquidators – NIVICOM LTD
Petitions to wind up (Companies) – PREHUNG DOORS LTD
Appointment of Liquidators – MSYG LIMITED
Appointment of Liquidators – QAUTARO LIMITED
Appointment of Liquidators – NMP (UK) GROUP HOLDINGS LIMITED
Appointment of Liquidators – COTACO LIMITED
Appointment of Liquidators – GIFT HORSE SOLUTIONS LTD
Appointment of Liquidators – ELIZABETH HOMECARE LIMITED
Appointment of Liquidators – REDTECH SOLUTIONS LIMITED
Petitions to wind up (Companies) – WK DRYLINING LTD

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 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 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.