Business news 11 April 2025
Consumer confidence, GDP, Retail footfall, BoE caution, trade war, the jobs market, AI, 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.
Consumer confidence remained flat in Q1
A consumer confidence survey published on Friday by Deloitte shows consumer confidence remained flat in the first quarter of 2025. “Amid high levels of global uncertainty, a more cautious UK consumer is likely to constrain the ability of businesses to pass on higher wage and other costs to customers,” Ian Stewart, chief economist at Deloitte, said. “A revival in consumer spending will be dependent on the jobs market holding up and inflation pressures remaining contained,” he added.
GDP
The UK Economy grew by a higher-than-expected 0.5% month-on-month in February amid a jump in the services output, official data showed on Friday. Analysts had projected a monthly gross domestic product hike of 0.1% in February. The Office for National Statistics, which published the provisional figures, said a 0.3% expansion in the services sector had driven the surprise jump in growth. In January, services had recorded a 0.1% monthly rise.
Tariffs
US Tariffs on Chinese imports have been raised to 145%, not 125% as the White House had previously announced, a member of the US administration said on Thursday. The earlier 125% figure did not include the previously announced 20% tariff aimed at curbing imports of the deadly drug fentanyl, the administration explained.
BoE urged to be cautious about rate cuts
Bank of England rate-setter Sarah Breeden has stressed the need for caution regarding interest rate cuts amid ongoing global uncertainties. Breeden noted that the Bank must assess supply chain disruptions and domestic uncertainties resulting from global instability before making decisions. Meanwhile, former Bank of England MPC member Jonathan Haskel has suggested that high inflation levels call for interest rates to be held at 4.5% in May. “Core inflation in the UK, dominated by domestically generated service sector inflation, is above target-consistent levels,” Haskel said. “Thus, and given the uncertainty around what the enduring tariff level will be, I would favour a ‘wait and see’ policy and so hold UK rates at the next meeting.” The Bank is expected to cut rates in the upcoming decision, with markets anticipating three to four cuts this year.
Retail footfall
UK Retail Footfall declined sharply in March as the late timing of Easter this year skewed year-on-year comparisons and weighed on shopper numbers. According to the latest British Retail Consortium-Sensormatic data, total footfall across UK retail destinations fell by 5.4% in March compared to the same month last year, reversing the slight 0.2% rise seen in February.
More jobseekers are chasing fewer vacancies
Britain’s job market showed signs of further weakening in March, with the number of job seekers rising at the fastest rate in over four years, according to the Recruitment and Employment Confederation (REC). The pace of hiring has slowed for two and a half years, although the decline was less severe than earlier in the year. REC chief executive Neil Carberry noted: “Given the substantial effects of the Government’s decision to increase payroll taxes hugely, these figures were if anything slightly better than expected.” Despite the challenges, there are indications that the drop in hiring may be easing. The REC’s survey, conducted with KPMG, pointed out that while pay growth for permanent hires remains subdued, temporary wage growth has improved slightly.
AI gives small retailers a boost
Small retailers in the UK are increasingly adopting artificial intelligence (AI) to enhance efficiency and reduce expenses. A survey of 300 retailers revealed that 83% have started using AI, with a third employing it daily. The most common applications include marketing support, research tasks, and customer service management. On average, retailers save over two hours daily, translating to approximately £20,000 annually for daily users. While 19% reported increased sales due to AI, some remain sceptical; 10% of small businesses express no interest in adopting it, fearing a loss of personal touch.
Markets
Yesterday, the FTSE 100 closed up 3.04% at 7913.25 and the Euro Stoxx 50 closed up 4.26% at 4818.92.
Overnight trader angst set in again over the economic outlook and in the US the S&P 500 fell 3.46% to 5268.05 and the NASDAQ fell 4.31% to 16387.31.
The US and China are in a full on trade war. China raised tariffs on all US goods from 84% to 125% with effect from 12th April. The move comes after Trump raised US levies on China to 145%, which China called a joke, no longer worth matching.
The US dollar emerged as the latest victim of this week’s market tariff induced turmoil as it tumbles against most of its peers.
This morning on currencies, the pound is currently worth $1.3113 and €1.1466. On Commodities, Oil (Brent) is at $63.20 & Gold is at $3220 (new highs!). On the stock markets, the FTSE 100 is currently down 0.27% at 7891 and the Eurostoxx 50 is down 1.1% at 4766.
The European Union (EU) said it was negotiating a “modern and ambitious” free-trade agreement with the United Arab Emirates. Earlier in the day the EU responded to Mr Trump pausing most of his “reciprocal” tariffs on Wednesday for 90 days by suspending counter-tariffs against America for 90 days as well.
Prada, an Italian luxury house, is buying Versace, another Italian design house, for €1.25bn.
BoE delays long-dated gilt auction
The Bank of England has decided to postpone the sale of long-dated bonds until after June due to recent market volatility, according to deputy governor Sarah Breeden. The decision follows a surge in 30-year gilt yields, which reached their highest level since 1998, increasing government borrowing costs. Instead, the Bank will sell shorter maturity gilts next week and continue to evaluate its asset sales under the quantitative tightening (QT) programme.
Labour MPs slam tech tax cuts
Labour MPs have expressed strong opposition to proposed reductions in the digital services tax (DST) for American tech billionaires, arguing it is “morally wrong” to cut taxes for companies like Amazon and X while simultaneously reducing benefits for vulnerable individuals. The DST currently imposes a 2% tax on tech firms generating over £500m globally and £25m from UK users. Sir Keir Starmer mentioned that the DST is part of trade discussions with the US, alongside online safety regulations. Meanwhile, lawmakers have called for a tax on streaming services such as Netflix to help pay for more high-quality British TV shows. A report released by the Culture, Media and Sports Committee (CMS) suggests a 5% levy on their UK subscriber revenue. In response to the report, a Netflix spokesperson said: “The UK is Netflix’s biggest production hub outside of North America – and we want it to stay that way. But in an increasingly competitive global market, it’s key to create a business environment that incentivises rather than penalises investment, risk-taking and success.”
EU threatens taxes on Big Tech
The European Union is poised to implement significant trade measures against the United States if negotiations with President Donald Trump do not yield satisfactory results. European Commission president Ursula von der Leyen told the FT: “We are developing retaliatory measures,” which may include tariffs on digital advertising revenues affecting major tech companies like Meta, Google, and Facebook. She stressed that the EU seeks a “completely balanced” agreement during the 90-day pause in additional tariffs. However, if talks fail, the EU could expand the trade war to services, or impose levies on the advertising revenues of digital services.
A wealth tax won’t work
Jake Atkinson, campaigns manager for Tax Justice UK, is advocating for a wealth tax in the UK, stating: “Britain needs a wealth tax now.” He argues that a 2% tax on wealth exceeding £10m could generate £24bn annually, significantly more than the planned cuts to welfare. He counters critics’ claims that a wealth tax would drive the rich away, citing evidence from Norway, Sweden, and Denmark, where only a tiny fraction of the wealthy relocated after similar reforms. Elsewhere, Richard Farleigh writes in City AM on why a wealth tax won’t work, urging proponents to use their head, not just their heart. A wealth tax is “the sort of thing Trump would do if he were left-wing. It’s emotionally satisfying but economically flawed.”
Challenger aims to disrupt accounting software market
Lyndon Stickley, chief executive of iplicit, has said the UK tech company aims to disrupt the accounting software market. He said: “We want to do to Sage what Netflix did to Blockbuster.” Founded in 2019, iplicit targets mid-market organisations that have outgrown basic tools but find heavyweight platforms like Oracle NetSuite too complex. With £25m in new funding, iplicit plans to enhance its AI capabilities and expand into the US by 2026. The global accounting software market is projected to reach $38.27bn by 2032, indicating a ripe opportunity for agile challengers. Sage, however, is not standing still; it has pivoted to cloud technology and reported a 21% increase in annual profits to £529m.
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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!