Business news 13 March 2025
SMEs ‘proving their resilience’. Britain drops down list of affluent nations. Business optimism, tax raid warning, property, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Please note: on the 19/3/25 CPA are moving offices after 43 years a little down the road to Profile West, 950 Great West Road, Brentford, TW8 9ES
SMEs ‘proving their resilience’
Profits at UK SMEs increased by 7.3% year-on-year in Q4 2024, according to Sage’s small business tracker. This is down from 8.2% in Q3 and 8.6% in Q2. It was also found that productivity fell by 0.9% year-on-year in Q4. While debt levels have fallen by 9.7% over the last year, cash reserves increased by 3.2%. Operating costs were down 0.4%, while revenues rose for the third consecutive quarter, jumping by 2.5%. Sage chief executive Steve Hare said that despite challenges such as higher costs and economic uncertainty, SMEs, “the backbone of the UK economy, are proving their resilience.”
Britain drops down list of affluent nations
The question of whether Britain is a rich country is “now less straightforward” to answer than it was before, according to the National Institute of Economic and Social Research (NIESR), which has warned that 15 years of stagnation have “caused UK living standards to plummet.” The UK has tumbled down the league of affluent nations and Max Mosley, economist at the institute, said: “A combination of weak productivity growth driving near zero growth in real wages and cuts to welfare has resulted in a situation where we are neither delivering prosperity through high wages nor security through welfare.” NIESR analysis shows that average real earnings have risen by less than 3% in the UK since 2019, when taking inflation into account. They are up just 6.6% since 2007. By contrast, real earnings rose by almost 20% between 2000 and 2007. Urging ministers to act, Adrian Pabst, deputy director at the institute, said: “It is vitally important to raise public investment in ways that unlock business investment to generate productivity increases and sustained real wage growth.”
Business optimism slips
British businesses are increasingly pessimistic, with UK sentiment falling faster than any other major economy since October, when the Chancellor set out a record £40bn of tax rises in the Budget. The poll by S&P Global saw a “sharp downgrade in sentiment in the UK.” Expectations for business activity among UK firms are now below the global average, while British businesses also posted a negative outlook for profitability for the first time since October 2022.
Economists in tax raid warning
Economists at Goldman Sachs expect Rachel Reeves to deliver a £24bn tax raid this year, with higher borrowing costs and a weak economy having wiped out the Chancellor’s £10bn headroom. Goldman, which also expects the Chancellor to impose £10bn of spending cuts in the Spring Statement, believes that the Office for Budget Responsibility (OBR) is likely to downgrade its assessment of long-term UK growth. Goldman’s James Moberly expects the Government to extend income tax and employee National Insurance threshold freezes for a further two years.
Firms fear impact of NI hike
A poll from the London Chamber of Commerce and Industry (LCCI) shows that 51% of businesses believe that an upcoming increase to employers’ National Insurance contributions will harm their operations. It was also found that 47% are expecting measure’s set out in last October’s Budget to hinder the UK’s economic growth. Karim Fatehi, chief executive of LLCI, said firms need “operating conditions conductive to economic growth, rather than measures that curtail their ability to invest in their business, hire new people and train their staff.”
PM: UK ‘pragmatic’ on US tariffs
Considering the Government’s possible response to US President Donald Trump’s tariffs on imports of steel and aluminium, Prime Minister Sir Keir Starmer has said the UK will “keep all options on the table.” While the EU says it will impose counter-tariffs on £22bn of US goods, Sir Keir said the UK was taking a “pragmatic” approach and was pushing for a trade deal. The tariffs mean steel exported to the US will be subject to the 25% levy. Gareth Stace, director general at industry body UK Steel, said the US move was “hugely disappointing,” noting that some steel company contracts have already been cancelled or been put on hold.
Markets
Yesterday, the FTSE 100 closed up 0.53% at 8540.97 and the Euro Stoxx 50 closed up 0.93% at 5359.42. Overnight in the US the S&P 500 rose 0.49% to 5599.30 and the NASDAQ rose 1.22% to 17648.45.
Wall Street’s main indexes witnessed choppy trading amid concerns about the economic implications of an escalating global trade war, which eclipsed data showing U.S. inflation cooled in February. A labour department report showed consumer prices increased less than expected in February, but the improvement is likely to be temporary, given the backdrop of aggressive import tariffs.
US Inflation moved up less than expected in February, providing some relief as consumers and businesses worry about the looming impact tariffs might have on inflation, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a wide-ranging measure of costs across the U.S. economy, ticked up a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 2.8%, according to the Labor Department agency. The all-item CPI had increased 0.5% in January.
President Donald Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages, the latest escalation in a brewing trade war between the US and the EU.
This morning on currencies, the pound is currently worth $1.294 and €1.192. On Commodities, Oil (Brent) is at $70.5 & Gold is at $2947. On the stock markets, the FTSE 100 is currently flat at 8541 and the Eurostoxx 50 is down 0.13% at 5351.
Property market loses momentum
The housing market experienced a slowdown last month, primarily due to a looming stamp duty deadline and persistent high interest rates. According to the Royal Institution of Chartered Surveyors (RICS), buyer demand fell to its lowest level since November 2023, with a net balance of 14% of property professionals reporting a decline. The rental sector also saw a decline in tenant demand for the fourth consecutive month, marking a significant trend since RICS began tracking lettings in 2012.
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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!