Business news 13 May 2025
Fraud epidemic hits UK businesses hard. M&S Cyber attack, net migration reductions promised, inflation worries linger, living standards, 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.
Fraud epidemic hits UK businesses hard
British businesses are grappling with unprecedented levels of fraud, incurring losses of approximately £219bn annually, according to a report by Crowe UK and Peters & Peters. The private sector bears the brunt, losing around £157.8bn. Alex Jay, partner at Stewarts, remarked: “Fraud is endemic. It is getting worse, and it does not get the airtime it deserves,” pointing to the pervasive nature of the issue. Fraud manifests in various forms, from minor employee expense claims to complex investment scams. Cyber fraud has gained notoriety, with high-profile attacks on companies like M&S and Harrods. Experts stress the importance of robust systems and policies to combat fraud, with Daniel Astaire from Grosvenor Law urging businesses to remain vigilant and proactive.
Customer data stolen in M&S cyber attack
Marks & Spencer has revealed that some personal customer data has been stolen in the cyber attack it suffered three weeks ago and which it is still struggling to recover from. which could include. The High Street retailer said the personal information taken could include contact details, dates of birth, online order histories, but a thankfully not include payment or card details, or any account passwords.
Inflation worries linger for BoE policymakers
Megan Greene, a monetary policymaker at the Bank of England, expressed concerns about rising inflation expectations during a panel discussion at King’s Business School. Greene recently voted with the majority to cut interest rates by 0.25% for the fourth time since last August, despite her initial uncertainty about the decision. Rising trade tensions, particularly due to US tariffs, influenced her stance, although she stated that the recent US-China agreement would not have altered her decision. Meanwhile, deputy governor of the Bank of England Clare Lombardelli has said “caution remains appropriate” in fiscal policy decisions despite a slowdown in UK inflation in recent months. The most recent official figures showed that UK inflation slowed to 2.6% in March, from 2.8% in February, but inflation is expected to have accelerated to around 3.4% in April after a jump in energy and utility costs. “I’ll be more comfortable when I see material deceleration in the data over a longer period,” Lombardelli said.
Labour promises reduction in net migration
The Prime Minister’s white paper on migration aims to reduce net migration, currently at 720,000, to approximately 340,000 by 2028. Sir Keir Starmer has pledged to “take back control of our borders” but refrained from setting a hard cap on migration. Critics from Labour condemned what they saw as a fillip to the right while Conservatives argued the plans didn’t go far enough. The white paper proposes stricter rules for foreign students and workers, including a reduction in the time allowed for students to stay post-study and a requirement for higher English proficiency. Home Office sources indicate that further measures will be introduced to enhance the training and employment of UK workers. There will also be new powers to cancel the visas of migrants who commit lower level crime and restrictions on the use of human rights law to skirt deportation. However, critics pointed to the lack of additional measures to crack down on small boat crossings, which have seen a record 12,000 illegal migrants arrive so far this year.
Immigration plans could worsen financial challenges at universities
The UK Government’s proposed immigration changes could significantly impact international students and British universities. Under the new White Paper, graduate visas may be reduced to 18 months, and a 6% levy on income from international students could be introduced. Vivienne Stern, chief executive of Universities UK, commented: “Following years of frozen fees, inadequate research funding and a rapid downturn in international students, the current operating environment is very challenging.” The Office for Students (OfS) has projected that 43% of universities in England may face deficits this year. Critics, including Jo Grady from the University and College Union, warn that these changes could deter international students, jeopardising the financial stability of universities.
Just 14% of voters say living standards have improved
According to a recent poll by Freshwater Strategies and City AM, nearly half of UK voters believe that living standards have worsened over the past year. Only 14% reported an improvement, while 43% anticipate their household finances will decline further in the next 12 months. Chancellor Rachel Reeves’ tax increases, including those on private schools and capital gains, have contributed to this pessimism. The poll indicates that one in ten voters are in a “troubled” financial state, and one in five cannot cover an unexpected £500 expense. The economic outlook remains bleak, with many firms expressing concerns over stagnant growth and calling for reduced regulatory burdens.
Markets
Yesterday, the FTSE 100 closed up 1.5% at 8605 and the Euro Stoxx 50 closed up 0.6% at 5392. Overnight in the US the S&P 500 rose 3.26% to 5844.19 and the NASDAQ rose 4.35% to 18708.34.
US markets are in a spin follow a frenzy of movements on the global stage, with Chinese trade talks, an India-Pakistan truce, Iran nuclear talks, a Gaza hostage release, progress over Ukraine and trade deals being signaled left right and centre. Investors rushed back into stocks on the de-escalation in a trade war that had caused turmoil in global markets. Donald Trump said he plans to speak with Xi Jinping, China’s president, later this week. The US dollar surged while US treasuries and gold tumbled. Goldman lifted its US stock target to 6,500 in the next 12 months from 6,200 previously, implying a gain of about 11% from yesterday’s close. Now the focus has shifted to Trump potentially signing deals in the Middle East during his trip.
UK index gains were more muted by initial sharp drops in both Astra Zeneca and Glaxo due to later tweets by Trump that signalled he wanted drug prices to fall in the USA. However both companies recovered their losses by the close.
China removed a month-long ban on Boeing deliveries by airlines.
Elsewhere Scott Bessent downplayed the possibility of a quick trade agreement with the EU, saying the bloc suffers from a “collective action problem.”
This morning on currencies, the pound is currently worth $1.321 and €1.896. On Commodities, Oil (Brent) is at $65.23 & Gold is at $3253. On the stock markets, the FTSE 100 is currently flat at 8605 as is the Eurostoxx 50 at 5392.
British businesses cut jobs for a third straight month in April. Wage growth, excluding bonuses, slowed to 5.6% in the first quarter, while the unemployment rate ticked higher. The UK Unemployment Rate rose to 4.5% from 4.4%, while wage growth slowed slightly. Average weekly earnings grew 5.5% in the three-month period, down from 5.6%. Excluding bonuses, wages grew 5.6%, down from 5.9%.
UK Retail Sales saw strong growth in March and April, helped by sunnier weather. Total retail sales increased 7% year on year in April, up from 1.1% in March and compared to a month last year that saw a decline of 4%, according to data from the British Retail Consortium and KPMG, well above the 12-month average growth of 1.4%.
Building on the Greens (belt)
In a test of the UK’s announced plan to ease the housing shortage by allowing building on the Green belt, Australian family office, the Bangarra Group is planning to build over £1 billion worth of housing on land surrounding its UK golf courses, with a goal of constructing 3,000 homes, a third of which will be affordable.
Pension funds pledge £50bn for UK
Seventeen of the UK’s largest pension funds, including Aviva, Legal & General, and M&G, have agreed to the new Mansion House Accord, which aims to unlock £50bn for investments, with at least half directed towards British assets. The agreement doubles previous commitments made under the Mansion House compact, which allocated 5% of funds to private assets without a UK investment requirement. While the accord is voluntary, concerns persist regarding potential government pressure to mandate UK investments, which could affect returns for retirees. Scottish Widows, the Lloyds Bank’s pension arm, opted out of the accord arguing that the company was already heavily invested in the UK and investment decisions would continue to be guided solely by returns instead of geography. The Treasury anticipates that pension portfolios will grow to £740bn by 2030, potentially providing £50bn for private market investments, with £25bn aimed at UK projects.
Call to make energy profits levy permanent
Campaigners are urging the UK Government to make the energy profits levy permanent to facilitate a transition from fossil fuels to green jobs. Research by Oil Change International indicates that maintaining this levy could generate at least £2bn annually, which would be crucial for retraining oil and gas workers and developing green infrastructure. Rosemary Harris, a senior campaigner at OCI, stated: “Transitioning to a renewable energy economy is one of the greatest opportunities the UK has to create secure, well-paid jobs for energy workers.” The report highlights that approximately £1.9bn is needed yearly for this transition, with funds allocated for wind industry development, port upgrades, and worker training. The campaign also calls for closing tax loopholes that benefit fossil fuel producers, which currently receive £17.5bn in government assistance.
Latest Insolvencies
Petitions to wind up (Companies) – PANOPTIC MEDIA EUROPE LTD
Appointment of Liquidators – BELVOIR PROPERTY SOLUTIONS LTD
Appointment of Administrator – BUSINESS AGENT LIMITED
Appointment of Administrator – BNKBL LTD
Appointment of Administrator – IOR GROUP LIMITED
Appointment of Administrator – MANTA SYSTEMS UK LIMITED
Appointment of Liquidators – PAUL RICHMAN PATHOLOGY LTD
Appointment of Administrator – AITA FILMS LIMITED
Appointment of Liquidators – POMEGRANATE MIDCO LIMITED
Petitions to wind up (Companies) – DAO FARMS LTD
Appointment of Liquidators – QUIVERLOGIC LIMITED
Petitions to wind up (Companies) – VERSATILE MECHANICAL SOLUTIONS LIMITED
Appointment of Liquidators – FOX RED PROJECTS (SUBSEA) LTD
Appointment of Liquidators – GDPM LIMITED
Appointment of Liquidators – ENERGY COMMERCIAL CONSULTANTS LTD.
Petitions to wind up (Companies) – CABER HOUSE LIMITED
Appointment of Administrator – HOSPITAL PIPELINE INSTALLATIONS LIMITED
Winding up Order (Companies) – NEWMARKET MOTOR COMPANY LIMITED
Appointment of Liquidators – MERAKI 17 LTD
Appointment of Liquidators – UNIQUEX SOFTWARE LIMITED
Appointment of Administrator – KANDOR CLOTHING COMPANY LTD
Petitions to wind up (Companies) – ACHILLES ION GABRIEL LTD
Petitions to wind up (Companies) – ST. GEORGE’S HOTEL INN LIMITED
Petitions to wind up (Companies) – EXCLUSIVE AUTOMOTIVE LTD
Appointment of Liquidators – TOMORROW CONSULTING LIMITED
Appointment of Liquidators – ALGOMI LIMITED
Appointment of Liquidators – NEW WEST ROUTE LIMITED
Appointment of Liquidators – APPSBROKER FINTECH LIMITED
Appointment of Liquidators – RHOS INVESTMENT SERVICES LIMITED
Petitions to wind up (Companies) – ANZECK PLASTICS LTD
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!