Business news 16 April 2025
US hopeful of ‘great’ trade deal with UK. Wages rise as job vacancies plummet. Inflation expected to ease. SME owners flee UK in droves. AI, retail, 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.
US hopeful of ‘great’ trade deal with UK
The US vice-president has said Donald Trump’s administration is hopeful that a “great” trade deal can be struck with the UK. In an interview on Tuesday with the website UnHerd, JD Vance said he was optimistic both sides could come to a mutually beneficial agreement. Vance said the “reciprocal relationship” between the US and UK gave Britain an advantage over other European countries which are more dependent on exporting to the US but tough on a lot of American businesses. However, Lord Frost, who led Brexit negotiations under Boris Johnson, warned Sir Keir Starmer that aligning more closely with the EU on food and veterinary standards, for example, would make negotiations with the US more difficult. “We would be selling away our ability to set our rules for no real benefit…[the] world has changed, and they can’t adjust their policy. That’s fundamentally what the problem is.” Nigel Farage, the Reform UK leader, agreed, stating: “It is a very, very silly thing to do in a world that is fast changing. What I prioritise is keeping our hands free. Long term, financially, America is a much bigger goal.”
Wages rise as job vacancies plummet
Recent data from the Office for National Statistics (ONS) indicates that UK wages have continued to grow, with average weekly pay increasing by 5.9% for the three months leading to February. The growth matches the previous quarter’s figures, marking the highest level since April last year. Notably, wages have outpaced inflation by approximately 3%, driven by pay rises for the public sector. However, the job market has taken a hit, with vacancies falling to 781,000, the lowest since the Covid pandemic, and below pre-pandemic levels for the first time. Despite the wage growth, the unemployment rate remains steady at 4.4%. Experts suggest that while the recent rise in the national minimum wage may keep earnings elevated in the short term, economic uncertainties could lead to easing wage pressures.
Inflation eased slightly in March
UK Inflation fell to 2.6% in March, coming in below analyst expectations, according to data released by the Office for National Statistics on Wednesday with petrol prices falling. Economists polled by Reuters had anticipated the consumer price index would hit 2.7% in the twelve months to March. The rate of price rises in Britain hit 2.8% in February, after rising sharply to 3% in January.
Inflation remains above the Bank of England’s target of 2% for March, and the UK is still recovering from a peak inflation rate of 11% in late 2022. Most economists have said that US President Donald Trump’s sweeping tariffs from China will have a deflationary effect on prices in the UK due to weaker demand and cheap products flooding into Britain.
SME owners flee UK in droves
Recent data reveals that nearly 40% of small and medium-sized enterprise (SME) owners in the UK are contemplating leaving the country due to escalating taxes and costs. The survey, conducted by Handelsbanken Wealth & Asset Management, indicates that many owners are attracted to better financial conditions abroad, with Spain, the United States, and France being the top destinations. Kevin Fitzgerald, UK managing director at Employment Hero, stated that the Government has “failed to support small businesses.” The tax burden is projected to rise to 38.3% by 2027, further straining SMEs, which are already under pressure from rising employment costs and changes to workers’ rights. The potential mass departure of SME owners could significantly impact the UK economy, following a similar trend seen with non-doms.
Brits embrace AI at home but not at work
According to EY’s global AI sentiment index, while 70% of UK adults have used AI in their personal lives recently, only 44% have adopted it in their professional roles, significantly below the global average of 67%. Catriona Campbell, EY UK&I client strategy leader, said: “AI’s potential excites people as much as it concerns them.” The study highlights a generational divide, with younger respondents showing more comfort with AI compared to older generations. Concerns about privacy, misinformation, and reliability are prevalent, with 71% worried about security breaches. The UK scored 54 out of 100 on the index, below the global average of 68. As the Government promotes a ‘pro-innovation’ AI strategy, industry groups are calling for clearer guidelines to foster responsible AI integration while maintaining public trust.
Brain seeping
Not exactly a brain drain but the number of Americans seeking jobs in the UK is rising amid Trump’s funding cuts in science and research. Almost one in 10 international clicks on UK job postings came from people in the US in the first quarter, according to Indeed.
Markets
UK Markets continued to rebound on Tuesday with gains of over 1% following comments from US Vice President JD Vance that there was a “good chance” of Britain and the US agreeing a “great” trade deal. Gains in London were across the board with banking shares amongst the best performers. Yesterday, the FTSE 100 closed up 1.41% at 8249.12 and the Euro Stoxx 50 closed up 1.2% at 4970.43.
Overnight in the US the S&P 500 slipped 0.17% to 5396.63 and the NASDAQ dipped 0.05% to 16823.17 as tech stocks fell on the news of US restrictions on the export of Nvidia chips to China and a disappointing report from chip-equipment maker ASML fed into trade-war concerns. The drop wiped out $155 billion in market value for the two companies alone.
Oil Prices inched down on Tuesday after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by US President Donald Trump’s suggestion of some new tariff exemptions. Gold Prices gained on Tuesday, helped by safe-haven demand as US President Donald Trump’s tariff plans kept investors wary of trade policy, while an overall weaker dollar also lent support.
China has appointed a trade envoy to talk to the US but said the Trump administration would have to show more respect and refrain from disparaging remarks before talks could commence.
Seperately, China’s economy grew 5.4% in the first quarter from a year earlier, exceeding estimates.
Meanwhile, the Trump administration added critical minerals to the list of sectors it is probing for future tariffs. And apparently Trump plans to use trade negotiations to pressure other nations to limit their trade with China.
This morning on currencies, the pound is currently worth $1.3265 and €1.167. On Commodities, Oil (Brent) is at $65.2 & Gold is hovering at near record highs at $3302. On the stock markets, the FTSE 100 is currently down 0.34% at 8221 and the Eurostoxx 50 is down 0.66% at 4938.
Europe continues to benefit from the flight from US assets with the Euro climbing to its strongest position in three years with the unpredictability of the US administration undermining US exceptionalism.
Retail
UK Retail Sales in March grew at the same growth rate as the month before, with the sector aided by the month seeing the sunniest weather since records began over a hundred years ago. Total retail sales increased 1.1% year-on-year, according to data from the British Retail Consortium, which compared to a three-month average of 1.6% and a 12-month average of 0.6%. March last year saw growth of 3.5% but was boosted by Easter, which is in April this year.
Nandy suggests retail tourist tax could be scrapped
The Culture Secretary has said the Government would be happy to examine the arguments for bringing back VAT-free shopping for overseas visits. Lisa Nandy told Elle magazine: “I’ve heard very loud and clear the calls from the fashion industry to [reintroduce it]. My understanding is it was scrapped by the previous government because it had limited economic value. But we’re always happy to look at the evidence around these things… If it is a benefit, it’s something that we’ll explore, but at the moment, that’s not something we’re proposing to do.” Last year, the Centre for Economics and Business Research found that it costs Britain £11.1bn in lost GDP every year and deters two million people from visiting the country.
Ralph & Russo faces insolvency again
Ralph & Russo is once again facing insolvency, having filed for creditor protection just three years after being rescued from bankruptcy by American investors. Founded in 2010 by Tamara Ralph and Michael Russo, the luxury brand has struggled to maintain its relevance, despite a strong celebrity following, including the Duchess of Sussex. On April 14, Ralph & Russo Ventures announced plans to appoint administrators, with Womble Bond Dickinson as legal representatives. The company previously faced insolvency in 2021, which led to a rift between Ralph and Nick Candy, who had provided a £17m loan. John Caudwell and Tennor Holding also suffered losses from their investments. The brand was sold to American entrepreneurs Tai Lopez and Alex Mehr for £3.5m, but they too have encountered financial difficulties.
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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!