Business news 16 June 2023
James Salmon, Operations Director.
Some business news that we thought would interest our members.
Interest rates
Fed chair Jerome Powell set the tone overnight with comments that US rate cuts are likely a “couple of years out.”
The same is true in the UK. Mark Carney said that UK interest rates will remain high for ‘the forseeable future’. The former Bank of England governor said he saw a ‘tectonic shift’ that will hit consumer disposable income.
The European Central Bank raised interest rates by a quarter of a percentage point to a benchmark of 3.5%, the highest level in 22 years.
British Pound is holding up as the third strongest currency after the Aussie Dollar and Euro , as markets anticipate tightening by BoE next week. Sterling moved above US$1.28 its highest level in 2023.
As the Dollar weakens, US markets rise. Overnight the DOW rose 1.26%, the S&P 500 rose 1.22% and the NASDAQ rose 1.15%.
Inflation
The next inflation report is due next week on the 21st June and it estimated to remain high at 8.6% (i was 8.7% in May.
Energy
National Grid Plc expects a more comfortable winter this year as it steers the country away from risks of blackouts. More grid-scale batteries, which help deploy renewable power, will help widen its supply buffer to 8%, according to an early outlook published Thursday. At times of lower demand, excess wind power can be stored in batteries, and then discharged when the grid gets tighter.
Virgin Galactic
Virgin Galactic, Richard Branson’s space tourism venture says it is planning for its first commercial passenger spaceflight between June 27 and June 30.
Tesco
Tesco trading statement is positive, UK sales rose 9% to £10.8bn with total retail sales of £14.83bn up 8.2%. CEO Ken Murphy said he was pleased with Q1 performance.
Climate
Global temperatures during the first 11 days of June have hit the highest level on record for the time of year.
Pubs
Fuller, Smith & Turner pubs saw a significant recovery over the course of its financial year after sales in London increased by around 40% year-on-year, as both Londoners and tourists returned to the pub
Britcoin
Bank of England Deputy Governor Jon Cunliffe said a decision on whether to launch a digital version of the pound in Britain is still “some years” away. He told the Politico’s Global Tech Day conference that the UK was “likely” to need a central bank digital currency, or CBDC, and put the odds of the project going ahead at “seven out of 10.”
Tax
Britain’s tax system is so complicated it has become an “obstacle to economic dynamism” and needs to be simplified, an influential committee in Parliament concluded.
The Commons Treasury Committee has warned that the UK’s overcomplicated tax system is an obstacle to growth that creates “compliance burdens, confusion and disincentives to work or grow a business.” The report also questions the decision to scrap the Office of Tax Simplification (OTS), saying the move suggests that reducing the complexity of taxation was no longer a Government priority. Members of the committee have tabled an amendment to the Finance Bill which seeks to prevent the abolition of the OTS. Responding to the MPs, Victoria Atkins, financial secretary to the Treasury, said the OTS had been wound down to ensure tax policy is “at the heart” of the Treasury, rather than the responsibility of an “eminent external body.” The MPs argue that if the unit is closed, ministers should grant the committee a greater role in scrutinising efforts to simplify the tax system. Harriett Baldwin, chair of the committee, said: “It’s widely acknowledged – including by the Chancellor – that our tax system is overcomplicated, confusing and inefficient.” Calling for action and arguing that “public scrutiny of Government efforts are vital,” she said the committee wants the Government to publish annual reports “on the success of the Treasury’s tax simplification efforts.” The committee also warned that businesses are being hampered by a tax system which is mired in “cliff edges” and 1,180 different reliefs.
ICO in data warning over AI
The Information Commissioner’s Office (ICO) plans to monitor whether firms have tackled privacy risks before introducing generative AI and will take action where there is a risk of harm to people through unsatisfactory use of their data. The ICO’s regulatory risk boss, Stephen Almond, said: “There can be no excuse for ignoring risks to people’s rights and freedoms before rollout.” The ICO has reminded firms that are rules on how companies are allowed to use personal data, noting that these apply to generative AI. Mr Almond said: “Businesses need to show us how they’ve addressed the risks that occur in their context – even if the underlying technology is the same.” He added that while businesses are “right to see the opportunity that generative AI offers … they must not be blind to the privacy risks.”
Nationwide to increase mortgage rates again
Nationwide will today raise rates on its fixed rate mortgages for the third time in three weeks. The building society will increase its fixed rates by up to 0.7 percentage points, meaning the cost of a typical five-year fix for a borrower with a 25% deposit will increase by nearly £800 per year. A Nationwide spokesman said the changes “are in line with the movement in swap rates and ensure that, as a building society, we can continue lending to all types of borrowers.” Meanwhile, NatWest has announced increases of up to 0.28 percentage points for new business mortgages and up to 0.45 percentage points on its remortgage deals. Elsewhere, Clydesdale Bank is withdrawing deals via brokers owing to high demand. Moneyfacts analysis show that the average rate on a two-year fix has risen from 5.34% to 5.92% in the last three weeks. A separate report from UK Finance shows that mortgage repayments on new loans made up 20.4% of borrowers’ incomes on average between January and April. This is up from just under 17% in 2020.
Rent jumps 9.1% in a year
Data from estate agency Hamptons shows that the average rent on a newly let home was up 9.1% year-on-year in May. London saw the biggest annual increase, with rents rising by 13.1%, followed by Scotland at 11.6% and the North at 9.2%. Aneisha Beveridge, head of research at Hamptons, said one of the “biggest driving forces” behind the increase was “higher landlords costs,” adding: “Rents are rising pretty much across the regions and for different property sizes which points towards this.”
Safety tech sector set to hit £1bn
Technology designed to promote a safer online environment has seen rapid growth and the trend is set to continue. The safety tech sector in the UK has logged annual revenue of £456m, with this up 20% on a year ago. Experts have attributed the growth to increased investment, global regulation, and market diversification. They also highlighted that M&A activity in the sector hit a record high in 2022. Analysis suggests that the industry is on target to reach £1bn by the mid-2020s. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the market shows “significant growth potential,” pointing to the “huge mountain to climb to protect users from harm and abuse.”
The latest insolvencies
Petitions to wind up (Companies) – BLUEWATER INNS LIMITED
Petitions to wind up (Companies) – GORDON DADDS LLP
Petitions to wind up (Companies) – SKIPPERS FISH & CHIPS LTD
Petitions to wind up (Companies) – AGRICOM UK LIMITED
Petitions to wind up (Companies) – MEDICINE 18 LIMITED
Petitions to wind up (Companies) – CH15 LIMITED
Petitions to wind up (Companies) – STREETWISE BUILDING LTD
Petitions to wind up (Companies) – STS THERMAL SOLUTIONS LIMITED
Petitions to wind up (Companies) – PUMPKIN CONSULTANTS LIMITED
Petitions to wind up (Companies) – CLASS IN GLASS WINDOWS & HOME IMPROVEMENTS LTD
Petitions to wind up (Companies) – BAYSCAPE LIMITED
Petitions to wind up (Companies) – THE BRIGHTER ENERGY GROUP LIMITED
Petitions to wind up (Companies) – LISTONS LIMITED
Petitions to wind up (Companies) – BOX HOUSE (SERVICES) LTD
Petitions to wind up (Companies) – FALCON INTERIORS DESIGN LTD
Petitions to wind up (Companies) – PURL APPAREL LTD
Petitions to wind up (Companies) – BZZ LIMITED
Petitions to wind up (Companies) – ARAWAK CONSULTING LTD
Petitions to wind up (Companies) – NEON CLUB PRODUCTIONS, LTD
Petitions to wind up (Companies) – ENERGY ADVICE UK LTD
Appointment of Administrator – THE MEATLESS FARM LIMITED
Appointment of Liquidators – MICHAEL ASHE LTD
Appointment of Liquidators – WOZNY LIMITED
Appointment of Liquidators – JOHN HARRIS LIMITED
Petitions to wind up (Companies) – FBC LTD
Petitions to wind up (Companies) – ELSTAT LIMITED
Petitions to wind up (Companies) – SYSTEM CONTRACTS UK LIMITED
Petitions to wind up (Companies) – ABERYSTWYTH MARINA LIMITED
Petitions to wind up (Companies) – BURKE LIFTS LIMITED
Petitions to wind up (Companies) – MY ELECTRICIAN LIMITED
Petitions to wind up (Companies) – LMR FOOD LTD
Petitions to wind up (Companies) – SITESERV RECYCLING (PLANT) LIMITED
Petitions to wind up (Companies) – SANDHAR CONSULTANCY SERVICES LTD
Petitions to wind up (Companies) – CASTELITE LIMITED
Petitions to wind up (Companies) – SAFETY FIRST SECURITY 2010 LTD
Petitions to wind up (Companies) – CEM INVESTMENT LIMITED
Petitions to wind up (Companies) – GDGS (METCALFES) LIMITED
Petitions to wind up (Companies) – BSL HIRE LIMITED
Petitions to wind up (Companies) – SR INFO SYSTEMS LTD
Petitions to wind up (Companies) – GIGABAIR LTD
Petitions to wind up (Companies) – STORM LAND AND ESTATES (I) LIMITED
Appointment of Liquidators – NPK CONSULTANCY LIMITED
Appointment of Liquidators – INTELLISPARK LIMITED
Appointment of Liquidators – I-SITE WEB TECHNOLOGIES UK LIMITED
Petitions to wind up (Companies) – OBERON 11 LIMITED
Petitions to wind up (Companies) – SHRI SAI SOLUTION LTD
Petitions to wind up (Companies) – MHA LONDON LTD
Petitions to wind up (Companies) – PLATFORM HYDRAULICS LIMITED
Petitions to wind up (Companies) – COMFORT CARE HOMES (PLAS Y BRYN) LIMITED
Petitions to wind up (Companies) – BRIKA CONTRACTORS LTD
Petitions to wind up (Companies) – GENUINE SECURITY SERVICES LTD
Petitions to wind up (Companies) – CORNISH PUB COMPANY LTD
Petitions to wind up (Companies) – SCENIC ASSOCIATES LTD
Petitions to wind up (Companies) – GBE LIMITED
Petitions to wind up (Companies) – DELTA ELECTRICAL SYSTEMS LIMITED
Petitions to wind up (Companies) – LJ RECYCLING LIMITED
Appointment of Liquidators – SECTEL ENGINEERING LIMITED
Petitions to wind up (Companies) – G & P TOTAL SERVICES LIMITED
Appointment of Administrator – BREATHE EV LTD
Petitions to wind up (Companies) – UK M&E (NORTHERN) LTD
Appointment of Administrator – CAMM FISHING LIMITED
Petitions to wind up (Companies) – EAN PROCUREMENT SOLUTIONS LIMITED
Petitions to wind up (Companies) – CORNERSTONE HAULAGE LTD
Appointment of Liquidators – MASEGRO LIMITED
Appointment of Liquidators – AUTO ABS UK LOANS 2019 PLC
Appointment of Liquidators – PINEDOT LIMITED
Petitions to wind up (Companies) – CSS/RAW HOLDINGS LIMITED
Appointment of Liquidators – LISSADELL FINANCE LTD
Appointment of Liquidators – PJB288 LTD
Appointment of Liquidators – CUSTOMDEAL LIMITED
Appointment of Liquidators – ERGO INTELLIGENT DOCUMENT SOLUTIONS LIMITED
Petitions to wind up (Companies) – ENSCO 864 LIMITED
Petitions to wind up (Companies) – MAJESTIC NW LIMITED
Appointment of Administrator – GARROCH INVESTMENTS LIMITED
Appointment of Liquidators – IGROK LIMITED
Appointment of Liquidators – THE HEDGEHOGS TRADING COMPANY LIMITED
Appointment of Liquidators – BKST LIMITED
Appointment of Liquidators – KINGSWOOD CAPITAL LIMITED
Appointment of Liquidators – MOS ENTERPRISES LIMITED
Appointment of Liquidators – ESL CONSTRUCTION LTD
Appointment of Administrator – SPAFIELD LIMITED
Petitions to wind up (Companies) – RM DEVELOPMENTS (SUSSEX) LTD
Petitions to wind up (Companies) – DEVA RECRUITMENT SERVICES PAY LTD
Petitions to wind up (Companies) – NORTHERN UTILITY CONTRACTORS LIMITED
Petitions to wind up (Companies) – ASSURANCE HEALTHCARE LTD
Petitions to wind up (Companies) – LILLYWHITE PROPERTY SERVICES LTD
Petitions to wind up (Companies) – JIMER LTD
Petitions to wind up (Companies) – GIBBONS JOINERY LIMITED
Petitions to wind up (Companies) – GDGS (ALEN-BUCKLEY) LIMITED
Petitions to wind up (Companies) – INCE COMPLIANCE SOLUTIONS LIMITED
Petitions to wind up (Companies) – H.P. JUNG (BEACONSFIELD) LIMITED
Petitions to wind up (Companies) – INCE GORDON DADDS CP LLP
Petitions to wind up (Companies) – HANOVER FINANCIAL MANAGEMENT LIMITED
Petitions to wind up (Companies) – CLEARWATER PROPERTY COMPANY LIMITED
Petitions to wind up (Companies) – GRANGEFORD ASSET MANAGEMENT LIMITED
Petitions to wind up (Companies) – INTERPRETING SOLUTIONS LIMITED
Petitions to wind up (Companies) – J2 CORPORATION LIMITED
Petitions to wind up (Companies) – 24 HRS STEEL LTD
Petitions to wind up (Companies) – INCE (CWE) LLP
Petitions to wind up (Companies) – DOCKLANDS MEAT & FISH LIMITED
Petitions to wind up (Companies) – DAMP STOP LIMITED
Petitions to wind up (Companies) – SKIPPERS FISH & CHIPS LTD
Petitions to wind up (Companies) – HYDROFLOW ENVIRONMENTAL SERVICES LTD
Petitions to wind up (Companies) – VALE OF GLAMORGAN CONSTRUCTION LTD
Petitions to wind up (Companies) – NEON CLUB PRODUCTIONS, LTD
Petitions to wind up (Companies) – FBC LTD
Petitions to wind up (Companies) – ELSTAT LIMITED
Petitions to wind up (Companies) – SYSTEM CONTRACTS UK LIMITED
Petitions to wind up (Companies) – ABERYSTWYTH MARINA LIMITED
Petitions to wind up (Companies) – TRFU MACHINES 2023 LIMITED
Petitions to wind up (Companies) – ARK CLINIC LIMITED
Petitions to wind up (Companies) – LISTONS LIMITED
Petitions to wind up (Companies) – PURL APPAREL LTD
Petitions to wind up (Companies) – BZZ LIMITED
Petitions to wind up (Companies) – ARAWAK CONSULTING LTD
Petitions to wind up (Companies) – CSS/RAW HOLDINGS LIMITED
Appointment of Liquidators – LISSADELL FINANCE LTD
Appointment of Liquidators – PJB288 LTD
Petitions to wind up (Companies) – INDOBANGLA CUISINE LIMITED
Petitions to wind up (Companies) – HERITAG RECRUITMENT AND TRAINING LTD
Petitions to wind up (Companies) – BURLEDON LIMITED
Petitions to wind up (Companies) – RYELAND MK LIMITED
Petitions to wind up (Companies) – NORTHERN UTILITY CONTRACTORS LIMITED
Petitions to wind up (Companies) – ASSURANCE HEALTHCARE LTD
Petitions to wind up (Companies) – LILLYWHITE PROPERTY SERVICES LTD
Petitions to wind up (Companies) – JIMER LTD
Petitions to wind up (Companies) – GIBBONS JOINERY LIMITED
Petitions to wind up (Companies) – BOX HOUSE (SERVICES) LTD
Petitions to wind up (Companies) – FALCON INTERIORS DESIGN LTD
Petitions to wind up (Companies) – MY ELECTRICIAN LIMITED
Petitions to wind up (Companies) – LMR FOOD LTD
Petitions to wind up (Companies) – SITESERV RECYCLING (PLANT) LIMITED
Petitions to wind up (Companies) – INCE COMPLIANCE SOLUTIONS LIMITED
Petitions to wind up (Companies) – H.P. JUNG (BEACONSFIELD) LIMITED
Petitions to wind up (Companies) – AGRICOM UK LIMITED
Petitions to wind up (Companies) – MEDICINE 18 LIMITED
Petitions to wind up (Companies) – PLASTIC AND METAL RECYCLING LIMITED
Petitions to wind up (Companies) – CH15 LIMITED
Petitions to wind up (Companies) – SANDHAR CONSULTANCY SERVICES LTD
Petitions to wind up (Companies) – GDGS (ALEN-BUCKLEY) LIMITED
Petitions to wind up (Companies) – ENTERTAIN ME PRODUCTIONS LIMITED
Petitions to wind up (Companies) – APG SECURITY SOLUTIONS LIMITED
Petitions to wind up (Companies) – BURKE LIFTS LIMITED
Petitions to wind up (Companies) – EAN PROCUREMENT SOLUTIONS LIMITED
Petitions to wind up (Companies) – CORNERSTONE HAULAGE LTD
Appointment of Liquidators – MASEGRO LIMITED
Appointment of Liquidators – AUTO ABS UK LOANS 2019 PLC
Appointment of Liquidators – PINEDOT LIMITED
Petitions to wind up (Companies) – GIGABAIR LTD
Petitions to wind up (Companies) – STORM LAND AND ESTATES (I) LIMITED
Appointment of Liquidators – NPK CONSULTANCY LIMITED
Appointment of Liquidators – INTELLISPARK LIMITED
Appointment of Liquidators – I-SITE WEB TECHNOLOGIES UK LIMITED
Petitions to wind up (Companies) – OBERON 11 LIMITED
Petitions to wind up (Companies) – ENSCO 864 LIMITED
Petitions to wind up (Companies) – MAJESTIC NW LIMITED
Appointment of Administrator – GARROCH INVESTMENTS LIMITED
Appointment of Liquidators – IGROK LIMITED
Appointment of Liquidators – THE HEDGEHOGS TRADING COMPANY LIMITED
Appointment of Liquidators – BKST LIMITED
Appointment of Liquidators – CUSTOMDEAL LIMITED
Appointment of Liquidators – ERGO INTELLIGENT DOCUMENT SOLUTIONS LIMITED
Appointment of Liquidators – ASTUS CONSULTING LIMITED
Appointment of Liquidators – PRESSTEC TOOLING LIMITED
Appointment of Liquidators – KIRKBRIDE PROPERTY DEVELOPMENTS LIMITED
Appointment of Liquidators – HORNER FARMING LIMITED
Appointment of Liquidators – JK SERVICES (ABERDEEN) LIMITED
Petitions to wind up (Companies) – ENERGY ADVICE UK LTD
Appointment of Administrator – THE MEATLESS FARM LIMITED
Appointment of Liquidators – MICHAEL ASHE LTD
Appointment of Liquidators – WOZNY LIMITED
Appointment of Liquidators – JOHN HARRIS LIMITED
Appointment of Administrator – SPAFIELD LIMITED
Petitions to wind up (Companies) – INCE GORDON DADDS AP LLP
Petitions to wind up (Companies) – K.S DECORATING LIMITED
Petitions to wind up (Companies) – BLUEWATER INNS LIMITED
Petitions to wind up (Companies) – GORDON DADDS LLP
Petitions to wind up (Companies) – INCE GORDON DADDS CP LLP
Petitions to wind up (Companies) – HANOVER FINANCIAL MANAGEMENT LIMITED
Petitions to wind up (Companies) – CLEARWATER PROPERTY COMPANY LIMITED
Petitions to wind up (Companies) – GRANGEFORD ASSET MANAGEMENT LIMITED
Petitions to wind up (Companies) – INTERPRETING SOLUTIONS LIMITED
Petitions to wind up (Companies) – DEVA RECRUITMENT SERVICES PAY LTD
Petitions to wind up (Companies) – STREETWISE BUILDING LTD
Petitions to wind up (Companies) – STS THERMAL SOLUTIONS LIMITED
Petitions to wind up (Companies) – PUMPKIN CONSULTANTS LIMITED
Petitions to wind up (Companies) – CLASS IN GLASS WINDOWS & HOME IMPROVEMENTS LTD
Petitions to wind up (Companies) – BAYSCAPE LIMITED
Petitions to wind up (Companies) – THE BRIGHTER ENERGY GROUP LIMITED
Petitions to wind up (Companies) – CASTELITE LIMITED
Petitions to wind up (Companies) – SAFETY FIRST SECURITY 2010 LTD
Petitions to wind up (Companies) – CEM INVESTMENT LIMITED
Petitions to wind up (Companies) – GDGS (METCALFES) LIMITED
Petitions to wind up (Companies) – BSL HIRE LIMITED
Petitions to wind up (Companies) – SR INFO SYSTEMS LTD
Petitions to wind up (Companies) – G & P TOTAL SERVICES LIMITED
Appointment of Administrator – BREATHE EV LTD
Petitions to wind up (Companies) – UK M&E (NORTHERN) LTD
Appointment of Administrator – CAMM FISHING LIMITED
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!
No face-to-face meeting required – 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 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!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.