Business news 18 March 2025
Some of the 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
OECD slashes UK growth forecasts
The OECD has revised down its growth forecasts for the UK, predicting an expansion of only 1.4% in 2025, down from 1.7%, and 1.2% in 2026, reduced from 1.3%. The adjustment adds pressure on the Chancellor as she prepares for the upcoming Spring Statement, amidst a £15bn financial gap. In response to the OECD’s interim Economic Outlook report, Rachel Reeves acknowledged “global headwinds” affecting the economy. The OECD also highlighted that “higher and broader increases in trade barriers would hit growth around the world and add to inflation.”
Labour vows to slash red tape
Rachel Reeves has committed to reducing bureaucratic hurdles in the UK, telling regulatory leaders during a meeting at Downing Street that there was too much regulatory overlap and too much bureaucracy. The Chancellor unveiled 60 measures Britain’s regulators have agreed to take in order to boost economic growth following Monday’s meeting. These included reducing environmental barriers to construction projects, trimming the legal duties of financial services regulators, Ofgem, Ofwat and the Office for Road and Rail and reviewing the role of the Financial Ombudsman Service. The Competition Markets Authority (CMA) will also be given a “growth-focused strategic steer” in the coming weeks and a package of reforms to modernise permitting for industry and energy sectors will be consulted on in June. Other measures include reviewing contactless payment limits, simplifying mortgage lender rules and helping start-ups to secure funding. Finally, writing in City AM, the PM Sir Keir Starmer says reshaping Britain’s regulatory landscape will “take years of discipline, focus and a willingness to make tough choices.”
Benefit cuts
The PM has clearly hinted that the government is considering disability benefits cuts commenting ‘ the UK has the highest level of working-age inactivity due to ill health in western Europe, we are the only major economy whose employment rate hasn’t recovered since the pandemic.
Treasury to review Financial Ombudsman Service
The Treasury is reviewing the Financial Ombudsman Service to address concerns that it has been acting “as a quasi-regulator”. It aims to streamline dispute resolution and reduce regulatory burdens on businesses. Stephen Haddrill from the Finance and Leasing Association welcomed the review, highlighting the costly compliance burdens faced by firms. “The situation in the consumer credit sector is that firms spend millions of pounds complying with FCA rules, only to fall foul of the FOS’s reinterpretation of those rules,” he said. “Managing risk in this sector is expensive, time-consuming and subject to massive uncertainty, which claims management companies can then exploit, undermining the investability of the market.”
Bean warns against kneejerk cuts
Charlie Bean, former deputy governor of the Bank of England, has cautioned Chancellor Rachel Reeves against making hasty spending cuts in response to the Office for Budget Responsibility (OBR) forecasts, which he described as “pretty flaky.” Speaking at a Resolution Foundation event, Bean stated: “We’ve got ourselves into a frankly pretty ridiculous position where we’re doing fiscal fine-tuning to control the OBR forecast five years ahead.” He advised Reeves to consider extending the freeze on income tax thresholds rather than rushing into cuts. Gemma Tetlow, chief economist at the Institute for Government, echoed Bean’s sentiments, urging caution and suggesting that the Chancellor should focus on long-term strategies rather than immediate adjustments.
Spring Statement a key opportunity for bold reforms
Writing in City AM, Chris Hayward, the policy chairman of the City of London Corporation, says the Chancellor should use her Spring Statement to prioritise pension reforms that boost investment in UK industries. An investment hub would streamline opportunities to grow inward investment, Haywood says, while digital verification solutions could add up to £4.8bn to the UK economy over the next five years, “transforming digital services and mitigating fraud losses.”
Housing market rebounds with 6.3% growth
The UK residential housing market experienced a significant recovery in 2024, with a 6.3% increase in value, reaching £379bn. Although still below the pandemic peak of £521bn, the market is £36bn larger than pre-pandemic levels. Savills reported 1.1m property transactions, with an average sale price of £343,922. Lucian Cook, head of residential research at Savills, said: “Total spending on UK house purchases shifted back into positive territory in 2024 as stability returned to the mortgage markets.” The rise in mortgage debt, particularly among first-time buyers, surged by 21.4% to £12.2bn, driven by higher transaction levels. However, cash buyers faced a decline in spending, highlighting a shift in market dynamics. Upcoming stamp duty changes may further impact buyer behaviour.
Buy-to-let firms outnumber fast-food shops
The buy-to-let sector has seen a remarkable rise over the past ten years, with over 401,000 companies now registered in the UK, nearly four times the number of fast-food outlets. According to research from Hamptons, this growth is attributed to landlords shifting their properties into limited company structures to mitigate tax liabilities. Despite challenges such as rising mortgage costs, the number of buy-to-let companies has surged, with a record 61,517 new entities established in 2024 alone. However, the pace of growth may slow due to increased stamp duty and falling mortgage rates, yet up to 75% of new buy-to-let purchases are expected to remain within limited company structures.
Migrants claim asylum after arriving as skilled workers
The National Audit Office (NAO) has revealed that the Home Office is unaware of the whereabouts of over 40% of skilled workers once their visas expire. The report highlights a staggering increase in asylum claims from skilled workers, rising from 53 in 2022 to 5,300 in the first ten months of 2024. The report also noted an 80% increase in permanent residency applications, with 44,000 claims in 2024 compared to 25,000 in 2021. The Home Office has not conducted a thorough analysis of visa exit checks since 2020, leading to concerns about the effectiveness of the visa system and its impact on the economy and skill shortages. The NAO has called for a comprehensive assessment of visa outcomes by the end of 2025. The report comes as the Government prepares to publish a White Paper, expected in the summer, which will lay out plans “to restore” the UK’s “broken immigration system”.
Wiz
Alphabet, Google’s parent, is negotiating to buy Wiz, an Israeli cybersecurity start-up for $30 billion
Pepsico
PepsiCo acquired Poppi, a healthy-soda brand, for $1.95bn. Poppi sells its drinks, which contain prebiotics and apple cider vinegar, as an alternative to sugary sodas.
Canada
Mark Carney, Canada’s new prime minister, said Mr Trump must stop making “disrespectful” comments about his country before they can discuss future ties. America’s president has imposed tariffs on Canadian goods and questioned its sovereignty. Earlier Mr Carney made a statement by traveling to Europe—where he hopes to strengthen alliances—for his first official visit, instead of America.
Hungary cuts taxes to boost births
Hungary is implementing radical financial incentives to combat its declining fertility rate, which is projected to drop from 9.6m to 8.5m by 2050, according to the Hungarian Research Network. Mothers with two or more children will be exempt from income tax for life, while those with one child will enjoy tax exemption until age 30. Despite previous incentives that raised the fertility rate from 1.2 in 2011 to 1.6 in 2021, the rate has since stalled at 1.38. Prime Minister Viktor Orbán described the tax cut as “the largest in Europe, and indeed the entire Western world,” aiming to create a “family-centred economy.” He stated: “With this, we are securing the future of Hungarian families for decades to come.”
Latest Insolvencies
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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!