Business news 20 January 2025
Credit card reliance threat, businesses battle slowdown, sector slump, millionaires leaving, tax, consumer confidence falls, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Credit card reliance threatens small businesses
Small businesses are crucial to the UK economy, yet they are facing significant challenges, particularly in accessing financing. The 2025 Small Business Index Annual Report by Intuit Quickbooks, developed with Professor Ufuk Akcigit, reveals that 27% of small businesses relied on credit cards for operations in 2024, with 33% charging over 25% of their monthly expenses. This trend highlights a deeper issue of restricted access to affordable traditional financing, as banks become more selective in lending. The report also discusses the ‘income gap’ affecting credit access, stating: “Banks with higher income gap scores provided more access to credit card financing.” To combat these challenges, small businesses are advised to develop comprehensive financial plans, embrace digital tools, and seek support from accountants to improve their financial health and access to credit.
Talk to CPA about how we can help improve your cash flow by speeding up the payments of outstanding invoices due from your customers.
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.
Businesses battle slowdown in wake of Labour’s Budget
According to research by Kroll, there were 1,330 administrations last year, a 6% increase on the year before and significantly higher than it was in the years following the pandemic. Manufacturing suffered the most with administrations up by a fifth followed by the construction sector. The sectors posting the biggest increases in administrations were recruitment, where they rose by 53%, and media and technology, with a jump of 50%. The total number of company administrations is expected to grow again this year as Labour’s tax hikes bite. Benjamin Wiles, head of UK restructuring at Kroll, said he expected the leisure, hospitality, retail and healthcare industries to be hardest hit by the increase in employers’ National Insurance contributions because of the large number of people they employ. Large corporates may be able to absorb the added costs, but SMEs will face a tougher time, Wiles added.
UK sectors face output slump
The latest Lloyds Bank UK sector tracker reveals that the number of sectors experiencing output decline has reached a 15-month high, with 11 out of 14 sectors reporting contraction. This increase from eight sectors in November indicates intensifying cost pressures. Nikesh Sawjani, senior UK economist at Lloyds, noted that businesses “are taking decisions to reduce operating expenses in order to protect their margins.”
Consumer confidence stalls
Labour’s tax policies appear to be negatively impacting consumer and business confidence. A recent survey by Deloitte revealed that consumer confidence stalled in the final quarter of last year, for the first time since 2022, with eight out of ten respondents anticipating price increases this year. Olivier Vernon-Harcourt, head of retail at Deloitte, said: “Consumer demand is likely to remain subdued while things settle in the first half of the year.”
IMF upgrades outlook for UK
The International Monetary Fund (IMF) has upgraded its growth projection for the UK, forecasting a GDP increase of 1.6% in 2025, up from 1.5% predicted last October. Despite a weaker-than-expected growth of 0.9% last year, the IMF anticipates that the UK will outpace other major European economies, including Germany, France, and Italy, over the next two years. However, the Fund trimmed its estimate of how much Britain grew last year to 0.9%, from a previous estimate of 1.1% made three months ago.
Stagnant wages threaten living standards
Research from the Centre for Cities reveals that workers across Britain have faced stagnant or declining wages since 2008, raising concerns about living standards amid a weak economy. Andrew Carter, chief executive of Centre for Cities, said: “The stark nature of the findings shows an incremental approach is not going to be enough. Boldness, urgency and scale are crucial.” The report highlights that many regions, particularly Mansfield, have seen significant drops in real wages, with workers earning nearly 20% less than in 2008.
Retail sales down in December
Retail sales fell by 0.3% in December, according to the Office for National Statistics (ONS). Food sales volumes fell by 1.9%, marking the lowest level since 2013, while non-food stores experienced a modest increase of 1.1%. The final quarter of the year also reflected a 0.8% decrease in sales volumes, indicating ongoing consumer confidence issues post-October Budget.
Labour to ban NDAs for harassment
Labour is poised to introduce a ban on non-disclosure agreements (NDAs) used by UK employers to silence harassment claims, as part of the Employment Rights Bill overhaul. Employment rights Minister Justin Madders has indicated that amendments will be made in the coming months. Liberal Democrat MP Layla Moran previously proposed an amendment to void NDAs preventing disclosures about harassment, but it was rejected due to specific wording. A government spokesperson affirmed their commitment to workers’ rights, acknowledging concerns about NDA misuse to intimidate victims. The previous government had also attempted to address NDA misuse, particularly in harassment cases, following revelations of their misuse in the financial services sector.
Young workers face rising stress levels
According to Mental Health UK’s second annual Burnout Report, younger workers are increasingly affected by stress, with one in three aged 18-24 needing time off for mental health issues. This contrasts sharply with only one in ten workers aged 45 and above. Brian Dow, the charity’s chief executive, stated: “Our survey clearly reveals it is young people most at risk of high stress in the workplace.” The report highlights a significant decline in younger workers’ comfort in discussing stress with managers, dropping from 75% to 56%. Factors contributing to this stress include unpaid overtime and job security fears. Dow emphasised the need for employers to adapt their mental health support to meet the needs of a modern workforce, warning that failure to do so could lead to losing young talent. The survey involved 2,436 working adults across the UK.
Minimum wage rise hit to graduates
The recent increase in the minimum wage to £12.21 per hour is set to impact graduates significantly, as it will force many to begin repaying their student loans for the first time. Critics, including Richard Tice, the Reform deputy leader, argue that this change imposes a “stealth tax on graduates,” particularly affecting those in low-income jobs. With the student loan repayment threshold frozen at £25,000 until 2027, graduates earning the minimum wage will face effective tax rates of 37%, critics say.
Government to raid accounts of fraudsters
The UK Government is implementing significant measures to combat fraud and error in the social security system, which costs taxpayers nearly £10bn annually. The Public Sector Fraud Authority will receive enhanced powers to recover funds directly from bank accounts, potentially saving up to £1.5bn over the next five years. Liz Kendall, Secretary of State for Work and Pensions, stated: “This government will not tolerate fraud and waste in the welfare system.” The initiative aims to streamline processes and reduce the need for lengthy court cases, with independent oversight promised to ensure fairness.
Markets
On Friday, the FTSE 100 closed up 1.35% at 8505.22 and the Euro Stoxx 50 closed up 0.81% at 5148.30. Over in the US the S&P 500 rose 1.0% to 5996.66 and the NASDAQ rose 1.51% to 19630.20.
The FTSE 100 index reached an all-time high, surpassing 8,500 points, following a busy week of economic data that shifted the outlook for UK interest rates. A combination of inflation numbers, GDP figures, and retail sales data increased expectations of a rate cut at the Bank of England’s meeting next month.
This morning on currencies, the pound is currently worth $1.22 and €1.182. On Commodities, Oil (Brent) is at $80.85 & Gold is at $2708. On the stock markets, the FTSE 100 is currently up 0.18% at 8520 and the Eurostoxx 50 is flat at 5148.
Markets are closed in the US today for Martin Luther King Day as Donald Trump becomes president. He is set to invoke emergency powers immediately after his inauguration, seeking to strengthen domestic energy production and roll back Biden-era climate regulations. Bitcoin soared to an all-time high of $109,241 while Trump and Melania, launched personal memecoins over the weekend that soared in value, sparking criticism from crypto executives who say they undermine the industry’s credibility.
TikTok
The Supreme Court upheld the law threatening to shutdown TikTok in the US unless sold to a US investor. But Trump has promised to act to save them.
Openreach
BT Group’s Openreach Ltd has announced a record number of new exchange locations where the business plans to halt the sale of traditional copper-based phone and broadband services. The aim is to encourage people to upgrade to new digital services over an ultrafast Full Fibre connection. Openreach announced 163 new exchange locations, covering more than 960,000 premises across the UK.
Reeves has pushed up borrowing costs by £12bn
Chancellor Rachel Reeves is facing severe criticism for her handling of the economy, with Shadow Chancellor Mel Stride claiming that her actions have led to a £12bn increase in borrowing costs. Stride said: “The Chancellor’s economic mess means our taxes are being wasted on more and more debt interest.” Concerns are growing that Labour’s tax hikes will exacerbate inflation and interest rates, impacting mortgages. Former Treasury officials and think tanks warn that without significant policy changes, the UK economy risks entering a debt crisis and recession. A Treasury spokesperson defended Reeves, asserting that the Government aims to boost economic growth and stability.
Labour must cut taxes to promote growth
Several commentators call for Labour to cut taxes or risk crashing the economy. Liam Halligan says in the Sunday Telegraph that Sir Keir Starmer’s administration “has thwarted growth”, compounding the economic difficulties left behind by the Tories. He goes on to say that the UK state is far too big and expensive but Labour is further expanding it for ideological reasons, with the increase in taxation and government spending spooking bond markets. Elsewhere, Oliver Shah asserts in the Sunday Times that “ Labour is deluded if it thinks it can keep talking about growth while bringing in policies such as its proposed workers’ rights bill.” There are laudable missions, such as planning reforms, but the Chancellor needs to take action to jumpstart growth, namely through tax cuts and spending cuts – two things anathema to a Labour government. Finally, talking to the Sunday Express, Shadow Chancellor Mel Stride says he is horrified at what Labour have done to the economy since the election. “They’ve heaped taxes on to business – taxed the living daylights out of them, talked down the economy and they seem now to be slightly shocked and surprised the economy is in a very bad place.” He adds: “We’ve seen growth killed stone dead.”
Labour’s tax plans “a monumental act of national self-harm”
A significant exodus of millionaires from Britain has been observed since Sir Keir Starmer’s rise to power, with a net loss of 10,800 millionaires last year, marking a 157% increase from 2023. The outflow, primarily to European countries and the UAE, includes 78 centi-millionaires and 12 billionaires. David Hawkins of Foreign Investors for Britain described the Government’s policy as “a monumental act of national self-harm,” highlighting concerns over Labour’s tax reforms, particularly the abolition of the non-domiciled tax regime. A survey by Oxford Economics revealed that nearly two-thirds of non-doms are considering leaving due to impending changes, with the potential loss of tax revenue estimated at nearly £1bn annually. The Treasury maintains that these reforms are necessary for fairness and stability, stating: “It is right that those who can afford to, contribute their fair share.”
More than 10,000 millionaires left Britain last year
Over 10,000 millionaires left the UK in 2024, according to New World Wealth, with analysts attributing this to various factors, including rising taxes, the increasing influence of the US and Asia in the tech sector, and the declining significance of the London Stock Exchange. Andrew Amoils, head of research, noted that “wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the country.” The report highlights that the UK has lost 16,500 millionaires from 2017 to 2023, with cities like Paris, Dubai, and Singapore emerging as popular destinations. Rachel de Souza, a tax partner at RSM UK, points out that demand for relocation advice was being driven by those with ‘non-dom’ status before October’s Budget but by British entrepreneurs afterwards. “In virtually all cases, these entrepreneurs are citing the Budget announcements as the reason,” she said.
Reeves heads to Davos as the wealthy flee Britain
Chris Blackhurst comments in the Independent on news that Britain lost a net 10,800 millionaires last year, a 157% increase from 2023. The exodus is largely attributed to the government’s crackdown on non-domicile tax status, which has prompted many to reconsider their residency. Blackhurst points out that Rachel Reeves is set to attend Davos to promote Britain as a destination for international investors, yet the country is witnessing a significant outflow of wealthy individuals, taking as many as 23,000 jobs with them by 2030. “What began as a revenue-raising initiative.. can only be defended on grounds of left-wing ideology,” Blackhurst says, adding that Sir Keir Starmer and the Chancellor should follow Tony Blair’s example and “switch to compensation not confiscation, before further damage is done.”
Reeves: UK would be worse off without tax hikes
Rachel Reeves has defended her policy positions in an appearance on a BBC podcast, asserting that Britain would be in a worse position without her tax increases. Despite market turmoil, including a falling Pound and rising borrowing costs, the Chancellor remained resolute, stating: “I’m here for the long haul.” Reeves dismissed comparisons to former PM Liz Truss, claiming her decisions are necessary to prevent soaring borrowing costs for families and businesses.
Tourism in the UK at risk from high taxes
High taxes and insufficient investment are discouraging tourists from visiting the UK, with the World Travel and Tourism Council warning that the industry could lose up to £60bn in GDP over the next decade. A report by Oxford Economics predicts that the UK will have one of the lowest growth rates in international arrivals, with only a 3% increase expected from 2024 to 2029. Factors such as increased National Insurance, a higher VAT rate than the European average, and the introduction of a £10 digital permit scheme for visitors are contributing to this decline
Billionaires boom as poverty persists
According to the latest annual Oxfam inequality report, the number of billionaires in the UK has increased to 57, with four new billionaires created last year. Globally, the billionaire count rose to 2,769, and their combined wealth surged from £10.6trn to £12.3trn, marking the second-largest annual increase in billionaire wealth since records began. Anna Marriott, Oxfam’s inequality policy lead, said: “Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five.” The report highlights that while billionaire wealth is growing, about 3.5bn people continue to live in poverty, with calls for the UK Government to implement policies that reduce inequality and support higher taxation on the super-rich.
HMRC workers to strike on crucial day for tax returns
Strike action by His Majesty’s Revenue and Customs (HMRC) workers is set to disrupt the self-assessment tax return process on January 30 and 31, coinciding with the deadline for submissions. The Public and Commercial Services union (PCS) has announced the strike in response to a pay dispute, where over 300 workers at Fujitsu Services UK were offered a 1.5% pay rise, significantly lower than the 5% received by their in-house counterparts. PCS general secretary Fran Heathcote stated: “There is no excuse for workers employed by Fujitsu being offered less than those employed directly by HMRC.” The strike could impact those required to submit tax returns, including individuals earning from non-PAYE sources or those owing Capital Gains Tax. An HMRC spokesperson assured that “robust plans” are in place to maintain critical services during the industrial action.
UK sanctions regime under scrutiny
The effectiveness of the UK’s sanctions regime against Russia is being questioned following revelations from HM Revenue and Customs (HMRC). In response to a Freedom of Information request, HMRC admitted it has no central record of ongoing investigations into Russian sanctions. Despite issuing six fines since 2022, the department has not disclosed the names of the companies involved or the specifics of their violations. Mark Handley, a partner at Duane Morris, expressed surprise at HMRC’s lack of knowledge regarding the number of investigations, stating: “If you’re trying to organise an organisation like HMRC… you would think that they might know how many investigations they have ongoing.” The lack of clarity may contribute to ongoing breaches of sanctions, with goods still flowing to Russian satellite states.
UK firms boosted by new qualifications agreement with Switzerland
A new agreement between the UK and Switzerland on the recognition of professional qualifications has been agreed. The UK-Switzerland Recognition of Professional Qualifications Agreement simplifies the process for UK-qualified professionals to work in Switzerland, covering over 200 professions, including lawyers and ski instructors. Business and Trade Secretary Jonathan Reynolds said: “Innovative agreements like this will make a real difference to our world-class services sectors.” This agreement replaces the previous Citizens’ Rights Agreement and aims to enhance trade, which is currently valued at £27bn annually. It also includes a unique pathway for legal professionals to qualify in each other’s countries after three years of practice. The initiative is expected to bolster economic growth and facilitate the exchange of talent between the two nations. Financial Reporting Council CEO Richard Moriarty said: “Securing mutual recognition agreements with global partners is good for the future skills and resilience of the UK audit profession which plays an important role in supporting UK growth. This UK-Switzerland Recognition of Professional Qualifications Agreement will support UK audit firms to export their services and enhance the profession’s ability to trade across the globe.”
MPs conclude Office for Value for Money is a waste of cash
MPs have raised concerns about Rachel Reeves’s new Office for Value for Money, labelling it an “understaffed, poorly defined organisation” with unclear objectives. A report by the Treasury select committee highlighted the office’s lack of resources and potential for duplication, questioning its ability to drive efficiencies in government departments. Dame Meg Hillier, the committee’s chair, said: “It is understaffed, poorly defined, set up with a vague remit and no plan to measure its effectiveness.” The office has only 12 full-time employees and is led by David Goldstone, who is controversially contracted for just one year at £950 a day.
Badenoch hits back over triple lock claims
Kemi Badenoch, the Tory leader, has come under fire for suggesting a review of means testing after being asked about the sustainability of the pensions triple lock. She later clarified that she was referring to means testing generally, but Labour, the Liberal Democrats, and Reform UK quickly seized on her comments, accusing her of planning cuts to state pensions. Meanwhile, when Labour was questioned over its commitment to the triple lock, a spokesman for the Prime Minister said Downing Street could not guarantee that it would exist in its present form for the whole of the current Parliament. The Telegraph points out that Torsten Bell, the Government’s new pensions minister, once proposed scrapping the triple lock as well as valuable tax reliefs on the retirement savings of higher earners.
Majority back second home tax
Recent polling by YouGov for Common Wealth reveals that over two-thirds of Britons support increased taxes on second homes to fund social housing. Mathew Lawrence, director of Common Wealth, stated: “Our new analysis shows there is broad support for ambitious reform of the housing system across different social groups.” The poll indicates that 79% of respondents favour higher capital gains tax on second homes, while 73% support increased taxes on buy-to-let properties. Even among Conservative supporters, 64% back higher taxes on second homes. This week, the Scottish Parliament approved a tax increase on second homes, expected to raise £30m for public services.
EU firms splash out on UK firms
Research by Lubbock Fine reveals that acquisitions of UK businesses by EU companies have surged by 51% over the past year, reaching a total value of £20.6bn, up from £13.6bn. Notable acquisitions include well-known brands such as Britvic, Portakabin, and Chestertons.
Poundland faces sales crisis
Pepco Group has engaged AlixPartners to tackle a significant sales slump at Poundland, which has raised concerns about the chain’s future. The company is exploring “radical options” including a potential restructuring process that may lead to store closures or even a sale. Pepco Group, which has owned Poundland since 2016, reported a 7.3% decline in like-for-like sales during the Christmas trading period, attributing the downturn to a challenging sales environment and rising operating costs. Chief Executive Stephan Bouchert said: “We expect that the toughest comparative quarter for Poundland is now behind us,” as the company aims to recover trading and reassess its competitive positioning. Plans for Poundland’s future will be outlined at a capital markets day in Poland on March 6th.
Banco Santander
Banco Santander is exploring options for its UK business, including leaving the UK market entirely, the Financial Times reported on Saturday, citing “people familiar with the matter”. The Madrid-based lender first entered the UK two decades ago by acquiring retail bank Abbey National. Santander enjoys lower returns from its ring-fenced UK bank compared to other markets, and in November it had to set aside GBP295 million to cover potential costs of a UK court ruling about possible mis-selling of car loans. An exit from the UK would involve selling Santander UK, which includes both retail and commercial banking operations. However it is unclear who would be interested in buying the business, two sources told the FT, and Santander could still decide to keep it.
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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!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.