Business news 22 April 2022

James Salmon, Operations Director.

Employers try and head off the Great Resignation. Consumer confidence plunges to near all-time low in April. Bailey warns of risk of persistent inflation from strong UK labour market. WFH to reduce reliance on Russia. UK households investing less as cost of living rises.  And more business news.

Employers try and head off the Great Resignation

Employers are offering increasingly lavish benefits to workers, reducing working hours and hiking pay in a bid to halt a raft of resignations as employees seek a better work-life balance.

Gaelle Blake, head of permanent appointments at Hays UK&I, says. “If employers don’t get the basics right such as offering competitive salaries along with flexible and hybrid working – the majority of professionals will look elsewhere.”

A recent report from professional services recruiter Dartmouth notes that graduate bankers are now demanding starting salaries of more than £60,000. This comes as Citigroup looks to set up an office in Malaga offering junior analysts an eight hour day with half the salary of their peers in London and New York.

Citi said the hub had been devised to tackle the inflexibility of banking life, a “key driver in junior attrition”. But an ex-Citi staffer said the Malaga shop “is a bit of a red herring” adding that Citi wasn’t a charity. “It’s a bulge bracket bank and they want results.”

Consumer confidence plunges to near all-time low in April

A survey by market research firm GfK has found British consumer sentiment fell in April to its second-lowest reading since records began nearly 50 years ago. Its consumer confidence index fell to -38 from -31 in March, just above the all-time low seen in July 2008.

“This is dire news for consumer confidence and with little prospect of any economic relief on the horizon we can only forecast further falls in the index for the year ahead,” Joe Staton, client strategy director at GfK, said.

Meanwhile, a separate survey from KPMG showed around a third of consumers had cut back on spending this year. There were market drops in spending on clothes and eating out, the firm said. Linda Ellett of KPMG said: “So far in 2022, the cost-of-living squeeze has caused a third of the consumers we surveyed to cut back spending on the things they want, and offset their bills by dipping into their savings, where possible. The majority of consumers haven’t yet had to take action, as the cost of living rises are yet to fully bite. A key question for the UK economy for the remainder of 2022 is as costs continue to rise, how many of this group will remain able and willing to spend?”

Separately, UK Retail Sales fell by 1.4% in March as the rising cost of living hit consumer spending, according to official data. Online sales were hit particularly hard as people tightened their belts, the Office for National Statistics said. Fuel sales also fell as people cut non-essential travel amid record petrol and diesel prices. However, overall retail sales were still 2.2% above pre-pandemic levels, the ONS said.

Bailey warns of risk of persistent inflation from strong UK labour market
Andrew Bailey, the Governor of the Bank of England, said on Thursday that the central bank was walking a “very fine line” between inflation and recession suggesting he did not think interest rates needed to rise as fast as markets are anticipating. Speaking in Washington, Mr Bailey warned that the series of upward price shocks over the past year, combined with a tight labour market, could fuel persistent inflationary pressures.

WFH to reduce reliance on Russia, EU says

The EU is asking its citizens to help reduce the bloc’s use of Russian energy by driving less, turning down air conditioning and working from home three days a week. A nine-point plan drawn up with the International Energy Agency would reduce outgoings for a typical household by €450 (£375) a year and save 220m barrels of oil annually.

UK households investing less as cost of living rises

Rising inflation and the war in Ukraine have led UK households to hold back on investing, says investment platform AJ Bell, with net inflows during the first quarter falling to £1.6bn compared with £1.8bn in the same three months last year. “Customers invested slightly less via our platform than [last year] as they assess the impact of the rising cost of living,” said CEO Andy Bell. However, he said the results were “encouraging” given the “uncertain market backdrop” noting the group had attracted over 20,000 new customers “despite weakened investor sentiment”.

Five Eyes alert warns of Russian threats to critical infrastructure

Five Eyes intelligence agencies have warned that working from home puts private information at greater risk from Russian hackers. The alert states that companies should: “Limit access to resources over internal networks, especially by restricting RDP [Remote Desktop Protocol] and using virtual desktop infrastructure.”

It added that: “RDP exploitation is one of the top initial infection vectors for ransomware, and risky services, including RDP, can allow unauthorised access to your session using an on-path attacker.” The Five Eyes warning reveals that “evolving intelligence” indicates that the Russian government and its supporters are exploring options for “potential cyber-attacks” against critical national infrastructure.

Eight in 10 small businesses want support to be greener
A study of 500 UK SME owners found despite 91% believing it’s important to be sustainable, 43% struggle to be greener due to a lack of guidance while 37% blame insufficient carbon footprint data and a further 37% say they don’t have time. The research, commissioned by climate action firm Ecologi, also found that, while 83% of small businesses think the Government needs to do more to educate and support businesses in their sustainability efforts, 67% have put a strategy in place for their enterprise.

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 charge our members a fixed annual subscription irrespective of how high the debt value is!

It takes less than 17 minutes to see how you would benefit, do you have the time now?

No face-to-face meeting required – just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email 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 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.