Business news 22 April 2025
Corporate distress climbs. Tariff toll. Tax compliance cost. Employment reform. SME wages. Packaging Tax. Reeves trip to the US and a potential US trade deal. 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.
Corporate distress climbs amid ‘mounting pressures’
Analysis by restructuring firm Kroll has identified a significant increase in corporate distress, with a 30.5% rise in companies filing for administration last month, from 108 last year to 141. The construction and manufacturing sectors were particularly affected, each seeing 18 administrations. Benjamin Wiles, head of UK restructuring at Kroll, noted: “There are mounting pressures on all businesses,” highlighting the challenges posed by rising National Insurance contributions and uncertainty around trade tariffs. While 90% of larger businesses feel prepared to tackle these challenges, only 74% of smaller firms share this confidence, with 27% feeling less prepared than the previous year. Sarah Rayment, managing director at Kroll, said feedback from small businesses was “concerning,” commenting: “While it’s encouraging to see that some businesses are planning proactively, it is unsurprising to see that smaller companies face steeper hurdles with fewer resources and capital reserves.”
Business survey shows tariff toll
Almost three-quarters (73%) of manufacturers and logistics companies expect President Trump’s tariffs to hit their finances, according to a survey of 2,000 business leaders by HSBC. The poll shows that 21% of business leaders have postponed investment due to the tariffs, while 14% have taken action to reshape their supply chains and 12% have expanded into other international markets. Stephanie Betant, head of global trade solutions at HSBC UK, said: “While UK businesses broadly acknowledge that tariffs will have some impact, relatively few anticipate severe disruption,” noting that this “underscores the structural advantage of an economy where services – a sector less exposed to tariff-related pressures – play a dominant role.”
Tax compliance costs small firms £25bn
Small business leaders are urging the Government to alleviate the tax compliance burden to stimulate growth. A survey by the Federation of Small Businesses (FSB) revealed that small firms are incurring costs of up to £25bn annually due to tax obligations. On average, each small firm spends £4,500 and 44 hours yearly on compliance, with many struggling to contact HMRC due to issues with customer service. Tina McKenzie of the FSB said: “This is money and time that could be far, far better spent on building up their business.” She added: “Given the challenges facing the economy, and the need for growth, reducing the burden placed on small firms by tax compliance must be a priority.” Calling for HMRC to be included in the Government’s drive to ensure regulation better supports growth, Ms McKenzie added: “We deserve a tax system that is fit for purpose.”
Business groups urge rethink of employment reforms
Major business groups have voiced concern over the Government’s Employment Rights Bill, which is set for scrutiny in the House of Lords. The British Chambers of Commerce, Confederation of British Industry, Institute of Directors, Federation of Small Businesses and Make UK argue that the Bill, which aims to enhance workers’ rights, could “damage growth and employment, undermining the Government’s own goals.” The proposed legislation includes guaranteed hours and restrictions on zero-hour contracts, but the groups warn it may deter hiring and introduce unnecessary costs. Shadow Business Secretary Andrew Griffith said: “The business groups are correct when they say as currently drafted, the Bill will have deeply damaging implications for the Government’s priority growth mission.” The Government maintains that the Bill represents “the biggest upgrade to workers’ rights in a generation.” The Office for Budget Responsibility recently said that regulations which “affect the flexibility of businesses and labour markets” are likely to have “material and probably net negative, economic impacts on employment, prices, and productivity.”
SME workers see wages fall
Analysis by HR platform Employment Hero shows that staff at SMEs saw their wages fall at the end of March. While Office for National Statistics data shows that wage growth across the wider UK economy has exceeded 5% in every month since September, analysis shows that there has been a decrease in median full-time pay across 105,000 SMEs. The report shows that staff at these firms are earning as much as £250 less a year than they were at the end of 2024. With firms looking to absorb the impact of an increase in employer National Insurance contributions, Kevin Fitzgerald, managing director at Employment Hero, said businesses “are clearly making difficult decisions to maintain competitiveness in an increasingly challenging trade environment.”
Sainsbury’s boss urges UK to close tax loophole
Simon Roberts, the chief executive officer of Sainsbury’s, has urged Prime Minister Sir Keir Starmer to address a tax loophole exploited by Chinese retailers, calling for measures to ensure “everyone is paying their tax wherever they’re operating from.” He warned: “If there’s a loophole here, which means that’s not happening, then that needs to be closed.” This call for action comes with British retail leaders concerned about an increase in low-value packages entering the UK market, particularly after the US Government ended a tax exemption for small imports. The British Retail Consortium has warned: “Retailers are rightly concerned we will see more traders outside the UK taking advantage of our de minimis rule to sell their displaced stock from the US, undercut domestic retailers and put consumer safety at risk.”
SMEs in packaging tax warning
SMEs have voiced concern over the introduction of the extended producer responsibility (EPR) tax, which affects companies with sales over £1m and that use more than 25 tonnes of packaging. Over 100 small food businesses are campaigning for rethink over the regulations, which they deem “shambolic.” The Government maintains that the EPR will “create 21,000 jobs and help stimulate more than £10bn of investment in recycling over the next decade,” but many small firms say the costs could put their business at risk. The Food and Drink Federation, an industry trade body, estimates that EPR compliance will cost businesses £1.4bn in the first year.
IMF: No global recession despite tariffs
The International Monetary Fund (IMF) says that while trade tensions have “flared” in the wake of US tariffs, there will not be a global recession. The IMF said its next growth projections “will include notable markdowns, but not recession.” Kristalina Georgieva, the IMF’s managing director, said: “A better balanced, more resilient world economy is within reach. We must act to secure it.”
Reeves to meet US Treasury Secretary
Rachel Reeves will fly to Washington to meet US Treasury Secretary Scott Bessent this week, with the Chancellor looking to intensify negotiations over a trade deal that would see a reduction in the tariffs announced by President Donald Trump. A Government source said that while Ms Reeves would not be negotiating directly with Mr Bessent, she would put forward an argument “making clear our overarching view on free trade.” Ms Reeves, who has said that “active negotiations” are ongoing, said that “any deal that’s able to be secured will always have front and centre British national interest.” Meanwhile, Sir Keir Starmer has had his first call with Donald Trump since the US President imposed 10% tariffs on all UK imports and a 25% levy on cars. A Downing Street spokesperson said the Prime Minister and Mr Trump covered the “ongoing and productive” talks over trade, noting that Mr Starmer “reiterated his commitment to free and open trade.”
Reeves to make the case for free global trade
Rachel Reeves is set to argue for global free trade when she meets with finance ministers and central bankers at an International Monetary Fund event in Washington. Pointing to new tariffs on exports into the US, the Chancellor said: “The world has changed, and we are in a new era of global trade,” adding that she is “in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.” A senior UK official said: “We’re facing a new economic reality, but we’re a heavily trading country, with the value of our exports the equivalent of 60% of GDP, so it’s always in our own interests to promote free trade.”
UK could land US trade deal
With Chancellor Rachel Reeves set to meet US Treasury Secretary Scott Bessent as the UK looks to agree a deal that would ease the burden of tariffs announced by President Donald Trump, sources are increasingly optimistic that an agreement will be signed in the near future. While Japan and South Korea are considered to be ahead of the UK in the queue for an agreement that would lower the rate of tariffs imposed on goods being exported to the US, a source has suggested that the UK is “near the top” of the list. Meanwhile, a report by Allianz Trade has forecast that the UK will end up with an average tariff rate of 3.6% on goods sent to the US. While this is lower than the current levy of 9.1%, it exceeds the 0.9% rate which was in place before Mr Trump opted for new rates.
Reeves: No US trade deal if red lines are crossed
Rachel Reeves says the UK would rather walk away from trade talks with the US with no agreement in place than accept a bad deal. The Chancellor said the UK will have a number of red lines that it is not prepared to compromise, insisting that ministers are “not going to do something that’s not in our national interest.” Urging caution on claims that an agreement could be reached within a matter of weeks, Ms Reeves said: “We’re not going to rush into something that isn’t the right thing for Britain. But we are intensely negotiating with our American counterparts to get a better deal for British industry and British jobs, and that is our focus at the moment.”
Reeves: Cutting ties with China would be ‘foolish’
Rachel Reeves has said it would be “very foolish” for Britain to pull back on its relationship with China to help secure an improved trade deal with the US. Asked if she was willing to engage less with China to placate US President Donald Trump, the Chancellor said: “Well, China is the second biggest economy in the world, and it would be, I think, very foolish, to not engage. That’s the approach of this Government.” Noting that she was in China earlier this year “as part of an economic and financial dialogue,” Ms Reeves said that officials – alongside figures from HSBC, the London Stock Exchange Group, Standard Chartered, and Prudential – “were there to improve the ability of the UK financial services firms to operate out of China.”
Chancellor vows to avoid wealth tax
Rachel Reeves says she will not target household wealth in the next Budget, vowing that there will be no change to capital gains tax. Amid concern over public finances, experts say the Chancellor will have to resort to higher taxes, lower public spending or changes to the Government’s fiscal rules. Quizzed on whether she will be increasing wealth taxes, Ms Reeves told the Sunday Telegraph: “I’ve been really clear about this on a number of occasions … We’re not interested in a wealth tax.” Ms Reeves was also asked whether she will use an emergency break in her fiscal rules on borrowing that allows for a temporary pause, to which she replied: “We’re not going to be using that emergency break,” adding: “The fiscal rules are non-negotiable and they’ve been absolutely essential for providing that stability that both families and businesses need.”
Markets
Donald Trump has continued his childish online name calling, referring to Federal Reserve chairman Jerome Powell as a ‘major loser’ and demanding the central bank cut US interest rates to counter the recessionary pressures his trade war are having on the US economy ignoring their inflationary impact. Global markets have been spooked by Trump’s attacks on the FED chair, Jerome Powell and are questioning the FED’s independence going forward and therefore the US’s preeminence. The world is slowly discovering that the real Trump Trade is “Sell America” with US assets and the US dollar being sold off.
This morning on currencies, the pound is currently worth $1.338 and €1.163. On Commodities, Oil (Brent) is at $67.3 & Gold is at a new high of $3457. On the stock markets, rge US market sold off heavily with the S&P falling 2.36% yesterday and the Nasdaq falling 2.55% the FTSE 100 is currently up 0.24% at 8295 and the Eurostoxx 50 is down 0.24% at 4924.
Elsewhere, Denmark’s Novo Nordisk is the most significant faller in Europe, as investors react after an obesity pill from US rival Eli Lilly outperformed in a trial last week.
The Trump Administration has announced that it will impose tariffs of up to 3,521% on imports of solar panels from Cambodia, Thailand, Malaysia and Vietnam in response to allegations of dumping according to the Commerce Department.
The US said it’s made “significant progress” toward a trade deal with India following talks between US VP JD Vance and Indian PM Narendra Modi.
China warned countries against striking deals with the US that could hurt Beijing’s interests, upping the ante in the trade war.
Tesla faces a “code red” moment as it prepares to report earnings later today, according to Wedbush Securities analyst Dan Ives.
Netflix reported record first-quarter earnings, which were up 25% to $6.61 a share, beating analysts’ estimates. Sales grew to $10.5 billion, in line with analyst expectations.
A US district court ruled that Google violated antitrust law to maintain a monopoly on some of its digital advertising tools. The ruling said the tech titan had harmed the “competitive process” and internet users.
The European Central Bank made yet another 25-basis-point interest rate cut on Thursday to 2.25%. A rate cut was fully anticipated by markets.
Trump will use tariffs to counter tech taxes
President Donald Trump has threatened tariffs on countries targeting US tech giants with taxes, saying his administration “will act, imposing tariffs and taking such other responsive actions necessary to mitigate the harm to the United States.” This move has reignited tensions between the US and its allies regarding digital service taxes. Countries like France have already implemented such taxes and the EU is considering a digital tax if negotiations with the US fail. UK Trade Secretary Jonathan Reynolds has said that Britain’s digital levy, which currently brings in £800m annually, is not “something that can never change or we can never have a conversation about.” Meanwhile, efforts to impose a global minimum tax on multinational corporations, negotiated under the Organisation for Economic Co-operation and Development, have stalled and Mr Trump is not expected to back the proposals.
Minimum wage a double-edged sword
Matthew Lesh, a country manager at Freshwater Strategy and public policy fellow at the Institute of Economic Affairs, considers the implications of the rising national minimum wage, which has increased from £3.60 to £12.21 in the last 26 years. He highlights that while Office for National Statistics data shows a 5.9% rise in pay, it also reveals concerning trends, such as a drop in job vacancies to 781,000 and a decrease of 78,000 in payroll numbers. Mr Lesh argues that the minimum wage hike may hinder employment opportunities, particularly for the lowest-skilled workers, saying that 85% of reliable studies show that minimum wages hurt employment. He warns that the combination of rising National Insurance rates and increasing regulations could make hiring prohibitively expensive for businesses, ultimately exacerbating economic inactivity among young people. Mr Lesh argues: “If policymakers are serious about boosting employment and reducing welfare dependency, they must reckon with the unintended consequences of their own interventions,” adding: “Making work pay is one thing, but making work possible is just as crucial.”
EV’s
Chinese company CATL, revealed a new car battery that it said could provide vehicles with 520 km of range after just five minutes of charging. BYD, a Chinese electric-vehicle maker, last month released a battery that offered 470 km of range in the same charging time.
SFO encourages firms to self-report
The Serious Fraud Office (SFO) is changing its approach to financial crime, with companies potentially avoiding prosecution if they self-report suspected fraud. SFO director Nick Ephgrave has warned companies against “burying your skeletons,” saying that firms that cooperate will be invited to negotiate a deferred prosecution agreement (DPA) unless exceptional circumstances arise. Currently, companies face the risk of criminal conviction even when self-reporting, which discourages some from alerting the SFO. Mr Ephgrave has also highlighted that the likelihood of wrongdoing being uncovered “has never been higher” due to factors such as international co-operation, pro-active intelligence, whistleblowers, traditional media and social media. It is noted that measures in the Economic Crime and Corporate Transparency Act, which come into force in September, include a new “failure to prevent fraud” offence for companies, with the legislation making it easier for regulators to prosecute companies for the actions of senior managers.
Mortgage completions up 50% in March
Data from Barclays shows that mortgage completions increased by 50% in March compared to February as buyers looked to get deals over the line ahead of an increase in stamp duty. Completions among first-time buyers were even higher, jumping by 70% month-on-month. Jatin Patel, head of mortgages at Barclays, said March had been a “blockbuster month for completions.” The change in stamp duty tax bands, as well as the end of first-time buyer relief, added an extra £13,530 on to the average property price in April.
Mortgage costs climb despite base rate cuts
Mortgage rates have risen since October despite the Bank of England cutting the base rate twice, according to analysis by the finance comparison site Finder. Since October 2024, the base rate has been cut twice, falling from 5% to 4.5%. The average rate on a two-year fixed mortgage with a 25% deposit increased from 4.41% in October to 4.54% in March, hitting a peak of 4.66% in February. The average five-year fixed rate mortgage on the same terms has increased from 4.06% to 4.32%. Kate Steere, savings and mortgages expert at Finder, said: “Homeowners could reasonably expect lower mortgage rates to follow base rate cuts, but instead, they’ve faced rising costs in recent months.” The data also shows that while rates for home loans have risen, savers have seen average rates cut at 2.4 times the pace of the base rate.
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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.
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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.
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The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
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The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
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