Business news 27 June 2024

Politicians must focus on small firms. Government must deal with ‘long-term scars’ of Brexit and austerity. Brits opting for experiences over items.  Markets, insolvencies retail & more business news that we thought would interest our members.

James Salmon, Operations Director.

Politicians must focus on small firms, says Enterprise Nation boss

Enterprise Nation chief executive Emma Jones says political parties should prioritise small businesses as they “will be required to do much of the heavy lifting” required to pay for the pledges made in election manifestos. She highlights that the UK’s 5.5m small businesses employ 13m people, alongside “start-ups and side hustlers and those with entrepreneurial ambition,” saying this offers parties “a very good reason for producing favourable pledges that will go down well with the nation’s self-starters.” Ms Jones says: “A thriving small business sector is a catalyst, not just for economic growth, but for a more prosperous, resilient, and inclusive society.” Small businesses, she adds, “innovate more, they create better quality jobs and deliver a bigger boost to their local economy in real terms, every day.”

Government must deal with ‘long-term scars’ of Brexit and austerity

Researchers from the University of California have warned that a decline in effective governance and the “long-term scars” caused by austerity and Brexit have stifled economic growth in UK. The report says the next government must make up for a “lost” decade and a half since the global financial crisis, with urgent structural changes required. When identifying the economic causes of the UK’s governance challenges, the report said the UK has not recovered from the global financial crisis in 2008. The researchers concluded: “Post-2010 austerity and the decision to leave the EU have left long-term scars on the UK economy and are wearing on the country’s social cohesion.”

Conditions set to improve for company deals

Market conditions for company deals are expected to improve in the second half of the year, according to Pete Terry of Grant Thornton. He suggests that whatever the outcome of the election, increased certainty about the political environment is likely to make market conditions more favourable. He added: “Given inflation is expected to decrease throughout Q3, we are optimistic about the market.”

Brits opting for experiences over items

Consumers are opting to spend more on experiences, with a poll from Barclays suggesting that Brits are increasingly choosing experiences over purchases. The research reveals that consumers are set to spend £178bn on experiences between June and September, with holidays and gigs the most popular option. Brits are set to spend an average of £3,322 each on activities this summer, with 46% of this going on overseas trips (£906) and UK getaways (£615). Live shows (£435), sporting events (£295), and seaside trips (£143) are also set to be popular. The survey found that 57% of respondents would rather invest in a memorable experience than purchase items. Dr Peter Brooks, Barclays’ chief behavioural scientist, said: “We’re witnessing a long-term behavioural shift that will see experiences like travel and live entertainment take up a greater share of our discretionary spending.”

Mortgage payments for first-timers climb 61%

Over the last five years, the average mortgage payment for a typical first-time buyer home in the UK has risen by 61%. The increase from £667 per month to £1,075 per month has made it increasingly difficult for first-time buyers to afford a home without financial assistance. The rise in mortgage payments is attributed to higher interest rates and more expensive mortgage options. Despite inflation falling to the Bank of England’s 2% target, experts predict only minor cuts in mortgage rates. The average five-year fixed mortgage rate for buyers with a 20% deposit is now 5.09%, up from 2.24% in 2019. The cost of the average first-time home has increased by 19% to £227,757, while wages have only grown by 27%.

Pensioners benefit from tax and benefit decisions

Pensioners have gained more than working-age households from tax and benefit decisions since 2010, according to the Resolution Foundation. The average pensioner is £900 better off as a result of benefit policy changes since 2010 while the average non-pensioner household is £1,400 worse off amid a less generous social security system for working-age families, the think-tank said.

Markets

Yesterday, the FTSE 100 closed down 0.27% yesterday at 8225.33 and the Euro Stoxx 50 closed down 0.41% at 4915.94. Overnight in the US the S&P 500 rose 0.16% to 5477.90, the Nasdaq rose 0.49% to 17805.16.

According to news reports from Reuters, Deliveroo Plc received takeover interest from US food delivery firm DoorDash Inc. Reuters reported that previous talks between London-listed Deliveroo and US listed DoorDash ended due to a disagreement on valuation. Share only rose 1% and at 129.00 are well below previous 2024 high of 150.00.

This morning the pound is currently worth $1.264 and €1.182. Brent is at $86, Gold is at $2311. The FTSE 100 is flat at 8222 and the Eurostoxx 50 is up 0.1% at 4922.

Retail

UK Retail Sales Volumes fell faster than expected in the year to June and are expected to tumble further next month – albeit at a slower pace, industry data revealed. Sales volumes dropped by 24% this month, compared to May’s growth of 8%, CBI distributive trades survey showed.

Royal Mail

Royal Mail bidder Daniel Kretinsky has urged thousands of former and current employees of the postal service to sell him their shares as he looks to have his offer approved. Kretinsky’s investment group, which made a 370p-a-share offer for Royal Mail’s parent company International Distributions Services, published the bid to staff members online and through the post.

Amazon

The retail giant’s market capitalisation reached $2 trillion for the first time, after its share price rose by more than 3% during trading over night. The heightened valuation reflects investor excitement for all tech stocks over artificial intelligence. Fellow tech titans, Apple, Microsoft and Nvidia have already passed the $3 trillion valuations as they fight to be the world’s most valuable company.

Firms urge PSR to pause or reconsider fraud refund rules

Payment firms are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit of £415,000. The cost of doing so will be split between the companies used to send and receive the payment. Trade body The Payments Association has written to the PSR calling for it to delay the measures by a year to “ensure the right policies, technology and systems are in place.” It is also lobbying for a lower refund limit of £30,000. Fintech trade body Innovate Finance is calling for the limit to be revised to £85,000, saying this cut-off would cover 99.7% of cases. UK Finance has also questioned the measures, arguing they could lead to more “complicit fraud” by incentivising criminals to pretend to be victims for reimbursement money.

Sunak and Starmer talk tax in TV debate

Rishi Sunak has warned that Labour leader Sir Keir Starmer is planning to raise taxes if he wins the election. Speaking in a head-to-head debate for the BBC, the Prime Minister said: “Keir Starmer and the Labour Party are not being straight with you, so do not surrender to their tax rises,” adding: “Family finances are going to get -hammered, taxes are going to get whacked up.” Mr Starmer, who rejected Mr Sunak’s claims as “false,” countered that Conservative pledges to cut taxes were unfunded. Mr Sunak went on to say that pensioners should expect a “retirement tax” under Labour, saying: “If you are a pensioner, you should know, there is a retirement tax coming for you.”

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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 last one was particularly deadly for suppliers fand we are still seeing elevated insolvencies as businesses struggle.

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!

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.