Improved Business Finances Will Boost Stilted Economic Growth

17th May 2018.

Britain’s economy showed few signs of revival at the start of the second quarter, the Bank of England agents’ report into business conditions showed on Wednesday as economists cut their expectations of economic growth in 2018.

The economy is not growing as fast as economists expected, with consumer and business confidence producing a sluggish momentum. Low spending on the high street has created the so-called Retail Apocalypse where retailers have suffered from low profits and low consumer turnout. The poor weather back in March created further difficulty for businesses, with restaurants suffering from slow business and contractors forced to delay work projects.

The Bank’s indeed most concerned for consumer industries, who have reported “significant sales declines” and were no doubt relieved to see interest rates swerve the expected rise earlier this month.

Indeed, British businesses have suffered from a multitude of ailments since the referendum back in 2016. Political uncertainty has filtered into the professional mainstream and productivity has suffered as a result. While some business owners have rushed into Company Voluntary Arrangements in a bid to keep themselves afloat, this is not the only option available.

At the Credit Protection Association, we perceive SMEs as the lifeblood of the economy and believe their safety is a sure way to boost the economy. Our debt recovery services free up cash flow and create new opportunities for our members, while our credit management products ensure nothing will derail prosperity.

At its May meeting, the Monetary Policy Committee held off raising interest rates, deciding instead to wait and see how the data moves in the second quarter. But it still believes the economy will pick up strongly, from 0.1 percent growth in the first quarter to an average of a little over 0.4 percent a quarter for the rest of the year.

However, independent economists have cut their full-year forecasts, from 1.5 percent for 2018 in April to 1.4 percent in the May summary of expectations compiled by the Treasury and published on Wednesday.

The BoE report gave few indications of an imminent revival of activity from contacts between regional agents and companies. Businesses, the agents said, were facing a squeeze from weak demand and higher costs due to recruitment difficulties. With unemployment at a more than 40 year low, “growth in total labour costs had edged up”, the report said.

The growth of business services activity was described as “moderate” with weakness in discretionary corporate spending offset by a pick-up in insolvency and restructuring work.  Exports performed better, particularly in manufacturing, where volumes of sales to the EU were described as “strong”.

These pockets of good news were balanced by a further slowing of the construction sector and modest investment intentions.

Britain’s economic future is looking almost as murky as its political prospects, but it can be shifted. The prestige of British businesses within the Capital is as such that improving business finances could make all the difference.

As consumers get more conscientious with their spending, businesses are forced to tighten their belt accordingly. Profits and turnout on the high street are low, and retailers are struggling to gather enough cash to stay afloat, let alone report any significant turnover. The lingering late payment problem in the UK is also causing problems for businesses, with many smaller businesses forced to close up shop on account of a sizeable debt pile.

At the Credit Protection Association we use a combination of various services and techniques to not only boost our members’ finances but make them stronger than ever. Our debt recovery services chase down unpaid invoices and late payers and provide our members with the extra cash to pursue expansion projects, or merely pay rent. Furthermore, our credit checks, status reports and company directories manage our members’ finances, ensuring there are no bad payers tucked away that could cause problems later down the line.

Most recently, however, we created a new department within our company dedicated to getting our members rightly compensated in accordance with the Late Payment of Commercial Debts (Interest) Act 1998, unlocking hidden cash and potential in our members, as well as encouraging them not to give up.

Ultimately, the power lies firmly in the business owners’ hands. If you want to fight these low profits and return to the high street stronger than ever, you need to fight these late payers. Whether your business is small, large or somewhere in the middle, you must have the moral fibre to stand up against these self-confessed late payers. You deserve to be rightly compensated, and the Credit Protection Association will do all the work; you just need to speak up.

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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