Vaccine breakthrough –  business news 10 November 2020.

James Salmon, Operations Director.

A vaccine breakthrough to spur growth, UK unemployment surged in Q3, lockdown 2.o trashing retail, covid funding propping up unviable businesses, covid-19, market and other business news.

Here are CPA we want to share the business news stories we have seen that we think will affect our members and readers. Many of us are busy fighting to protect our businesses and therefore might have missed some of the news that could impact small businesses, their owners and those that sell on credit.

Vaccine breakthrough will spur double digit growth

The Centre for Economics and Business Research (CEBR) has said GDP growth could reach double digits next year after Pfizer announced aCOVID-19 vaccine breakthrough with rests showing their vaccine was 90% effective.

Douglas McWilliams, an economist at CEBR, said: “We’re now at the top end of the range of possibilities.” He said the “game changer” could allow GDP to recover to 2019 levels by next summer and reduce the peak in unemployment, adding: “We’ll have to see exactly how fast the vaccine gets rolled out but I think GDP will recover pretty quick. “We could have double digit growth next year. It depends how much gets shoved into the tail end of this year.”

UK Unemployment surges

Despite the vaccine breakthrough, the latest employment figures reminded us that there is a long way for us to go to get back to normal.

The Office of National Statistics (ONS)  have announced the unemployment rate has increased from 4.5% to 4.8% in the last quarter (ending September 2020) with redundancies at a record level. Unemployment rose by 243,000 with 314,000 redundancies in the three months to 30th September. At the end of the quarter there were still 2.5 million on furlough. Many of whom have since been made redundant in anticipation of the end of furlough  ending in October (although it has since been extended).

The relatively low increase in unemployment over Q3 shows that the Government’s furlough scheme has been successful in mitigating some of the potential fallout from the covid-19 pandemic. However, with redundancies reaching a record high over this period, it is clear that while the furlough scheme has been instrumental keeping many SMEs alive, not all businesses can or will be saved. The latest lock-down measures in England will sadly be the last nail in the coffin for many companies which simply cannot receive capital quickly enough.

Second lockdown will trash retail progress

The vaccine breakthrough will not immediately end lockdown 2.0. And the lockdown is causing serious damage.

A report by KPMG and the British Retail Consortium suggests the second lock-down will reverse progress by the retail sector, which saw sales up 4.9% last month.

Helen Dickinson, chief executive of the consortium, said: “During an incredibly challenging year for the industry, many retailers had finally thought that they were finding their footing. The new lockdown in England will throw away this progress as we enter the crucial Christmas trading period and we estimate that £2bn of sales a week will be lost this month.”

Covid rescue funds propping up unviable businesses

Figures from the Government’s Insolvency Service show the number of companies going bust in the third quarter of 2020 was 39% down on the same period in 2019, leading Sir Desmond Swayne, a former Tory minister, to suggest the natural failures of businesses were being prevented by the government “at huge expense.” He said: “If they are not viable, and many businesses will not have been viable, that is an enormous bill that we are all going to have to repay over a long period of time. Best we get on with it.”

Johnson launches UK investment office

Boris Johnson has announced the creation of a new office for investment to encourage foreign direct investment in the UK post-Brexit. Mr Johnson said the unit will be established in Downing Street as part of the Department for International Trade and will be led by innovation minister Gerry Grimstone. He said the office was being launched “to make sure everyone knows global Britain is not just open for business but the best place in the world to conduct it”.

Self-employed seek more secure employment

A survey by the London School of Economics has found that one in five self-employed workers plans to switch to other forms of employment because of the pandemic, which saw a significant proportion taking a hit to income. Almost 60% of those aged under 25 saying that they no longer wished to be self-employed.

New Experian service could boost credit scores

The Open Banking regime will enable Experian to launch a service in the UK through which personal borrowers can opt into a system that will allow it to take into account factors not used at present when assessing creditworthiness. Experian says people signing up could lift their credit scores by up to 66 points.

Consumers’ credit complaints jump over summer

There was a surge in complaints to the Financial Ombudsman Service about credit services in the three months to September, with claims management companies said to have driven a big rise in complaints upheld.

Covid-19 general news

The Government reported 21,350 new cases yesterday. With 487,173 new cases worldwide, we approach 51 million total cases.

Pfizer announced a vaccine breakthrough, saying that its vaccine was shown to have a 90% effective rate in preventing symptomatic virus infection 28 days after vaccination causing euphoria to spread across the globe that we could see a return to normal by spring. Pfizer says that no serious safety concerns arose in the trials.According to Pfizer CEO Dr Albert Bourle the trial results were “a great day for science and humanity”.   Sir John Bell regius professor at Oxford University said the announcement of the vaccine breakthrough  had been warmly welcomed with scientists smiling “ear to ear” and some saying life could normalise by spring.  The next step will be to apply for emergency authorisation for the vaccine in America and Europe. With anything above 50% a success, 90% is as good as one could hope but still governments face the challenge of rolling it out in sufficient numbers.

This won’t be the last vaccine breakthrough. News of two more vaccines, from two other teams, is expected in coming weeks.

Eli Lilly’s antibody therapy got FDA emergency-use authorization, widening access to a treatment that early data suggest is effective in keeping those infected out of the hospital

Brazil stopped tests on China’s Corinavac after a serious adverse event.

Pfizer said protection in patients was achieved seven days after the second of two doses, and 28 days after the first, according to preliminary findings. Based on supply projections, Pfizer said it expects to supply up to 50 million vaccine doses globally in 2020, and up to 1.3 billion doses in 2021.

Prime Minister Boris Johnson urged the country yo keep following covid restrictions despite early indications of a vaccine breakthrough, saying “there is a long way before we have got this thing beat.”

The U.S. reported a record number of new cases on Monday with 142,000, the fifth straight day with more than 100,000 new infections. The US is also facing record hospitalisations.


Stockmarkets rose around the world in reaction to Pfizer’s announcement of  a vaccine breakthrough yesterday, with hopes of a return to economic normality. Some European indices climbed by nearly 10%. American share prices jumped, with airlines, banks and cinema chains rising sharply; Asia’s followed suit. The price of oil surged by more than 9% on the prospect of heightened demand. The FTSE 100 rose 4.67% to 6186. The Eurostoxx 50 rose 6.36% to 3407. In the US the rise was more muted with the S&P only rising 1.17% and the Nasdaq fell 1.53% reflecting the view that the US tech giants who had surged during the pandemic wouldn’t benefit from the return to normal and might loose some of their gains.

The European Union is moving forward with a plan to hit $4bn of American goods with tariffs as punishment for US subsidies for plane-maker Boeing. The taxes on some imports from the US into the EU, which got the go-ahead from the World Trade Organization last month, will go into effect on Tuesday.

The pound has risen to 1.123 Euros and 1.325 US dollars.

The Oil Price jumped by almost 10% yesterday for its biggest daily gain in more than six months after Pfizer announced promising results for its covid-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

The Gold price in turn retreated, sliding over 2% , as the vaccine dented bullion’s safe-haven appeal.

Sunak announces post-Brexit financial services regime

The Chancellor yesterday made a statement in the Commons on financial services in post-Brexit Britain, telling MPs that the UK would unilaterally grant equivalence to EU and EEA states on financial services, despite the failure of the EU to provide “clarity about their intentions.”

Rishi Sunak outlined a vision for how the UK could renew the country’s position as the “world’s pre-eminent financial centre” following Brexit, with a focus on green finance and digital currencies. The UK would launch its first green government bonds next year to raise money for low-carbon infrastructure projects and would require large listed and private companies disclose the threats to their business from climate change by 2025, including banks, insurance companies and pension schemes.

A consultation would also be held on how digital currencies could be regulated. Listing requirements would also be reviewed with the aim of attracting fast-growing tec h firms to London.

FRC calls for global climate disclosures rules

The Financial Reporting Council (FRC) has called for global rules to improve how companies inform investors about how their activities relate to climate change and cutting carbon emissions. The regulator published a review of how companies and their auditors consider climate-change in their activities. It found that although minimum legal reporting requirements are often met, investors are calling for additional disclosure to inform their decision making. The FRC said it was the company board’s responsibility to consider climate-related issues, but there is “little evidence” that business models and company strategy are influenced by integrating climate considerations into governance. “Auditors need to test and, where necessary, challenge the board and management’s assessment of the financial statement implications of climate change,” it said.

Spike in personal pension cases at ombudsman

The Financial Ombudsman Service logged 825 new personal pension cases between July and September this year, an increase of 136% on the 349 cases between April and June. The FOS said the number of complaints relating to suitability and administration of personal pensions had both more than doubled to around 130 and 380 respectively over the period. Other areas of complaint which increased related to charges, fund management and delays.

EFL clubs given green light for non-payment of PAYE

English Football League (EFL) clubs are preparing a mass deferral of tax payments after the EFL board ruled that non-payment of PAYE will not be punished with a transfer embargo until February at the earliest. The introduction of a new “Covid PAYE liability rule” will enable clubs to default on their tax arrangements if they are unable to pay due to the impact of the virus or have agreed a new repayment schedule with HMRC. The Government are yet to respond to an official request sent by the EFL last month for a tax holiday for their 72 clubs.

Don’t let Covid-19 bust your business!

It will if your cash flow dries up, either sooner or later.

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 sometime to come.

CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. Above all tactfully, because maintenance of goodwill is paramount.

To meet the needs of creditors in the current crisis, we have designed a “critical care” package especially tailored for the situation.

  • The annual package costs start at very low rates
  • A minimum performance warranty is provided
  • Several complimentary services included

Clients instruct CPA on-line via their PC or phone, completely user-friendly. Your late paying customers are told to pay you direct (not to us).

A very recent report shows a 23% increase in the number of unpaid invoices since March 11th THIS YEAR – are you getting a build-up of late payers?

Right now, overdue accounts must be a concern and CPA has a great track record of encouraging slow-payers to pay their suppliers quickly.

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.

Do you sell on credit?

With pressures on the cash flow it is essential that you stay on top of the credit limits you grant customers and watch carefully for any late payments.

Those customers will look for the easiest option to boost their cash-flow. Don’t let it be you.

You can’t just assume your customers can and will pay you eventually, no matter how big their name is.

It is essential to have credit management systems in place to monitor and check your customers credit worthiness.

It is also best practice to use a trusted third party like CPA to make sure you are paid on time by customers, no matter how good a name they have.

About CPA

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.

We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.

Companies in trouble usually have very bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.

If you supply on credit, help us help you identify the risks.

Why use a third party collector?

As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When your customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Over the years we have collected billions in overdue invoices for our customers.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.

You might be hesitant about contacting a debt collection agency. What are they going to be like?

Can they help your particular type of business?

There is no need for concern. CPA are courteous, helpful and very probably have had direct experience of working with your type of business.

Debt collection agencies are not all alike.

Success lies in both recovering money and keeping customers happy. The Credit Protection Association was founded in 1914 and has helped tens of thousands of UK businesses to collect outstanding payments and reduce the risk of incurring bad debt. We believe that creditors deserve to be paid for the work or goods they have supplied but we fully understand the need to maintain
the best possible relationship with customers!

At The Credit Protection Association, we provide solutions, advice and back-up in all areas relating to the supply of services or goods on account. Client-members receive everything they need from a single source to reduce debtor days and write-offs.

The Credit Protection Association has helped has assisted tens of thousands of UK businesses with their credit control requirements, since the First World War.

We are polite, firm and efficient when it comes to recovering outstanding debt.

“We have used CPA for a number of years now. The website is easy to navigate around with lots of helpful reports. The staff are always at hand and very friendly. CPA has helped us reduce our debt over the years and keep track of potential issues with our customers.”
~ CPA client in Buckinghamshire

“The service from CPA has proved to be everything that you said it would be. We have already seen a huge benefit. We have had a number of overdue accounts paid promptly and directly to us. It is also a huge weight off our mind to know that once we have passed an overdue payment over to you, you take care of everything whilst keeping us informed.
~ Credit Controller client in Warrington

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections


Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

CPA is passionate about late payment

The Credit Protection Association has been protecting smaller firms against poor payment practices for over 100 years.

We are extremely passionate about breaking the late payment culture that holds back the UK economy and threatens many SMEs, with cash flow difficulties being the single biggest killer of Britain’s small businesses.

If you were regularly paid late we can help. Those former customers used you to boost their own cashflow, regularly paying you late.

As a result you had extra costs, you had the distraction of having to chase payment, you had opportunity costs because your capital was tied up in their late invoices.

Under little used legislation, you are entitled to compensation for those late payments.

You put up with the PAIN – now claim the GAIN!

Now you can boost your own cash-flow.

CPA can help unearth the those hidden treasures.

We have the technology to reveal the compensation you are due and we have the extensive experience and expertise to then turn those claims into cash.

Did you know that your business is entitled to a minimum of £40 for every commercial invoice paid late to you over the past 6 years?

How many of your invoices are paid late each month – 20, 50, 100 or more?

At £40 per invoice that’s claim of £57,600, £144,000, £288,000 plus interest. The more invoices the bigger the claim! 

At £100 per invoice it’s £144,000, £360,000, £720,000 plus interest.

Discover NOW the potential value of late payment compensation hidden in your sales ledger!

For over 20 years, CPA has calculated and recovered Late Payment Compensation on behalf of Clients!  

Yes, CPA can help you boost your business cash-flow.

Don’t let your bankers control you, contact CPA today.

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.

Read our blog here on how to crack down on the late payment culture.

Read our blog here on how to give late payers the slap they need.

The “Why” of the late payment culture.

New PM should walk the walk and back small firms over late payments

Paying late is “crack cocaine” to big business.

Late payment culture risks “spiraling out of control”

visit our late payment compensation page

See our full blog and FAQ on late payment compensation

Do you realise you could be sitting on a fortune?

Late payments often result in a cash flow crunch and leave SMEs in need of a cash injection.

If you sold B2B on credit then there may be a hidden source of capital you can call on.

If you fancy an extra bit of extra cash in your business, rather than jumping through hoops with your bank, you could look to uncover the resources from an unexpected source within your own business.

Not many are aware but there could be a hidden fortune within your business, sitting there, just waiting to be uncovered and released.

We can help you uncover the pile of gold, you didn’t even know you were sitting on.

If you trade with other businesses and were often paid late then you could be entitled to significant compensation.

Under little known and under-utilised legislation your business could be due huge amounts in compensation that you didn’t even know about.

Let’s be clear – this is not a way to weaken any customer relationships you value. It is one that identifies who’s been paying late and then recover the potentially significant sums in compensation using Late Payment Legislation from businesses where the relationship has already ended.

You can pick and choose who you want us to follow up – but once we’ve agreed which companies you’d like to pursue compensation from it’s a fast process and there’s no financial outlay to you whatsoever. My team at CPA put its expertise to work to recover the compensation due and fight late payment culture.

That compensation could provide the cash boost your business needed.

But don’t delay, that compensation evaporates if not claimed within six years of the late payment.

How can CPA help?

CPA has developed a unique technology to dig into your accounting records and discover the cash injection you are due by means of compensation. The software does all the hard work. Our software interacts over the cloud with over 300 different software packages, working directly with your accounts package, just so long as it’s stored on a computer.

We recognise that most companies do not have the resources to spend time on the identification and calculation of Late Payment Compensation. Our service can produce an Analyses within just a few days with (usually) less than 30 mins of co-operation from our clients. We work directly with over 300 accounting packages but can also work with bespoke accounts packages. Indeed, speed is essential as the oldest invoices may fall foul of the 6-year time limit.

Once the Sales Ledger Analyses is made available to clients, all that is required is that management decide which commercially sensitive ex-customers to remove from the list and return it to us.

CPA then uses its years of collection experience to explain and recover the Late Payment Compensation Claims. Clients do not handle any part of the recovery process as our team will take all communications from the companies against who the claims has been made. Often, it’s simply a case of explaining the legislation, sometimes we have to go all the way and enforce the legislation through the courts.

The result is that we are realising clients’ claims worth tens and sometimes hundreds of thousands of pounds which, of course, is pure net profit. You may also be among the recipients of “hundreds of thousands of pounds” should you elect to take advantage of our services.

We do the work, you receive the cash.

If you have supplied goods and services to businesses on credit and were regularly paid late then you could be due significant sums in late payment compensation.

We are talking to companies and unearthing claims in the hundreds of thousands from former business customers who paid them late. Large business customers who abused their power to inflict unfair and sometimes illegal payment practices.

We are helping business owners who are looking to boost the returns from their business before they retire. We are helping businesses who have lost major clients after years of loyal service to get properly compensated for systematic late payment. We are helping companies that were looking to close down, who looked insolvent and finding that cash injection they need to avoid insolvency.

Those former clients who regularly paid you late can finally be made to pay.

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

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!

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.