UK online alternative finance market grows to £3.2 billion in 2015
In 2015 the UK online alternative finance sector grew 84%, facilitating £3.2 billion in investments, loans and donations, according to a joint report published today by the Cambridge Centre for Alternative Finance at the University of Cambridge and UK innovation foundation Nesta, in partnership with KPMG and with the support of CME Group Foundation. This is a significant increase in volume, but growth of the online alternative finance market is slowing down, with the annual growth in 2014/2015...
Late payments challenge construction industry
Trade credit insurer Atradius warns that the UK’s construction industry will struggle from late payments this year and that non-payment could be at a significant level. The new in-depth Construction Market Monitor report by Atradius reveals that while output in the sector has rebounded overall, construction is still affected by trailing effects of the recession. During the downturn, construction companies tendered at margins that are no longer sustainable in the face of the raw material...
Changes affecting businesses in April
As we near the end of the financial year we are taking a look at the changes which will be introduced in April that will affect many of our clients. Introduction of a National Living Wage From 6 April 2016 a new mandatory ‘National living wage’ (NLW) will apply to workers aged 25 and over. The first national living wage will be set at £7.20 (this is the current over-21 national minimum wage rate of £6.70 plus a premium of 50p) and will run alongside the other National Minimum Wage...
FCA launches call for input on retaining CCA provisions
The Financial Conduct Authority (FCA) has today launched a call for input on the review of retained provisions of the Consumer Credit Act 1974 (CCA). The review will consider whether particular CCA provisions remain appropriate or should be modified, updated, or replaced by FCA rules or guidance, to maintain the right degree of consumer protection. Christopher Woolard, director of strategy and competition at the regulator, said: “This is a real opportunity for everyone with an interest...
Risks of insolvencies continue to trouble global markets
Insolvencies will continue to hit global markets in 2016, exposing businesses to the risk of non-payment, warns leading trade credit insurer Atradius. In its latest Insolvency Forecast, part of a suite of economic research reports, Atradius publishes predictions for insolvency levels in 22 key trade markets. While insolvencies are forecast to fall in 15 markets, the anticipated improvements are expected to be small. Low oil prices, US monetary normalisation and the uncertain impact of a...
Most business leaders will vote to stay in EU, polls find
Six in 10 back David Cameron’s deal amid warnings that uncertainty is already affecting Britain’s commercial interests. A majority of business leaders will be voting in favour of Britain staying inside the European Union after David Cameron’s deal, according to two new surveys. But there are warnings that, whichever way the vote goes, Britain’s commercial interests are already being hurt by the uncertainty. Six in 10 executives said they supported the plan hammered out in...
PPI claims firms face crackdown on fees
Banks welcome tighter rules on 'unscrupulous' claims management firms The financial watchdog is cracking down on PPI claims firms that gobble up a large slice of customers’ compensation awards – although the tighter rules come as the banks get ready to wrap up the five-year-old redress scheme. The Ministry of Justice wants to cap fees on claims management firms at 25pc of the overall award, and ban all upfront fees or deals where companies get paid to pass on victims of...
Bank of Japan launches negative interest rates
The Bank of Japan’s negative interest rates came into effect on Tuesday in a radical plan already deemed a failure by financial markets, highlighting Tokyo’s lack of options to spur growth as global markets sputter. The central bank, which announced the shock decision on 29 January, will charge banks 0.1% for parking additional reserves with the BOJ to encourage banks to lend and prompt businesses and savers to spend and invest. While the announcement briefly drove down the yen and...
Four UK proptech startups to receive Zoopla backing
Zoopla Property Group has announced it is to invest £1m in four promising property technology startups, as part of long term strategic partnerships with the up and coming businesses. London-based property and neighbourhood research provider PropertyDetective, UK online repair reporting platform FixFlo, peer-to-peer property lender Landbay, and online mortgage advisor Trussle will all benefit from the £1m investment fund. The group, who own UK consumer brands including Zoopla, uSwitch...
Manufacturing key to pooling US investment into the North
Northern manufacturing is playing a ‘vital role’ in attracting U.S. investment into the UK, according to new research from Deloitte. Last year, outbound M&A activity from US investors ploughing money into the UK reached £32.7bn across 322 transactions. 93 of which, or 29%, involved US buyers investing into the North, which David Frith, corporate finance partner at Deloitte in the North East, described as ‘a vital role in attracting investment into the UK.’ David explained:...
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