The Industry View

General update Whilst the Bank of England delayed the inevitable announcement of interest rates rising again, the key question was by how much – 0.5% or 0.75%? It went up by 0.5% to 2.25% on 21 September 2022. Inflation is now quoted at 9.9% on the bank’s website. 5 members voted to raise Bank Rate by 0.5%, 3 members preferred to increase the rate by 0.75% and one member preferred to increase by 0.25%. The… Read more

In today’s bulletin General updateConsumer DutyMaPS open source SFS toolFighting Financial CrimeThe Vulnerability LensLowell Financial Vulnerability infographicEvents General update The confirmation of Liz Truss as new PM and the decisive action around energy pricing has been a significant event this week that looks to have been welcomed and seen as a major factor in addressing rising inflation. How this actually impacts businesses and consumers is being worked through, as many have flagged concerns for local… Read more

In today’s bulletin General updateMaPS call for evidence – deficit budgetsCCS – Social value in debt recoveryEvents General update Tory leadership elections are coming to a close and immediate focus will be required on the economy and protection measures for businesses and consumers as we face a real crisis with so many small businesses under threat. Some of these are integral to our lifestyles, especially for those living outside of cities. My village isn’t blessed… Read more

The headlines have obviously been the announcement of the energy cap figures for October 2022 by Ofgem. On 26 August 2022, Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1 October 2022.  Ofgem’s CEO has warned of the hardship energy prices will cause this winter and has urged the incoming Prime Minister and new cabinet to provide an additional and urgent response… Read more

The last week has seen a number of releases around the increased usage of consumer credit, including card spending and the volume of transactions. Consumer confidence is very low. There is general political uncertainty and some of the proposals made by rival contenders for the Tory leadership are causing concerns in the city, certainly messaging that regulators may be merged.   Inflation in the UK hit a 40-year high of 10.1% in July 2022, according… Read more

General update As previously reported, the Bank of England has forecast the UK will fall into recession towards the end of 2022 as energy costs continue to rise. The National Institute of Economic and Social Research said it expected the UK economy to continue falling over the next three quarters. Capital Economics said there was now a greater risk that the economy will shrink by 0.2% between July and September before worsening. SDRP update I… Read more