The Latest Finance Industry News and Insights | August 14 2023

Stay Informed with the Latest Updates

UK Retail Sales Rebound in July

UK retail sales rose 1.5% in July, with food, drink, and homewares as top sellers. Summer clothing sales declined amidst rising costs, says the BRC and KPMG.

Looming Recession Risks for 2023

The National Institute of Economic and Social Research warns the UK economy risks recession next year. Annual growth predictions sit at just 0.5% for 2021-2022.

FCA Requests Details on De-Banked Customers

The FCA has requested information from banks on customers who faced account closures or suspensions due to their political views. Details on complaints received have also been requested.

Fraudsters Targeting Loan Applicants

With increased summer loan applications, the FCA warns of fraudsters making fake offers, making it a dangerous time for creditors.

Modest Rebound for UK Manufacturing Sector

After a struggling start, the UK manufacturing sector is slowly recovering, as per Bank of England’s prediction of 0.5% annual growth in 2021 and 2022.

AI Revolutionizing Finance and Banking

AI automation is creating unprecedented benefits like faster processing, greater efficiency, and increased customer satisfaction for financial institutions.

Long Invoice Payment Times for Law Firms

Top UK law firms face potential cash flow issues as clients take over 4 months on average to pay bills, per Lubbock Fine research.

NACFB Submits SME Finance Inquiry Evidence

The NACFB submitted evidence to a cross-party SME finance access inquiry, positioning brokers as pivotal intermediaries.

FW Capital Funding Business Growth

FW Capital has invested over £275 million since 2010 to support over 730 North England businesses, creating 12,000+ jobs.

AI Transforming Banking and Finance

AI and automation are enabling faster service, insightful analytics, and business growth for banks and financial institutions.