Sad to see Thomas Cook become the latest British business to cease trading as crisis talks failed the reach a suitable outcome by 2 am this morning. Now the largest peacetime repatriation will begin, with the government (and the taxpayer’s purse) tasked with getting 150,000 British holidaymakers back to the UK. Support from Easyjet and Virgin will help; flights have been brought in from as far afield as Malaysia.
Latest research conducted by Hitachi Capital UK has revealed that late payments continue to have a detrimental effect on UK businesses, with over a third of companies reporting losses of at least £10k in the last year due to not being paid on time.
The latest findings from Lloyds Banking Business show that UK business confidence fell for the first time in three months in August 2019 – by 12 points. The reduction in confidence to 1% brings business confidence to just below the level seen in June 2016, and further below the long-term average of 24%.
In a move welcomed by business groups, the Government has introduced new prompt payment rules which will prevent poor payers from winning lucrative public sector contracts.
As UK universities attract more international students they need to be mindful of the challenges of managing cross border invoices, particularly in relation to tuition fees.
Recent reports have highlighted the pressures on UK high street bars and restaurants as they suffer a downturn during Brexit uncertainty.