The most recent results of major airlines focused on the UK market show an extraordinary level of positivity. Profits at British Airways owner, IAG in Q2 2023 soared by 400% and broke previous records for that quarter. EasyJet has announced a $30bn order for Airbus planes as part of setting an ambitious annual profit before tax target of £1bn as
The Economic Crime and Corporate Transparency Act received Royal Assent on 26th October 2023 and introduces “world leading powers” in combating criminal groups and others Suella Braverman, Home Secretary said: “I am committed to ensuring criminals do not profit from their offending and this landmark act will help law enforcement clampdown on the tactics they use. It will have a
The scale of business fraud in the UK Research into business fraud between 2018 and 2020, published belatedly in May 2023 by the Home Office as its latest Economic Crime Survey, estimated that the annual cost of fraud may be as much as £8.4bn. Extrapolating the data forward to 2023, the report estimates that UK businesses will have suffered 4.5m
The economy is wallowing but fraudsters are busy The signs of an embattled economy are everywhere to be seen, despite the ongoing debate about whether or not the UK will avoid a recession in the final quarter of this year or in 2024. Economic indicators GDP is stagnating The best the UK economy could manage in the latest GDP statistics
Our latest report into the finances and prospects of the hospitality sector published earlier this month showed that the industry’s borrowings had fallen by 18% in the last fourteen months. Only the very smallest pub, bar and restaurant businesses saw their debts rise and then only marginally. While debts still remain higher than pre-pandemic, this drop is nevertheless welcome news
Zombie companies with negative balance sheets and surviving only through the indulgence of their creditors have long been a worrying feature of the UK economy, creating unlevel playing fields for healthy competitors and acting as a drag on GDP growth. Our research in June 2022 revealed that there were 257,150 UK registered companies with liabilities that exceeded their assets by
