The Analysis Editor’s Letter


A time to stand up and to be counted upon


Stephen Kiely Editor, CCRMagazine stephen@ccrmagazine.co.uk


I am sure that I am not the first to say that, here in the UK, we are entering a new age. For so long a country that has been marked by political pragmatism and moderation is suddenly riven by distrust and extremism. Theresa May, still prime minister at the


time of writing, has just delivered her agenda to the country by way of an extremely cut-down Queen’s Speech. Respected commentators openly speculate that we will be subject to another general election before the end of the year. Across the industry, concern seemd to be


everywhere. Mike O’Connor, chief executive of StepChange Debt Charity, spoke for many last month: “Household debt is high by historical standards and consumer borrowing continues to head towards levels not seen since the economic crisis. “Millions of households are resorting to


credit as the only way to keep up with essential household bills. And millions more face the risk of falling into serious financial hardship in the future. Any further squeeze on household finances could have serious consequences. Dealing with problem debt needs to become a priority for the new government.” Individual industry sectors showed a


businesses can have a positive working relationship with Europe rather than a confrontational one. “This perhaps offers a clue on the


kind of leadership small firms would like to see in how the EU exit negotiations are conducted.” Andy Willox, Scottish policy convenor


of the Federation of Small Businesses, added his voice: “Scottish business wants reassurance that political turbulence does not result in prolonged economic disruption. Indeed, we would argue that Brexit talks should be postponed until political stability is established.” Adrian Hyde, president of R3, concluded


similar concerning trend. According to the latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI, £4.9bn worth of construction contracts were commissioned in May, a £500m decrease on the previous month and a £1.5bn drop when compared with May 2016. Large numbers of SMEs were calling for a reversal of the decision


The temptation is to fall back into your proverbial shell and wait for it all to pass. But that is not the fate of the credit professional – and nor should we want it to be! No indeed, credit professionals thrive in exactly these times of uncertainty and fear


that much-needed reform to business rescue procedures had been put in doubt by the Queens’s Speech, and warned: “By threatening agreements that make it easy to resolve insolvencies and restructurings across EU borders, Brexit presents a huge challenge to the insolvency and restructuring profession – and by extension, creditors and struggling businesses. “The government must ensure Brexit does


not create unhelpful barriers to dealing with cross-border insolvencies.” The temptation is to fall back into your


proverbial shell and wait for it all to pass. But that is not the fate of the credit


professional – and nor should we want it to be! No indeed, credit professionals thrive in exactly these times of uncertainty and fear. Grounded on a solid basis of knowledge,


on Brexit – even in areas like Wales that voted decisively to leave the European Union. Gavin Wraith-Carter, managing director of Hitachi Capital


Business Finance, said: “The latest view from SMEs on Europe, particularly those struggling, is a reminder to whoever forms the next government that many SMEs value an era where British small


July 2017


experience, commonsense, and networking, credit and collections professionals are ready to stand up for businesses: so keep your heads while all around are panicking and continue to make the informed and rational decisions that you know are necessary to win orders and get paid. In these troubled times, the country will learn to look to its credit


professionals – we will not be found wanting. Enjoy the magazine!


www.CCRMagazine.co.uk 3


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