Record growth, unhappy energy and why wonga works in mysterious ways
Record growth in May
The CBI says economic growth in May was the highest since it began recording data in 2003. A survey of 726 respondents across manufacturing, retail and service sectors ‘registered record high growth in business activity’, up 35% from 25% in April. The CBI reckons growth is expected to remain ‘firmly above average’ for the coming quarter.
CoE to offer financial advice
The Church of England, in an effort to move people away from payday lending companies, is planning to offer its members financial advice and might encourage finance lessons in CoE schools. Under the guise of the Church Credit Champions Network, it wants people to use savings and credit responsibly and will support community finance schemes, perhaps even letting credit unions use church premises for branches.
Energy market unfair for SMEs
After the big energy firms said they’d stop rollover contracts for the SMEs, the Federation of Small Businesses (FSB) has found that suppliers still don’t have the trust of business customers. Polling 1,400 of its members, 81% said the firms don’t care about their needs, 65% thought it was difficult to change supplier and only 27% felt there was enough competition in the energy market.
Wonga boss steps down
OK, this happened before the CoE made its move, but Wonga boss Niall Wass has quit his job after six months in the role. Announcing his departure he said ‘I felt the time was right to take a new opportunity elsewhere’. He didn’t go on to add that he’d been receiving nuisance calls and had been followed by shadowy figures in black suits with white collars.