LINKS ¦ Stories this week

See our weekly headline roundup, every Friday, here

– One in eight people borrowed money to make ends meet in past 12 months: StepChange raises concerns about the end of the Household Support Fund in March, which provides vital support for households experiencing financial hardship. Read more: https://www.credit-connect.co.uk/news/consumer-collections/one-in-eight-people-borrowed-money-to-make-ends-meet-in-past-12-months/

– Demand for debt advice service surged 34% in first week of 2024: The total visits to MoneyHelper’s Money Troubles pages increased significantly in the first week of January this year. Read more: https://www.credit-connect.co.uk/news/consumer-collections/demand-for-debt-advice-service-surged-34-in-first-week-of-2024/

– Consumer borrowing fell sharply in December: Consumer borrowing in the UK dropped significantly in December, suggesting a possible recession at the end of last year. Read more: https://www.credit-connect.co.uk/news/consumer-borrowing-fell-sharply-in-december/

– ChatGPT: Italy says OpenAI’s chatbot breaches data protection rules: Italy’s Data Protection Authority found data privacy violations related to collecting personal data and age protections in OpenAI’s chatbot, ChatGPT. Read more: https://www.bbc.co.uk/news/technology-68128396

– HSBC fined £57.4m for customer deposit protection failings: HSBC has been fined by the Bank of England for its failure to accurately identify deposits eligible for Britain’s Financial Services Compensation Scheme. Read more: https://www.bbc.co.uk/news/business-68138476

– UPS to cut 12,000 jobs after ‘disappointing’ year: UPS plans to reduce its workforce by cutting 12,000 jobs following a decline in sales and profits. Read more: https://www.bbc.co.uk/news/business-68144738

– Santander earnings boosted by strong performance in Europe: Despite concerns about the global economy, Santander expects improved profitability this year, as its latest quarterly earnings were positively influenced by a strong performance in Europe. Read more: https://www.ft.com/content/577e2da1-cdc3-4eaa-9f14-d56b08799aef

– Microsoft says AI is getting deployed ‘at scale’: Microsoft reports an 18% year-on-year increase in revenue, driven by the growth of its Azure cloud computing offerings. Read more: https://www.bbc.co.uk/news/business-68144741

– PayPal cuts 2,500 jobs in the face of rising competition: PayPal announces job cuts of 2,500, representing 9% of its global workforce, amid increasing competition in the market. Read more: https://www.bbc.co.uk/news/business-68150604

– Half of UK borrowers see mortgage bill jump £3k per year: Over half of UK borrowers experience an increase in their mortgage payments, with younger borrowers facing higher increases compared to older borrowers. Read more: https://www.mortgagestrategy.co.uk/news/half-of-uk-borrowers-see-mortgage-bill-jump-3k-per-year/

– How Simplyhealth is using Salesforce’s take on generative AI to boost email response times: Simplyhealth is leveraging Salesforce’s generative AI technology to improve the speed of email responses for customer service queries. Read more: https://www.computerweekly.com/news/366568354/How-Simplyhealth-is-using-Salesforces-take-on-generative-AI-to-boost-email-response-times/

– FCA statement on judicial review of debt packager measures: The Financial Conduct Authority (FCA) releases a statement regarding the judicial review of debt packager measures. Read more: https://www.fca.org.uk/news/statements/fca-statement-judicial-review-debt-packager-measures

– More than five million in debt to energy supplier: Research by Citizens Advice reveals that over five million people in the UK are in debt to their energy supplier, putting them at risk of debt collection and other financial challenges. Read more: https://www.credit-connect.co.uk/news/consumer-collections/more-than-five-million-in-debt-to-energy-supplier/

– 1.3m with mental health problems spend less on essentials to pay their mortgage: Homeowners with mental health problems are cutting back on essentials to keep up with mortgage payments, with younger borrowers being most affected. Read more: https://www.credit-connect.co.uk/news/consumer-collections/1-3m-with-mental-health-problems-spend-less-on-essentials-to-pay-their-mortgage/