Firms going bust on track for worst year since 2009
Firms going bust on track for worst year since 2009
www.bbc.co.uk
Firms going bust on track for worst year since 2009
5 comments
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This is the best summary I could come up with:
Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales show.
Julie Palmer, from Begbies Traynor, said this was down to a combination of higher inflation and borrowing costs twinned with weaker consumer confidence and demand.
He said while his firm had enough work to survive, higher borrowing and material costs meant a lot of people could not justify investing in home improvements.
Mr Lee also said the volatile price of materials added more pressure and pointed to some timber panels they were installing in a home extension.
"There are no solutions out there at the moment, and at the same time it's a pretty buoyant employment market so a lot of business owners are saying 'I just can't do this anymore, and I might as well just work for somebody else', and that's the choice they're taking."
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Prior to COVID-19, there were many articles about zombie companies. (Zombie companies are ones that would have failed if not for cheap credit.) Not a surprise more companies are failing.
Are you stating that we have more zombie companies since Brexit, or that Brexit created them?
There will always be companies that earn less than others, but what is undeniable is that Brexit has made trading harder. This has pushed more into liquidation than we would have seen without it.
It's been something that I have seen mentioned occasionally throughout the last decade, because of the low interest rates it was possible for barley profitable companies to survive. Now the rates are going up it's less so.