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Reuters: " Jump In Uk Firms In Critical Condition"

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http://uk.news.yahoo.com/rtrs/20080720/tuk...es-fa6b408.html

Jump in UK firms in critical condition
Reuters
- 1 hour 19 minutes ago
LONDON (Reuters) -
The number of British firms in their death throes or on the brink of bankruptcy rose almost seven-fold
in the second quarter compared with the same period last year, a survey showed on Sunday.
Begbies Traynor, the business rescue, recovery and restructuring specialist, said
4,258 companies faced critical problems
, including moves to wind them up, in the three months to June 30, compared with 542 the same time last year.
This was also up 28.7 percent on the first quarter, with construction, information technology and retail companies suffering the most.
"With credit conditions still tightening, these new figures demonstrate that the effects are certainly getting worse, and we would anticipate that they will continue to do so, certainly until the end of this year at least," Begbies Executive Chairman Ric Traynor said in a statement.

Gordon needs to factor in massive rises in unemployment between now and when the winter sets in. There is going to be a terrible human price to pay for his 11 years of HPI folly.

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But unemployment is how you curb inflation. That's the central bank way.

“Northern unemployment is an acceptable price to pay for curbing southern inflation” Eddie George former Governor of the Bank of England

But then this highlights other folly:

“There’s little central banks around the world can do to prevent food prices from rising,” Mexico’s central-bank governor, Guillermo Ortiz

No numbers on how many people these firms employ though?

Hopefully there will be one more to add to these unemployment figures if the Labour party get some balls and get rid of the idiot in No 10.

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http://uk.news.yahoo.com/rtrs/20080720/tuk...es-fa6b408.html
Jump in UK firms in critical condition
Reuters
- 1 hour 19 minutes ago
LONDON (Reuters) -
The number of British firms in their death throes or on the brink of bankruptcy rose almost seven-fold
in the second quarter compared with the same period last year, a survey showed on Sunday.
Begbies Traynor, the business rescue, recovery and restructuring specialist, said
4,258 companies faced critical problems
, including moves to wind them up, in the three months to June 30, compared with 542 the same time last year.
This was also up 28.7 percent on the first quarter, with construction, information technology and retail companies suffering the most.
"With credit conditions still tightening, these new figures demonstrate that the effects are certainly getting worse, and we would anticipate that they will continue to do so, certainly until the end of this year at least," Begbies Executive Chairman Ric Traynor said in a statement.

Gordon needs to factor in massive rises in unemployment between now and when the winter sets in. There is going to be a terrible human price to pay for his 11 years of HPI folly.

Holy shit!!!

RB, that jump is incredible. Imagine if the repo's shot up by nearly 10 fold against last years figures. This is looking scarier by the day.

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Has inflation been on the way up, simply because of the oil price? Is that the only reason? If so, Oil seems to now be going down. Does that mean that if it continues to fall, then inflation will come down too? And for those of you who know about these things, why is deflation bad, or is it?

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I'm really scared now.

How scared are you exactly? Are you as scared as you'd be if a group of a dozen gay bikers crept in through your unlocked back door and found you sitting at your keyboard stark naked?

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It's starting to affect my career prospects now. I work for a multi-national, multi-disciplinary engineering and architecture firm and projects are short at the moment. Two have already been cancelled, including one for a major UK energy firm who had already spent a small fortune on design. The contract staff are beginning to leave due to a shortage of funds, and there's a glut of engineers and technicians coming onto the market in our region who can't find work. Moral is quite low.

Edited by Turnbull2000

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How scared are you exactly? Are you as scared as you'd be if a group of a dozen gay bikers crept in through your unlocked back door and found you sitting at your keyboard stark naked?

:lol::lol:

Thank god we've someone with a sense of humour, all this bear news is getting a tad depressing.

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How scared are you exactly? Are you as scared as you'd be if a group of a dozen gay bikers crept in through your unlocked back door and found you sitting at your keyboard stark naked?

Strangely, my mental picture of a gay biker seems to be Marlon Brando in the wild one- maybe it's the hat?

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It's starting to affect my career prospects now. I work for a multi-national, multi-disciplinary engineering and architecture firm and projects are short at the moment. Two have already been cancelled, including one for a major UK energy firm who had already spent a small fortune on design. The contract staff are beginning to leave due to a shortage of funds, and there's a glut of engineers and technicians coming onto the market in our region who can't find work. Moral is quite low.

Excellent. Enjoy your "in between jobs" years.

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Excellent. Enjoy your "in between jobs" years.

I'm still four years into mine! <_<

Taken all that time to work my way back to to the level I was at when I was made redundant! Needless to say, after getting shafted thanks to the Dot Com bubble, and now likely the credit crunch I will not be returning to this sick dreamworld for sale game. There's a minimum level of existence of which I'm prepared to accept.

Never again will I pick myself up, on minimum wage only eventually to be knocked down again by greedy stupid over speculating external forces.

At 31 years old, the next job I 'loose' will be my last.

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It took me years to get my dotcom crash salary back, and all the time I watched house prices pass me by. I'm glad I set up my own small business while I was out of work though, as it's been doing nicely during the credit crunch :rolleyes: .

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Just guestimating I reckon most will be SMEs so up to 50 employees or so each. That's a fair few job losses...

That's assuming the company is completely wound up and disappears. What happens in most cases is the company is bought whilst in administration by another company ( or sometimes bought back by the original owner ). If the company survives in a different form not all the jobs will be lost. Some of them will be though.

The other problem is the unpaid creditors from the company that went bust. This puts strain on the cashflow and profitability of the creditor and could lead to their demise/redundancies as well. It's like a spiral of collapse.

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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