Saturday, May 2, 2009

Full steam ahead, Titanic captain!

Company failures are 'tip of the iceberg'

Personal insolvencies could top 150,000 this year, suggesting UK economy is not through the worst. Insolvency experts warned today that a 59% annual jump in failing companies was "the tip of the iceberg" as official figures highlighted the impact of Britain's plunge into recession on the hard-pressed corporate sector. Tighter credit, falling demand and a weak property market are pushing an increasing number of individuals and companies over the brink. The purchasing managers' index stands at 42.9 - any reading below 50 indicates that factory output is contracting.

Posted by drewster @ 08:27 PM (819 views)
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2 thoughts on “Full steam ahead, Titanic captain!

  • Just about any industry relying on UK domestic demand really has the thumbscrews on now.

    It makes me feel angry that this unenviable situation was so predictable three years ago.

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  • No surprise the “Resign” petition has reached almost 50,000 already!

    Its already featured on the BBC website and Sky. I’m surprised it hasn’t been pulled!

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