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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Monday 16th June 2008
A report by BDO Stoy Hayward has cast a very large shadow over the UK business market with the company forecasting a significant rise in UK company insolvencies over the next two years. Only two months ago they had been predicting an 11% rise in insolvencies over the next two years, but that has now been increased to 18%. As more and more businesses admit to trading and financial difficulties, many believe that there will actually be further upward pressure on the 18% forecast.
One of the more alarming comments in the report was the forecasts that we may not see the full affects of the credit crunch until another 2 years. If as expected we do see the time lag extend towards the 2 year period, this could well scupper what little chance Gordon Brown has of persuading the UK public to give him another term in office.
While it can be easy to get carried away with the doom and gloom forecasts when the situation in the UK is so dire, this financial crisis is like no other we have seen before. It has quickly engulfed the heart of the UK economy, the banking sector, and is slowly moving into other areas of business. |
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