100,000 British companies in financial trouble
A report by Begbies Traynor claims that upwards of 100,000 British companies are in serious financial trouble with over £58 billion of debt between them. There are also 50,000 other companies likely to be hit by UK government cutbacks which will make the situation even worse and potentially tip tens of thousands more companies over the edge. There is no doubt that beneath the surface there are many companies struggling to survive and any lurch downwards by the UK economy could have a catastrophic impact on the UK business arena.
The report by Begbies Traynor is a major blow to the UK financial arena although thankfully UK banks have grouped together to create a £1.5 billion rescue fund for small to medium-sized businesses. Whether this is too little too late remains to be seen but there is no doubt that UK companies do need increased liquidity and they need it quickly!
Inflation in the UK continues to remain stubbornly high, unemployment in the UK is creeping ever higher and the economy is under major pressure. The higher unemployment rises the more pressure this places upon the welfare state and ultimately we could see many of the budget cuts introduced by the government negated by a massive increase in benefit payments.
Currency counterfeiting on the increase
As we have pointed out on a number of occasions, the ongoing recession in the UK has attracted a significant increase in criminal activity with currency counterfeiting one of the leading "benefactors". It is estimated that one in 20 one pound coins in the UK are counterfeit which equates to a staggering 73 million fake coins in circulation. When you consider that a fake one pound coin can cost bet...Read More
Changing attitudes lead to increase in bankruptcy
Changing attitudes to bankruptcy mean that more people will choose to take out an IVA or go bankrupt, according to an industry expert.Paul White of Belgravia Insurance Consultants said bankruptcy now held less of a stigma and that the process of becoming insolvent had become "easier" in recent years."We're moving towards a more US approach where people say: 'Well that's unlucky' and give you anoth...Read More
German authorities back Greek bailout plan
The German authorities have today stepped forward to confirm that while the Greek authorities have yet to take up the offer of the European Union and International Monetary Fund bailout package the offer is still there in the background. The Greek government confounded many sceptics by rejecting the latest offer with the government now looking to refinance debts in the short-term without taking on...Read More
Is this D-Day for the UK economy?
David Cameron last night threw down the gauntlet to Nick Clegg suggesting it was decision time for the Liberal Democrat party. Yesterday's last-minute intervention by Gordon Brown, who offered to stand down as part of a potential Liberal Democrats and Labour party alliance, has certainly increased the heat in UK politics. So which way will Nick Clegg fall? There is growing speculation this morn...Read More
Fraud and begging on the increase in the UK
As we covered in one of our earlier articles, the UK police have highlighted the fact that some beggars in the UK are bringing in around £200 a night which equates to a £73,000 a year tax free income. We have also seen a significant increase in fraudulent activity in UK with more and more people becoming more and more desperate and taking chances with their personal details and money.