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Begbies Traynor forecast surge in UK business failures

Insolvency experts Begbies Traynor have today issued a statement suggesting that the UK business arena will suffer an enormous number of failures in 2010. The company believes that around 130,000 businesses in the UK are currently showing "material signs of distress" and we will see a surge in business failures even though many people believe the recession is at an end. So what is happening?

In what many people believe is a rerun of the 1980s "W" shaped recession, Begbies Traynor believe that we are currently at the midpoint and will see a sudden lurch downwards in 2010. The fact that so many businesses are showing signs of distress is a major concern as is the fact that a number of investors believe that the recession is over and we are back to the "boom and bust times". Indeed, the recent increase in property prices in London has surprised many when you consider the dark cloud which still hangs over the UK economy.

Whether the UK economy is, as Begbies Traynor suggest, "in the eye of the storm" remains to be seen but those who believe the blue skies are just around the corner may well be in for a shocking surprise.

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