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Corporate failures still a worry in the north-west

It has been revealed today that 245 companies in the north-west of England failed in February against 290 in the corresponding month in 2009. While this is a significant 15.5% reduction in corporate failures, the figures are still way too high and very uncomfortable for businesses and banks in the region. The rate of corporate failures in the north-west of England is the highest outside of London with 0.13% of north-west businesses failing in February against 0.16% in February 2009.

Those who study local economies may not be surprised by the comparison between the north-west of England and London and the fact that the north-west has the highest rate of failures outside of the capital. Manchester in particular has shown significant economic growth over the last decade and this has spread to the surrounding areas hence the high gearing ratio to economic activity and economic prosperity in the UK.

The main losers in the corporate market have been business services, building and construction, leisure and hotels and non-food retailers where competition has been immense. Many business experts believe that the UK banking industry has "let down" the UK business arena due to relatively low liquidity levels and the tightening of loan criteria.

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