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.
Are we entering a period of discontent in the UK employment market?
Yesterday's news that British Airways cabin crew will strike later this year over pay and conditions is concerning and today we also learned that the rail union The Transport Salaried Staffs Association is balloting members regarding a 0.8% pay offer from Network Rail. So is the UK entering a period of discontent in the employment market? There is no doubt there is greater affection between man...Read More
Sir John Gieve Predicts Doom And Gloom For The UK
When the deputy governor of the Bank of England starts talking about not being able to rule out a recession in the UK, it really is time to consider the worst. After months of trying to avoid the question it seems as though Sir John Gieve and his colleagues at the Bank of England are resigned to the fact the UK will formally move into recession in the short term.
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
G20 leaders play down hopes for April 2 summit
G20 leaders have today played down hopes of a substantial agreement when the G20 summit convenes in London on 2 April. This comes at a time when Gordon Brown is trying to place pressure on his fellow G20 members as he looks to pull "a number of rabbits out of a hat". A number of leaders have stepped forward to suggest there is no "open sesame" solution to the problems of the worldwide economic slo...Read More
Gordon Brown's demise may herald a new era in UK politics
While he may not be on the rack quite yet the open revolt throughout the Labour Party has caused many to look beyond the current government and plan for the future. It looks as though Gordon Brown may well have presided over the demise and almost certain death of New Labour and allowed Old Labour to rise from the ashes like a phoenix.
We are now seeing more and more MPs stepping fo...