News
UK Business failure rates
24 June, 2009
Research by accountants BDO Stoy Hayward shows that a record 36,200 businesses in the UK (nearly 100 businesses per day) will fail this year, with a possible greater number in 2010.
Therefore tens of thousands of British businesses will fail this year due to the rising unemployment and the falling consumer spending. It has been forecast that these failure rates will not slow down until at least 2011.
“Business failures in Britain are rising unabated as the fallout of the economic downturn becomes ever clearer,” said Shay Bannon, head of business restructuring at BDO Stoy Hayward.
BDO said government measures taken to help rescue the economy from the worst of the recession, including a bank rescue plan, drastic cuts in interest rates and fiscal stimulus packages, would begin in 2011 to “significantly slow down the rate at which businesses fail.”
Limited Company accounting fees for only £118 per month. We do your paperwork, you focus on running your business. Find out more, or contact us today.