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>Feb 2017

 

Business Rescue recently sponsored the Big Bolton Expo, click here to see the article in the local press!

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7th August 2017

 

Insolvency and Brexit

 

UK Insolvencies to rise by +5% as Brexit is allowed extra time in 2017.

 

The UK will be the only major European country to see a sizable increase (+5%) in bankruptcy cases. Yet, in 2016, insolvencies decreased by -3%, for the fifth consecutive year, as the British economy has proved resilient in the aftermath of the Brexit vote. Next year, the expected trend reversal will be mainly due to the consequences of the economic slowdown (GDP to grow only by +1%) and the depreciation of the pound: the real effective exchange rate declined by -12% since June, pushing input prices higher and margin slower. Moreover, uncertainty will negatively affect investment, as proven by capital flows and M&As after the Brexit vote (-50% in November compared to last year.

 

 

 

 

5th July 

 

Personal Debt in the UK

 

•People in the UK owed £1.537 trillion at the end of May 2017. This is up from £1.489 trillion at the end of May 2016 – an extra £929.97 per UK adult

•Based on May 2017 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £50.002 billion

•Outstanding consumer credit lending was £199.7 billion at the end of May 2017.

•Per household, that’s an average consumer credit debt of £7,370 in May, up from a revised £7,320 in April – and  £545.17 extra per household over the year

•There were 24,531 individual insolvencies in England and Wales in Q1 2017.  

The bigger picture

 

 

•89,000 people (1,000 a day) reported they had become redundant over the three months, little changed from the previous quarter.

•There were 4.921 million working-age people claiming benefits in February 2016. This is a decrease of 249,530 in the year, or 684 a day.

•Public sector net debt excluding public sector banks was £1,729.5bn (86.6% of GDP). This was £1,606bn at the end of March 2016, meaning public sector net debt grew by £338m a day in the year to March 2016.

 

DON'T LET BUSINESS DEBT BECOME A BURDEN TO YOU, the sooner you act, the easier it will be. Call our Business experts NOW!