Prior to COVID-19, there were many articles about zombie companies. (Zombie companies are ones that would have failed if not for cheap credit.) Not a surprise more companies are failing.
Firms going bust on track for worst year since 2009
Submitted 1 year ago by thehatfox@lemmy.world to unitedkingdom@feddit.uk
https://www.bbc.co.uk/news/business-67261798
Comments
MNByChoice@midwest.social 1 year ago
Syldon@feddit.uk 1 year ago
Are you stating that we have more zombie companies since Brexit, or that Brexit created them?
There will always be companies that earn less than others, but what is undeniable is that Brexit has made trading harder. This has pushed more into liquidation than we would have seen without it.
Nighed@sffa.community 1 year ago
It’s been something that I have seen mentioned occasionally throughout the last decade, because of the low interest rates it was possible for barley profitable companies to survive. Now the rates are going up it’s less so.
autotldr@lemmings.world [bot] 1 year ago
This is the best summary I could come up with:
Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales show.
Julie Palmer, from Begbies Traynor, said this was down to a combination of higher inflation and borrowing costs twinned with weaker consumer confidence and demand.
He said while his firm had enough work to survive, higher borrowing and material costs meant a lot of people could not justify investing in home improvements.
Mr Lee also said the volatile price of materials added more pressure and pointed to some timber panels they were installing in a home extension.
“There are no solutions out there at the moment, and at the same time it’s a pretty buoyant employment market so a lot of business owners are saying ‘I just can’t do this anymore, and I might as well just work for somebody else’, and that’s the choice they’re taking.”
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The original article contains 887 words, the summary contains 188 words. Saved 79%. I’m a bot and I’m open source!
13esq@lemmy.world 1 year ago
Yep. My holidays for this year were a weekend in Manchester and a week in and around London.
I normally don’t go on any holidays at all, and we weren’t exactly living it up at the premier inn, my bank account is looking shit because I went a few hundred miles away for a week and a half. And I should be greatful for that, I know that there are so many people that have no holidays at all and still have to live paycheck to paycheck.
I joined the work force just before 2009 and we’re back in the economic shit again already. I thought we were supposed to have some times of prosperity in between the recessions!
I feel like I’ve done everything right. I went to college, did an apprenticeship, have never been in trouble with the law and have never been out of work since the age of 16 (I’m 36 now). I feel like my spending power reflects the effort I’ve shown poorly.