Thursday, December 31st, 2009

UK Recession Claims 27,000 Businesses

More businesses have gone bust in the UK in the current recession than in any other since records began.

Britain’s Insolvency Service has revealed the figures, showing that just under 27,000 businesses have gone bust. The collapses, included world wide known firms such as Woolworths and large nationals such as MFI.

This shows that business collapses total almost 17,500 more than in the downturn of the 1980’s and almost 3,000 more than in the 1990’s.

Insolvency experts also believe the worst is yet to come, with at least another 27,000 firms going bust next year. Although experts are forecasting Britain’s coming out of recession early in 2010, data from the previous two UK recessions indicate that bankruptcies continue to rise after growth returns.

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UK Recession Claims 27,000 Businesses
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