Downgraded growth forecast points to fragile 2013

The Bank of England (BoE) has today delivered another frustrating blow to the hopes of a UK economic recovery, as the growth forecast was marked down.

 

Mervyn King warned that growth in the UK economy was unlikely to gain any significant momentum until 2015. It is a worrying statement that hints at the fragile future that a number of struggling UK businesses may face for the rest of 2013.

 

It also halts any specific ideas that high street retailers may have had about a recovery in the fortunes of the UK economy. It may now seem like a very long way until 2014 for a number of struggling outfits.

 

Clothing chain Republic was today revealed as the latest victims of the recent downturn as they called in the administrators after a disastrously poor 2012.

 

150 members of staff at the company’s head office have already been made redundant and the nationally recognised brand is the latest in a long line of big names to feel the full impact of the economic downturn.

 

It is difficult to say with any real certainty how many more retailers will be forced to close their doors during 2013. The answer to that question probably depends on how effectively they are able to cut their cloth during these unstable economic times.

 

Contacting an insolvency specialist

 

It can be difficult to assess how much financial trouble your company may be in as many directors and company managers are unable to look too far ahead into their financial future. Targets are being hastily re-structured from one quarter to the next for a number of companies.

 

A restructuring and insolvency advice service can assist business leaders, financial directors and stakeholders to deliver pro-active solutions for their business. They can also offer insightful advice regarding how to proceed in the unstable economic climate of 2013. 

 

If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.

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