Up to 40,000 businesses could go bust next year, according to a study by Begbies Traynor.
The business rescue company says it has found mounting evidence Britain is in the middle of a W-shaped recession and expects between 30,000 and 40,000 business' will fail in 2010 and 2011, fuelled by a lack of available credit.
Although the number of companies in a 'seriously distressed state' fell in absolute terms both year-on-year and quarter-on-quarter in Q3, Begbies says the drop in failing companies in the third quarter was in part down to Government support programmes.
The group's study into business failures in the three months to end September found 134,000 had experienced either 'critical' or 'serious' problems, down from 154,236 in the same period in 2008. Despite these figures Begbies executive chairman Ric Traynor says:
"Experience of the last four recessions tells us that unemployment levels and corporate insolvencies are lagging indicators and thus seem certain to rise in 2010."
Pension savers need to engage with their retirement options far earlier than is currently normal to ensure they save enough through their lifetime, according to a report from the Association of British Insurers (ABI).
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
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