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Economic downturn as firms go under
Page 47
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THE EQUIFAX BUSINESS Failures Report shows an 18.2% increase in firms going bust in 2008 compared to 2007 But the trend climbs starkly through the last quarter of 2008, so that comparisons with the 2007 period indicate a 32.1% rise, and comparison with 03 2008 shows a 24.2% increase in business failures.
The construction industry led the field with one-third more businesses folding in 2008 than in 2007, and almost half as many again going bust in 04 than in the year before. The retail sector had a 23.9% rise in failures for the year, and transport and communications, with its heavy dependency on construction and retail, saw a 17% rise.
Scotland managed to escape with just a 0.9% I rise year on year, but north-eastern England was hit hardest at 41.2%