'Unemployment landslide' looms as 40% of small businesses consider closing down

amcluesent

Workers must brace themselves for an 'insolvency epidemic' as British businesses go bust next year, according to a shocking new report.

The report, from the corporate rescue firm Tenon Recovery, reveals the serious crisis facing tens of thousands of companies up and down the country - with many losing the battle to stay afloat, triggering an unemployment landslide among their workforce.

The number of calls from distressed companies has rocketed by nearly 200 per cent over the last six weeks, compared to the same period last year.
Unemployment is currently 1.8million, its highest-level for 11 years, and it is predicted to jump to 3.3million by 2010.

This would be the largest number of unemployed people ever witnessed in this country since records began in 1971.

Earlier this week, a top Bank of England official Andrew Sentance described the current situation as 'the most serious banking crisis in modern economic history.'

In other news, Clown has pledged that 1,000,000 on benefits will take work or lose benefits.

I predict a riot!

luvpump

Makes sence to me, 2009-2010 = Financial Bloodbath, severe social problems, riots etc etc .... as Mr Clarkson said, the meteor is about to hit !!.

tomstickland

"Britain is well placed to weather financial difficulties".

WTF?_2

Absolutely bonkers how quickly things have come off the rails with the economy.

Mind you, the credit fueled boom went on for longer than anyone could have reasonably predicted so when it was withdrawn, I suppose it was odds-on that the result would be carnage and quickly.

Now - the next stage beckons - personal finances. A lot of people about to find out just how stupidly exposed a position they are in.

tomstickland

It's a rubber necking festival for sure.

bo_drinker

What has happened recently is nothing compared to what is coming I think Clarkson is right . The !!!!!! is going to hit the fan big time. Do they still bolt the chairs to the floor down the labour exchange ? If not they want to and sharpish and get some security down there ,there will be a fkn riot. Bring it on.......... :j :j :j

amcluesent

>It's a rubber necking festival for sure.<

Just so long as it's not your street that's ablaze! Those Greek chappies seem to have got the hang of it! Plenty of LCD tellies being 'liberated'...

tomstickland

I sometimes wonder where crime is going to go and whether we will have to form a vigilante group in our clump of houses and flats.

wymondham

Companies will have been holding on for as long as possible to get over the Christmas period. I predict January will see a flood of companies going under, with all the knock on effects...

Wooly's massive selling off in the next few days won't help other stuggling high street retailers....

itsnever2lateisit?

Back on topic, where I am all is well until February, it's all very phoney and wierd atm, usually work ebbs and flows, but we are flat out, but there is nothing beyond Feb, usually by now march orders would be coming in, but zilch so far:eek:

space_rider

Picked my daughter up from the after school club and the owner of the club was saying that they haven`t as many children because of the amount of parents that have been made redundant. They have also had to cut staff hours. So much for single parents working. What are we going to do if we manage to hold onto our jobs and the after school clubs fold.