Are Businesses Surviving in the UK?

We all know that the country is in a bit of an economical downturn at the moment but the number of companies announcing they are heading towards administration is alarming and causing concern amongst businessmen and women all over the UK.It has been revealed that in the last quarter of 2011 the number of companies that are in deep financial distress rose by 24%.With figures like that appearing on our news pages left, right and centre – it doesn’t give us much hope for 2012 does it?

Even companies considered to be untouchable such as Kodak are now filing for bankruptcy – so what does that mean for smaller businesses that are trying to make an honest living?Private companies have also been affected by the cuts in the public sector – in December 2011 382 of businesses in Scotland were in critical distress in comparison to the 330 the quarter before.There’s no doubt about it – people have less money to spend these days – so how are these businesses meant to survive?

David Cameron has stated that the longer the Euro crisis goes on the worse our economic woes will get so it’s essential that this is resolved as soon as possible – not just for Britain but for everyone. According to the Telegraph he claimed after attending the G20 Summit “I don’t make economic forecasts, they are made by the independent Office of Budget Responsibility,” he said. “[But] clearly this is having an effect on the British economy.” Small businesses are finding it more difficult to keep their heads above water and it is seriously affecting high street stores.

In December 2012 Mary Portas who is the face of the hit BBC2 program “Mary Queen of Shops” completed a review on the high street stores in Britain in an attempt to see them once again thriving.It was commissioned by the government and it came to some staggering conclusions such as by 2014 under 40% of retail purchases will be in high street stores – emphasising the point that a third of high street stores are failing.Luckily Mary Portas has come up with some ideas to get those high street stores back on track.She makes suggestions such as an open market day.Another idea was to make it simpler for people to set up stalls by being more relaxed with licensing laws.

The Policy Chair of the Federation of Small Businesses, Wilfred Mitchell welcomed Mary Portas’ findings stating: “The Portas Report has offered up much food for thought and focuses on key areas such as planning, parking and business rates - issues the FSB are adamant can achieve real change and help boost the high street and rejuvenate the economy.”The Prime Minister has said he would comment on the report this spring.

It is clear we have a growing problem in the country in relation to businesses disintegrating before our very eyes and no wonder with the cost of things – no longer is it feasible to have a good night out at the bingo with a cheeky bottle of wine without spending a fortune, so it’s lucky we can bag some free entertainment at online bingo sites to keep our spirits up (as well as our bank balance).

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