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The number of people who claim personal bankruptcy rose 22.2 percent in the first three months of 2008. A total of 19 100 cases were identified from personal debt
In addition to these there were 29,444 individual insolvencies in England and Wales in the fourth quarter of 2008 -. . An increase of 18.5 percent over the previous year, data from the Insolvency Service show total individual insolvencies rose by 18.5 percent - that the UK has entered recession, financial problems and grew too much for thousands of years. Even more worrisome finding for the economy as a whole showed that the number of companies in liquidation increased by 51.6 percent. Things get worse before they betterAlan Tomlinson, Tomlinson with the liquidators, said that "appalling economic conditions, more and more victims, as companies in all industries to make laid off or simply not in the past News, published figures show that unemployment in Britain is about 1.97 million euros; .. have not seen this level since 1997 "For the first week of January, the number of people in financial difficulties when seeking advice We have significantly increased. Many are struggling with debt or a mortgage they made during the good times, and now prove insurmountable, "said Tomlinson. He added that the number of personal bankruptcies are expected to increase in 2009 and worse for the numbers before they get better. Mr. Tomlin, added: "It is important that people take action as soon as possible if they are to begin to fight the worst thing to do, you put your head in the sand and hopes away. . ' He advised people to seek advice when they started to fall behind on mortgage payments, or to live with credit cards that could lead to debt. Sound Company in grave danger
Howard Archer, chief British economist Global Insight has the impression that the company out of the woods yet, as he does, that the increase is likely to soar in the company defaults, was the chief economist said the recession, "especially. Number of firms is still basically sound in great danger because of liquidity problems and lack of access to credit, " He said:" Much will depend on the rapid success of various initiatives in itself. Next months for loans to businesses running again " He added:" deep economic contraction, unemployment is rising rapidly, more debt, stock prices lower and people are increasingly trapped in negative equity to be exact, without an increase in the coming months He continued: "While significant reductions in interest rates by the Bank of England seems to help some people, they should not be enough to save a lot of out of bankruptcy .. " Dr Archer added that many such had stretched to buy a property, would be particularly vulnerable He concluded by saying. "Obviously, the more home prices fall, more people will be trapped with negative equity. And these are people with the lowest ratings of credit that are too difficult to stricter conditions for loans and punitive conditions to be done. " In addition, the Governor of the Bank of England Mervyn King said that the recession probably longer and deeper than previously thought. He also said that inflation was expected to fall to 0.5 percent during the year, which means that prices goods will fall on consumers, but the shops, it is less likely to increase its profits, which they go into debt.
signs of hope despite the economic downturn was on the signs of high street retailer for improvement. Department store John Lewis said in a turnover of over £ 48.5 million .., an increase of four percent in the 17 weeks of January, the general store that stong fashion, electronics and home technology sales were the key factors that proficts the business taken retail operations director Patrick Lewis said: "Sales of our range of health the last game were also obtained by the early arrival of the new season bearing supports. " Sales in the supermarket, Waitrose were up 74 million pounds, an increase of 0 to 8 percent. Another advantage is the supermarket, Sainsbury's like-for-like revenue was up 3.9 percent for the third quarter, January 3, 2009. their total revenues increased 4.8 percent. Justin King, CEO of J Sainsbury, said: "The good trading performance Sainsbury in the past 13 weeks still what ever like-for-like sales growth, excluding fuel, 4.5 per cent, Christmas with our best performance of the completion of a solid third quarter overall. "
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