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Wednesday, 27 April 2011

GDP Figures Show 0.5% Growth

The latest GDP figures for the 1st Quarter of 2011 for the UK confirm the belief that our economy is beginning to grow again with these latest figures showing 0.5% growth. This is despite the impact of tax rises on pay packets not being felt. This growth is lower than other industrialised economies and so interest rates are likely to remain low for some time. The retail/leisure sector is struggling the most at the moment with a number of high profile collapses.

It is often in periods of growth following a recession that businesses find themselves in difficulty as they start to spend to try and gain some market share and win work despite having low cash reserves.  Also creditors become less forgiving as the economy improves.

We shall have to see what happens. Unfortunately for companies just "seeing what happens " is not really an option. It is important to have a plan, incase you find yourself in difficulty, and so know your options.

The longer you leave it the less options you have, especially if the bank or creditors start legal actions such as winding up petitions.

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