Insolvencies set to continue, says CBI

21/01/2010 Insolvencies set to continue, says CBI

Those in audit jobs should be prepared for the increased number of insolvencies that are set to plague UK companies in the next few months.

This is according to the Confederation of British Industry (CBI), which was responding to a study by Begbies Traynor revealing that over 140,000 firms experience financial difficulty in the last quarter of last year and predicting even more for 2010.

Matthew Fell, director of corporate affairs at the group, claimed that the results of the report were "not surprising" and that the road ahead will still be "pretty bumpy" for companies struggling to make ends meet, despite a general economic recovery.

"We also know that we have got the twin threat to come of higher taxes both for firms and individuals - those are inevitable to restore the public finances," he added.

Recent figures from the Office for National Statistics showed some more positive news, however, with the joblessness rate falling by 7,000 in the three months ending in November last year.

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