According to this BBC article that insolvencies are down this quarter. Methinks that only an idiot would see this as a trend to continue. A financial shitstorm has been swirling on the horizon for two to three years and those that are clever enough to have appreciated this have been doing what they can to strengthen their cellars. They'll be needing them for protection soon when the storm arrives over the next year.
The only problem is that as a UK taxpayer, as we now know following the Northern Rock debacle, I'll end up being forced to pay the bill for other's lavish ways whether I like it or not when the storm finally arrives...
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The long(ish) term trend is fairly obvious though, don't you think? The following are figures for the number of new cases that involved Official Receivers, both individual and company.
Case Administration,
New Cases:
2002-03 31,585
2003-04 34,490
2004-05 42,039
2005-06 58,991
2006-07 69,939
Source: The Insolvency Service, Annual Report and Accounts 2006-07
Exactly - making a headline on lower Q figures is a nonsense in the grand scheme of things.
Nonsense on stilts, in fact, but typically govt. friendly BBC reporting, at least at headline level...
Good luck with the new blog :-)
Patrick
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