Industry News Jan 2010

Repossessions

The number of Repossessions in the third quarter of 2009 reached 14,000 up 2.8% on the previous three months according to data published by the Financial Services Authority.

Personal Debt

UK personal debt continues to rise:

UK personal debt hit £1.46 Billion in Q4 2009.

The average household debt excluding mortgages is now £21,210

Business

2009 was one of the most difficult years for businesses in living memory.

Moving into 2010 the UK economy remains in recession. In his Pre Budget Report the chancellor revealed the economy shrank by 4.75% in 2009 which eclipsed the original forecast of a 3.5% reduction. In an uncertain world the government is urging business to protect their cash flow and wherever possible concentrate on strengthening their Balance Sheets.