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23/10/2002
NI business failure rate worst in Britain
According to the latest report from Dun & Bradstreet, Northern Ireland is currently experiencing the highest rate of business failures in the UK.
The latest figures from suppliers of business information D&B revealed that 109 businesses had folded in the three months to September – a staggering 63% increase on the same period in 2001 when 57 businesses ceased trading.
While the first half of the year saw few businesses fail in Northern Ireland, the trend has dramatically reversed in the last three months with a dramatic upswing in business experiencing difficulties to take the province to the top of the league.
The report has been described as a wake-up call for those who thought the Northern Ireland was ducking the worldwide economic downturn. Both new technology and traditional industry sectors have recently suffered and financial analysts report that investment is at a 10-year low.
Garth Calow of PricewaterhouseCoopers in Belfast said: "Investment intentions are at their lowest since the mid-1990s and jobs losses in the technology sector and at Harland and Wolff confirm that global pressures and lack of strong recovery are damaging both traditional and new-knowledge industries.
“Over the long term, Northern Ireland’s economic prospects are reasonably good. However, the short-term prognosis is particularly challenging with fears for political stability eroding confidence both in Northern Ireland and amongst overseas investors.
“Companies should look to managing their cash and supply chain to ensure that, if the economy tightens even further, they have the liquidity to ride out the storm.”
(SP)
The latest figures from suppliers of business information D&B revealed that 109 businesses had folded in the three months to September – a staggering 63% increase on the same period in 2001 when 57 businesses ceased trading.
While the first half of the year saw few businesses fail in Northern Ireland, the trend has dramatically reversed in the last three months with a dramatic upswing in business experiencing difficulties to take the province to the top of the league.
The report has been described as a wake-up call for those who thought the Northern Ireland was ducking the worldwide economic downturn. Both new technology and traditional industry sectors have recently suffered and financial analysts report that investment is at a 10-year low.
Garth Calow of PricewaterhouseCoopers in Belfast said: "Investment intentions are at their lowest since the mid-1990s and jobs losses in the technology sector and at Harland and Wolff confirm that global pressures and lack of strong recovery are damaging both traditional and new-knowledge industries.
“Over the long term, Northern Ireland’s economic prospects are reasonably good. However, the short-term prognosis is particularly challenging with fears for political stability eroding confidence both in Northern Ireland and amongst overseas investors.
“Companies should look to managing their cash and supply chain to ensure that, if the economy tightens even further, they have the liquidity to ride out the storm.”
(SP)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
