Recent figures have revealed that the number of businesses being declared insolvent in the North West has fallen – with data for the third quarter of 2010 being 10% less that in Q2. There was also positive news in terms of UK wide trends, as data from PricewaterhouseCoopers reports that the national rate of company insolvencies fell by 18 per cent in the third quarter of 2010.
Despite the decline in the number of insolvencies, business analysts are warning that the future is less than stable. Many are warning that the looming public sectors cutbacks will hit those reliant on contracts with local and central government hardest including service and construction sectors. With interest rates also set to rise and the VAT increase coming into place on 1st January 2011, businesses in the region are not out of the woods yet.
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