Business collapses send mixed signals
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE NUMBER of companies going bust fell by 10 per cent in the last quarter of 1992, the steepest fall for five years, but the figures for 1992 were up 12 per cent on the previous year, splitting opinions yesterday on whether the recession is ending.
A total of 6,028 businesses collapsed in the three months to the end of December compared with a record 6,699 the previous quarter, according to Department of Trade and Industry figures released yesterday. For the year as a whole, 24,424 companies went under.
Richard Brown, director of policy for the British Chambers of Commerce, which published the survey for the DTI, said: 'It would be very wrong to take any satisfaction from these latest figures, and it is certainly premature to announce that the recession is over, based on one quarter's fall.'
However, he added: 'These figures do represent another shred of evidence to add to the accumulating pile which suggests the economy is once again moving in the right direction.'
Robin Cook, Labour's trade and industry spokesman, was less impressed: 'Last year a tidal wave of over 61,000 companies and individuals were forced into bankruptcy.
'It is a sign of the desperation of government ministers that they will claim these figures reveal that the storm is passing and we are heading into tranquil waters.
'But while they are sailing around in a dream-boat, everyone else is clinging on to driftwood for dear life.'
Individual bankruptcies in the last quarter of the year reached a record 9,795 compared with 9,397 in the previous three months.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments