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Business Failures in the South East up 27%

By James Ledward
Oct 30, 2011 - 11:51:07 AM
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Peter Skinner, MEP

Labour claim that Government policy is hitting businesses and causing huge numbers to fail across the South East.
 
The latest figures published by Equifax, a key credit rating agency, show a 27% year on year increase in business failures in the South East.
 
This follows reports which show UK economic growth in the last nine months was zero and that unemployment had hit 2.57million – the highest figure since 1994.
 
Peter Skinner MEP, a Labour Economic spokesman in the European Parliament, said:
“It is deeply worrying that business failures are up by more than 27% compared with last year. We see the evidence every day on our high streets as ever more shops are boarded up.
 
“The Government has failed to get banks lending to businesses and has damaged business confidence by cutting spending too far and too fast and raising VAT.
 
“Despite flat-lining growth, rising unemployment and more businesses closing their doors Ministers have failed to change course and deliver an effective plan for growth.
 
“We need to get the economy moving again and Labour’s five point plan for jobs and growth sets out action which the Government could take right now to help businesses, boost confidence and spur growth.”



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