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More business failures predicted in coming months

Income protection insurance and unemployment cover are increasingly becoming vital as new figures predict even more business failures in coming months due to falling consumer spending.

According to the latest Industry Watch report by business advisors BDO Stoy Hayward, a sharp reduction in consumer spending is projected to lead to the collapse of 100 businesses every day.

More people will lose their source of income in 2010 as the situation is expected to worsen to 40,400 failures, equivalent to 111 businesses everyday, underscoring the need for people to look at ways to protect their earnings.

"Business failures in Great Britain are rising unabated as the fall-out of the economic downturn becomes ever clearer," explained head of business restructuring Shay Bannon.

"Consumer spending is set for a steep contraction in 2009 and households will continue to be hit by rising unemployment, weaker earnings growth and reduced perceived wealth levels due to declining asset prices."

He went on to state that this will in turn result in even more business failures in a number of sectors, although the situation may improve in 2011.

Life insurance premiums are now more affordable thanks to recent falls, according to protection vendor LifeSearch.

 

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