9th June 2022
As the UK and global economies continue to struggle, businesses have to look for ways to survive these challenging times. Following forecasts from the Bank of England, should this include preparing for a recession?
Is recession on its way?
Inflation has now reached a 40-year high, at 9% and things are predicted to get worse during 2022. This led the Bank of England raising the prospect of the UK going into recession towards the end of this year.
With many people forecasting that more harder times lie ahead, now is the time for businesses to look at how they can protect themselves from the worst effects.
Actions you can take
Businesses need to determine their ability to weather an economic decline. Understanding your liabilities and key areas of business risk early on can help you to protect those areas of weakness, or at least to identify the point when more direct action is needed.
These steps that can help mitigate the impact of a potential recession:
With UK company insolvencies increasing by 39% in March alone, many businesses are struggling already and we should all be preparing for more challenges ahead.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you are worried about the future, you want to deal with an unmanageable debt or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email email@example.com to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.