The big picture:
different polls and studies in Britain reveal that the public is as critical now of how Britain is governed as they have ever been. The political and policy challenges faced by the country in the second half of the 2019-24 parliament have significantly undermined the public’s trust and confidence in politicians and the political system.
Meanwhile, the number of UK businesses in 'critical' financial distress jumped by 50% in the final quarter of last year, according to the latest 'Red Flag Alert' report from insolvency advisor Begbies Traynor Group PLC.
Key points:
- statistical data from the financial consulting firm Begbies Traynor indicates that in the final quarter of 2024, the number of companies in financial distress in England has risen by 50% to 46,853 cases. This figure, compared to 31,201 cases in the third quarter of last year, clearly illustrates the depth of the economic crisis in England.
- The new economic policies of the British government, which include a £25 billion increase in national insurance taxes and a rise in the minimum wage in the October budget, have been identified by experts as the main factor behind the escalating financial crisis for companies.
What he is saying:
- Rick Traynor, the CEO of Begbies Traynor, has warned that these policies could be the "final blow" to many small and medium-sized enterprises that have struggled for years to survive.
- He stated: "This increase in financial burden will push many companies towards reducing their workforce or even complete closure. The year 2025 may become a turning point where thousands of other companies may no longer be able to continue operations."
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