More SMEs going under in 2003
Small business failures have risen by 11.3% in the first three quarters of 2003 compared to the same period last year, according to a Bank of England report.
Link: SMEs ‘wasting’ profits
Small companies in the eastern counties were hardest hit with a 24.4% increase. The South West saw a 23.8% rise and the South East 21.4%.
The North West provided the most stable environment for small businesses with only a 1.8% increase.
The Bank of England’s quarterly study of SMEs included figures on bankruptcies and liquidations from business information provider Dun & Bradstreet. The Tory party said the report was evidence of the government?s poor record on small businesses.
Conservative MP Tim Yeo said: ‘Smaller firms are the lifeblood of our economy and deserve a fair deal to continue creating wealth and boosting job creation. It is clear now, that after six years, Gordon Brown is catastrophically failing to build an enterprise culture for small firms to thrive.’