Technically, we should be out of a recession based on figures published this month. However, with the Bank of England currently holding the base at its current level, the ripple effect paints a painful picture.
Not only is this affecting consumers, but mortgage arrears are high, as one in four turns to credit to maintain their mortgage repayments. Businesses alike are starting to see a knock-on effect on how salient a business can get by while treading water as they try to balance their operating costs.
Businesses cite low spending as deal cycles, and budgets are tightened to allow businesses to survive. Naturally, this is putting a pinch on each business’s financial resources, and as borrowing increases, so does the need to find a sustainable way forward.
What will be the crumbling block, and how soon do we need to put safeguards in place as business owners to ensure that we are not at risk? If you have given a PG for your own borrowing and are thinking now is the time to pull the plug and liquidate your business, then rest assured that I can definitely help you as your Personal Guarantee specialist.
If you would like more help, then please get in touch with me for more help.