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Tuesday
Nov092010

Bankruptcy is More Common in Seaside Towns, According to the Latest Research

One consequence of any recession is the higher rate of bankruptcies that occurs afterwards. But according to the latest research it has been revealed that the highest incidences of bankruptcy have been in seaside locations.

I found this surprising initially, but on further investigation it does make some sense. Many seaside locations were hoping that the recession would force many more people to stay at home for holidays, but although this has occurred in some cases it has not been enough. Foreign holidays are not always that expensive and some people still see UK seaside towns as being undesirable.

Many small businesses in these areas will be under more pressure to succeed and stay afloat than those in some of the more attractive seaside towns such as Padstow in Cornwall.

Hull, Blackpool, Plymouth and Eastbourne took the top four spots on the list of the highest number of people made insolvent in each location. There is a worrying trend here and we can but hope that these locations will bounce back once the post-recessionary period has ended. It may be some time before this happens however, especially with the state of the economy and the national debt.

Another point worth considering is that these towns will need to become more attractive to UK visitors for the bigger picture to change. Until they do, the long term picture will not alter that much, and that would be a shame.

If you own a small business and you wish to consult professional and qualified accountants about your tax position or earnings, you may get in touch with us at St Matthew now.

 

 

 

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    Bankruptcy is More Common in Seaside Towns, According to the Latest Research - Tax, Legal & Business News from London - St Matthew Accountants London
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    Bankruptcy is More Common in Seaside Towns, According to the Latest Research - Tax, Legal & Business News from London - St Matthew Accountants London
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    Bankruptcy is More Common in Seaside Towns, According to the Latest Research - Tax, Legal & Business News from London - St Matthew Accountants London

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