It comes as no surprise to me to hear it reported that the UK has returned to recession with new figures showing the economy contracted in the first three months of 2012. GDP shrank by 0.2%, according to the Office of National Statistics, following a 0.3% contraction in the economy at the end of 2011. Two consecutive quarters of negative GDP growth mean the UK economy is now considered to be in recession.
As Morecrofts‚Äô insolvency expert I have noticed a steep increase in the number of new instructions we are receiving from businesses seeking to restructure and reduce their overheads. This had led to our giving advice on exiting out of leases or renegotiating the terms of a lease, employment advice on redundancies or laying off staff, and advising on rescue procedures for insolvent businesses. Clearly the outlook is not good and businesses should take advice early to maximise their ability to trade through this unprecedented recession.
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