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Credit crunch 'to worsen' in next three months
09/02/2009
Solicitors in Northern Ireland may want to brace themselves for more demand for their services following revelations that the credit crunch is set to worsen over the next three months.
The Confederation of British Industry (CBI) is calling for urgent government intervention to lessen the impact of the crisis on businesses, as data from the organisation shows that firms are struggling to get finances.
Bankruptcy and insolvency remains a threat for many as a CBI survey shows that 63 per cent of businesses that looked for new finance said its availability had worsened.
Some 59 per cent predicted that the situation will get worse in the next three months and nearly two in five (37 per cent) have laid off staff in the past three months.
"Day by day, constrained credit is damaging our economy," said CBI director-general Richard Lambert. "A lack of clarity creates a 'fear the worst' mentality and could be costing people their jobs".
Ulster Bank in Northern Ireland is one of the latest firms to lay off staff in the province as the financial crisis hits businesses.
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The Confederation of British Industry (CBI) is calling for urgent government intervention to lessen the impact of the crisis on businesses, as data from the organisation shows that firms are struggling to get finances.
Bankruptcy and insolvency remains a threat for many as a CBI survey shows that 63 per cent of businesses that looked for new finance said its availability had worsened.
Some 59 per cent predicted that the situation will get worse in the next three months and nearly two in five (37 per cent) have laid off staff in the past three months.
"Day by day, constrained credit is damaging our economy," said CBI director-general Richard Lambert. "A lack of clarity creates a 'fear the worst' mentality and could be costing people their jobs".
Ulster Bank in Northern Ireland is one of the latest firms to lay off staff in the province as the financial crisis hits businesses.
Contact us for legal advice
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