Excerpt from the linked piece by Mark Sweney, 7 October 2022 12:48 BST:
>There were 5,629 insolvencies in the second quarter, the highest since the third quarter of 2009 when the UK was in the grip of the global financial crisis, the Office for National Statistics (ONS) said.
>The rate that companies are going bust is 46% higher than the average quarterly figures recorded for England and Wales over the four years before the coronavirus pandemic.
>
>More than one in 10 UK businesses reported a “moderate-to-severe” risk of insolvency in a survey conducted by the ONS in August, in a sign that a combination of higher costs and weakening economic outlook are weighing on companies. Small firms with fewer than 50 staff were the most likely to signal a moderate-to-severe risk of insolvency.
>More than a fifth of businesses cited soaring energy prices as their main concern, up from 15% in February and rising to 30% among firms of up to 50 staff.
>The ONS cited other potential contributing factors including difficulties in paying debt, the rising cost of raw materials and supply chain disruptions.
Yup.
The other aspect of all this is that ive changed my buying habits. For a mix of reasons I barely ever buy anything new. 2nd hand markets are too good and too cheap – you just need to be a bit more flexible about when you get things.
All this means aside from the CoLC i wont be going back to stores for “1st hand” products for like 80+% of my life.
I get clothes from charity shops/vinted, tools and other gear i get 2nd hand or rent from a Library of Things type place… do 95% of cooking at home, dont drink, grow lots of my own food.
Thats whatever % of lifestyle shift that means that money isnt going into stores.
2 comments
Excerpt from the linked piece by Mark Sweney, 7 October 2022 12:48 BST:
>There were 5,629 insolvencies in the second quarter, the highest since the third quarter of 2009 when the UK was in the grip of the global financial crisis, the Office for National Statistics (ONS) said.
>The rate that companies are going bust is 46% higher than the average quarterly figures recorded for England and Wales over the four years before the coronavirus pandemic.
>
>More than one in 10 UK businesses reported a “moderate-to-severe” risk of insolvency in a survey conducted by the ONS in August, in a sign that a combination of higher costs and weakening economic outlook are weighing on companies. Small firms with fewer than 50 staff were the most likely to signal a moderate-to-severe risk of insolvency.
>More than a fifth of businesses cited soaring energy prices as their main concern, up from 15% in February and rising to 30% among firms of up to 50 staff.
>The ONS cited other potential contributing factors including difficulties in paying debt, the rising cost of raw materials and supply chain disruptions.
Yup.
The other aspect of all this is that ive changed my buying habits. For a mix of reasons I barely ever buy anything new. 2nd hand markets are too good and too cheap – you just need to be a bit more flexible about when you get things.
All this means aside from the CoLC i wont be going back to stores for “1st hand” products for like 80+% of my life.
I get clothes from charity shops/vinted, tools and other gear i get 2nd hand or rent from a Library of Things type place… do 95% of cooking at home, dont drink, grow lots of my own food.
Thats whatever % of lifestyle shift that means that money isnt going into stores.