Insolvency figures falling as Shropshire receives economic boost
Despite the longest double dip recession since the 1950's August received welcoming financial news from Experian that insolvencies have dropped 9.5% year on year resulting in the fall of 1776 companies against 1962 companies declared insolvent.
This credibility for economic improvement has also been backed from a recent Insolvency Service Report that recognised bankruptcies were at their lowest since 2003 with the 8088 bankruptcy orders made in the second quarter of this year, resulting in a 27% decrease.
This is partly due to debt relief orders and an increase in IVA's but notable improvements to industry have been recognised in the non-food retail sector and an optimistic feeling amongst small businesses that the corner maybe soon approaching.
Whilst the Credit Counselling Service (CSS) warns of increasing financial hardships for households and significant personal planning, Cooper Matthews debt management have quoted the need to 'Manage your finance in a more focussed way, so when the good times arrive, you are in a better position to seize economic prosperity', through maintaining sensible financial planning during both the up and down times.
Shropshire's local economy can further show gratitude for positive economic movement after Darwin Business Networking International (BNI) was established by a group of local companies to secure new business through increasing recommendations and referrals, and is currently encouraging new members to join.
Two Shropshire villages have also received £10,000 injected into their economy from Always Consult to increase new business operations and people development, whilst the Shrewsbury Flower Show has always provided a nice boost addition to the local economy. Its 125th anniversary celebration was enjoyed by many, as optimism increases for an increase in growth across Shropshire and the country.
