Cost management could become more important for UK firms
January 20th 16:01 Cost Management
Cost management could become increasingly important for British firms over the coming months, it has been suggested.
A new report has revealed that more than 140,000 UK companies faced "significant and critical" financial struggles during the three months to December 2009.
This represented and increase of six per cent on the previous quarter, according to the latest Red Flag Alert from Begbies Traynor.
The report also suggested that if government measures to stimulate the economy are removed too soon the situation could get worse.
This opinion was echoed by the Confederation of British Industry which said a "twin threat" of higher taxes for firms and individuals could also damage any recovery.
Matthew Fell, director of corporate affairs at the organisation, said: "The outlook is still pretty bumpy, and there will be more failures on the way. So we do recognise that lag effect, albeit against the backdrop of the economy overall beginning to pick up, potentially from midway through this year."
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