ICSM Insolvency Business News in Brief: Interest rate cut welcomed by Ian Carrotte with news of more casualties in the print industry
By Harry Mottram: After the hike in Employer National Insurance Contributions in the autumn budget some better news. The Bank of England has cut interest rates to 4% by a quarter of a percent, taking the cost of borrowing to the lowest level for more than two years. Apart from easing the rate of borrowing for business it will also help homeowners who will have a little more each month to spend – which helps the economy in general.
Ian Carrotte of ICSM said that ‘we’re not out of the woods yet.’ With a stagnant economy and no signs of the promised growth by the new labour Government the country needs a period of stability. He said: “Inflation is still higher than the Bank of England’s two percent target at around four percent – and that is bad news for all firms as they battle rising costs such as energy prices this winter and diesel around £1.30p a litre at the pump – and no real reform of business rates in the offing – things remain challenging.”
Andrew Bailey, governor of the Bank of England: "Interest rates are still on a downward path. But any future rate cuts will need to be made gradually and carefully."
Printing Industry
In June B360 Limited who provide lighting, rigging, power and related infrastructure to the television and broadcast industries fell into administration with Andrew Hook and Julie Palmer of Begbies Traynor appointed as joint administrators. A month earlier UK Labels Limited of Oldbury went bust while administrators have been appointed at United Authors Publishing Limited known as Unbound with writers Jonathan Meads and Python Terry Jones as part of their original set up. They owe numerous writers thousands of pounds and reopened under a new name of Boundless – although their financial problems haven’t gone away.
A petition to wind up WG Office Supplies Limited of Dartford was issued last month with an outstanding charge against the firm from Barclays Bank. Creditors’ Voluntary Liquidations have been agreed with AKS Designs Limited, Infinity print and Mail Limited, Sprinter printer Group Limited and Unchartered press Limited.
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