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Jubilee
Research correctly predicts record bankruptcies in UK. On December
22, 2003 Jubilee Research at nef predicted record levels of consumer
credit after the expected Christmas spending binge.
In particular we predicted that increasing levels of debt could push as
many as 11,000 Britons over the
brink into insolvency. We were
right. According to the latest data released by the Department of Trade and
Industry on Thursday, 5th February, 04,.personal bankruptcies
reached record levels during the last quarter, rising to almost 11,000. Ann
Pettifor, Director of Jubilee Research said: “Personal bankruptcies in
Britain are hitting record levels, right now -
during the “good times” - when
confidence and growth in the economy is strong – and before any downturn. As
we argued at the launch of our annual review of the global economy (Real
World Economic Outlook) the economy is booming – at the expense of
gullible, naïve consumers who are borrowing to keep up consumption.
Evidence of how well
businesses are doing out of this spending, can be found in the fall of
business bankruptcies over the same period. “ In
a briefing published in December, and, using conservative assumptions based on
rising levels of consumer debt, credit card borrowing and mortgage lending, nef
predicted that personal bankruptcies will soar to a new high of
almost 11,000 in the first quarter of 2004 – up 30 per cent since 2000. The
figures published last Thursday by the department of Trade and Industry show
that there were 10,271 individual insolvencies in the final three months of
last year. See
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