Is the UK in recession? Probably. Does that matter? Well, it may sound callous, but… not really.
No-one loses their job because the statistics tell us we’re in a recession, or heading for one.
What matters is how an economic downturn affects you, your employer or your business. The chances are that you’ll be OK.
In a recession, weaker companies fail and people are put out of work. That can be because sales revenue drops, so that they can’t meet their costs including the servicing of their debts. It can be because the market they’re in is in decline, and they have failed to make a move into growing markets.
But most firms battle through and survive, some with reduced revenue, many with losses or reduced profits, and often with reduced employment. Some can even thrive. It’s a good time to be an insolvency practitioner.