How about this one...
Credit crunch continues to bite business says Ernst & Young
~Profit warnings top 100 for second consecutive quarter~
Research released by Ernst & Young today reveals that UK plc saw no respite in the first quarter of 2008 as profit warnings reached 114; the highest first quarter figure since 2001 and up 11 per cent from Q1 2007.
Keith McGregor, Restructuring partner at Ernst & Young comments: “Profit warnings remained above the 100 mark for the second quarter in a row, driven by the deepening impact of the credit crunch and a record number of retail warnings. The last time UK plc issued more than 100 profit warnings in consecutive quarters it was 2001, when the end of the technology-led boom meant painful readjustment. The hangover from the credit-boom could be equally severe especially as some sectors are warning on current poor trading but may have failed to factor in the impact of a sustained downturn in demand.”
“The credit crunch will become real and personal to borrowers this year, especially the two million mortgage holders coming off fix-rate deals. The base rate is expected to continue to fall gradually in 2008, but the same inflationary pressures that will limit the ability of the Bank of England to lower rates, will also eat into the benefit of any rate cut for the consumer. The period of economic uncertainty may even persuade individuals to increase savings from their historic lows, leaving retailers with even less of the disposable income pie.”
You don't have to look far for more and more evidence that things are deteriorating at an astonishing rate...
