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The outlook for SME's appears to be worsening as the credit crunch has finally started to filter through to sectors of the UK economy that have previously proved resilient.

The latest figures released by Green Matthews Women's Jersey Experian also show that only two regions in the UK have escaped from experiencing an increase in failures while Northern Ireland saw massive failures.

Regional overview

All but two of the 14 regions monitored by Experian saw an increase in insolvencies to date in 2008 compared to the first half of 2007.? Northern Ireland (up 74.8%), North East (up 46.7%) and the East Midlands (up 41%) are the three regions bearing the brunt of the increased number of failures.

Only the South West (down 2.1%) and Scotland (down 16.7%) have seen a decrease in failures in the year to date,

Outside of the South East and London, business failures in volume terms are running at their highest in the North West and Yorkshire and the Humber.? Failures in the North West increased by over a third to 1,451, while in Yorkshire and the Humber failures rose by a fifth to 1,033.

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Slowdown hits business


North East worst hit in slowdown

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Sectors

Banking, property, post and telecoms have all seen hikes in failures, while the hotel and leisure sector shows signs of stress.

Worst performers

In terms of absolute numbers, the business services sector has seen the largest number of failures in the year to date at Green Matthews Women's Jersey 2,235, an increase of 15.1% on the first six months of 2007. Meanwhile, the Building and Construction sector saw over 1,000 businesses fail compared to 867 in the same period last year.

Tony Pullen, Managing Director of Experian's Business Information division, comments: "Insolvencies are currently running at their highest level since the final quarter of 2006 and the indications are that the credit squeeze is taking hold across more industry sectors. On top of this, it is also the second quarter-on-quarter increase in failures we have seen. All these factors drive home the need for businesses to look to minimise their exposure to risk and, therefore, the risk of failure themselves."

Matthew Sherwood, senior global economist with Experian says that, "the numbers for financial and banking services are not surprising given that the credit crunch has plagued the economy for the last year. The bursting of the property bubble is also having the expected impact.