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NW business failures up by just 0.2%.

THE rate of business failures in the North West has "steadied" rising by just 0.2% in the second quarter of this year, a study reveals.

According to the latest business failures figures from business information provider, Equifax, the number of businesses going bust across the UK was up by 2.2% across the UK, compared to the first quarter.

The North West comparison with the first quarter is even better with the number of failures actually dropping by 3.3%.

The North East recorded the greatest year-on-year increase in failures in the second quarter at 21.7%, although when compared with the first quarter there was a 4.3% drop in businesses going under. "This new report is disappointing given that the trend for more than a year has been a reduction in companies failing," said-Mark Nuttall, director, Equifax commercial & SME Services.

"Despite failures levelling off slightly in the North West, it's clear that some businesses have just found it impossible to continue to keep their heads above water as the economy fails to pick-up. "The failures in the retail sector in particular would indicate the lack of consumer confidence.

"Our figures support other reports showing that the UK economy continues to remain fragile."
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Geographic Code:4EUUK
Date:Jul 27, 2011
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