Recession still casts its shadow

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  • There are many parts of the country where the depths of the recession don't have to be remembered - they have never gone away. It's the same in 2013 as it was in 2009 except that now the hope of a rapid recovery has evaporated.

    In London the recovery is well underway but outside the rosy glow of the capital the steady decline continues and even in London the mid-tier is stagnant with many firms carrying debts that they have no prospect of ever repaying. If bank debt is 50% of annual revenues there is no means of achieving a surplus sufficient to repay even part of it.

    More bad news is waiting in the wings for the legal profession.

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