50,000 British firms to go bust

NEARLY 50,000 British businesses are set to go bankrupt in the coming three years as an economic slowdown takes hold, research claimed yesterday.

Chartered accountants BDO Stoy Hayward said it was predicting the first rise in the number of firms going under since 2002.

The group expects 15,968 companies to fold during 2005, the equivalent of 307 businesses a week, representing just under 1% of all British firms.

This represents a modest increase from 2004, when 15,876 businesses went bust, the lowest level since 1997.