Businesses face another difficult year in 2013, according to Peter Sargent, partner at insolvency firm Begbies Traynor’s Halifax office.
He said the only businesses to thrive will be the ones that build their businesses around the “new normal” rather than waiting for the recovery to come.
Mr Sargent said more businesses outside the south east will fail while thousands of others struggle purely to stay afloat.
“Just as it took us 10 to 15 years to get into this mess, it is going to take another 10 to 15 years to get ourselves out of it,” he said.
“People and businesses have got into a mind set of spending based on cheap credit and are waiting for those days to return.
“Without a major catalyst, there is no reason to expect those days to return at all, which is why the economy won’t change significantly for a few years yet.”