Downturn hits Sheffield folk hard

Willie Duncan, director of recovery for RSM Tenon
Willie Duncan, director of recovery for RSM Tenon
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People in Sheffield have been hit harder by the economic downturn than many other cities, according to accountants RSM Tenon.

The firm says the number of personal insolvencies in the city has risen by 35 per cent since before the credit crunch in 2008 – higher than the national average of 28 per cent.

RSM Tenon says personal insolvencies rose by four per cent last year to an estimated 3,568 cases.

Willie Duncan, from RSM Tenon’s Sheffield office, said: “In 2008 Sheffield had 2638 personal insolvencies which shows a massive rise in insolvencies.

“These figures show that that Sheffield has been harder hit by the economic downturn.”

“The economic downturn has left people in a bad financial state and we expect this to continue through 2011 and into 2012.

“There really is no let up at the moment and many people will be struggling to see the light at the end of the tunnel when the upturn does arrive.”