There have been some very gloomy stories in the press over the last week or so about rising company insolvency rates. All rather unwelcome during the season of goodwill.

Everyone knows that British businesses are facing a hugely difficult time with challenges coming from all directions – including high energy bills, rising interest rates, strikes, geopolitical uncertainty etc. etc.

But amidst the gloom there are some positives. For example:

1. UK inflation actually fell at the sharpest rate for sometime in November to 10.7%. There have been reports that costs are still rising for many but the sharp inflationary increases that we saw earlier this year seem to have subsided at least for the time being. And the Bank of England is predicting that inflation will fall significantly from the middle of 2023.

2. Administrations are starting to edge up slightly in number. Let’s hope this trend continues – the large rise in recent company insolvency numbers has been dominated by creditors’ voluntary liquidations, which by their very nature mean the death of a business. When a business enters administration however, this often goes hand in hand with a company’s survival, potentially under new ownership and with additional investment. We hope to find ourselves advising on more such administrations during 2023.

3. The Christmas period often coincides with one of the busiest times of the year for many businesses, and not just for those in the retail and dining sectors. We have been working with a number of clients recently who have been very focused on completing transactions before year-end. I expect many businesses will be looking to do the same across the country, keeping calm and carrying on – and this can only be a good thing.

4. Aren’t we due to start seeing some of the rewards of Brexit at some point? Wherever you stand on the whole topic of Brexit, it’s difficult to avoid the conclusion that the UK’s withdrawal from the EU resulted in at least some short-term difficulties, just ask any Northern Ireland-based business about that. With the UK’s withdrawal legislation all now pretty much completed and stashed away in the filing cabinet, hopefully next year will see a renewed focus on boosting at least some of the UK’s overseas trading relationships.

5. Has anybody noticed recently how British politics seems to be getting less attention in the UK media? I saw BBC Political Editor, Chris Mason, pop up on the news recently shortly before the weather forecast. A day barely used to go by without him leading the headlines standing outside 10 Downing Street. Rishi, Hunt & Co seem to have ushered in a period of relative calm in British politics, which can only be positive as we enter the New Year.

So chin-up and think about all the things we have to be grateful for as the year draws to an end and we enjoy a well-earned rest with family and friends. Think less like The Grinch and more like Elf. And if you speak to anyone who disagrees with this sentiment, respond as Buddy would – “Does someone need a hug?”.