Well, I suppose it shouldn't come as a surprise, but the latest Graydon research, involving around 450 companies, suggests that nearly 7 out of ten credit professionals expect more bad debt in 2008 due to the uncertain economic outlook. I bet most of the research participants in the retail supply sectors were amongst the gloomiest. On the same day as our research was finalised, the British Retail Consortium announced that retailers only saw year on year growth of 1.5% in Feb (with no adjustment for inflation!)

For clothing retailers ,February was the fifth month in a row where year on year comparisons in sales were negative. Discounting in January lifted spirits and sales a little, but now consumers have opened their credit card statements, some retailers are back into hope and a prayer time.