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8 | Diversification
Riding out
the recession
Bob Hunt, chief executive of Paradigm
Mortgage Services, considers how we can
ride out the latter stages of the
recessionrecession
W
hen the history
books are written
about the UK in
this current period
one wonders if we
will view the transi-
tion from 2008 to
2009 as another ‘Winter of Discontent’. Not in
the sense of the widespread strikes that blighted
1978-79, but in terms of the cacophony of neg-
ativity that has affected just about every UK
industry and sector. The recession has hit hard
and the last six months in particular have been
one of rising unemployment, record deficits
and falling manufacturing output.
Indeed, the recession has not ended with the
end of Winter, neither has it abated with the
end of Spring, and while some economists
might be willing to say the worst is over, realists
will no doubt agree that we have a long and
hard road ahead of us before we can be confi-
dent of a brighter future. The behavior of
politicians has not helped the mood for confi-
dence either.
The financial services sector, and advisers
and brokers in particular, have been hit partic-
ularly hard and it is obvious that many firms
have not been able to survive this exacting
environment. That said, intermediary firms
have always been a shining example of the
entrepreneurial spirit and while some have
been unable and sometimes unwilling to grasp
and cope with the seriousness of the situation,
September 2009 Mortgage Introducer www.mortgageintroducer.com
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