Dr. Dermot Coates:

No, certainly not. I do not want to be misconstrued on that point. I have the greatest sympathy for somebody who, for a variety of reasons, feels that they need to shutter their business. That must come at a great personal cost. My point is that liquidation of firms is a standard feature of the economic cycle, whether we look back five, ten or 20 years. There are also a variety of reasons - including retirement and emigration and not simply the cost of business - as to why a person might choose to close a firm.