Company insolvencies in England and Wales have hit the highest level since 2009 as businesses carrying pandemic debts faced a perfect storm of rising interest rates, higher costs and a slowing economy.
Registered company insolvencies increased by 13 per cent year-on-year to 6,342 in the three months to June 30, according to the Insolvency Service. They were up 9 per cent compared with the previous three months.
All industries except electricity, gas, steam and air conditioning supply and mining and quarrying recorded increased insolvency numbers. Construction, retail and food services were hit hardest, while the number of manufacturers in trouble also increased.
Insolvencies in the UK were low during the pandemic because of an 80 billio…
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