Business insolvencies shot up by 40 per cent year-on-year in May, as macroeconomic pressures mount up.
2,552 businesses collapsed in May, according to the Office for National Statistics (ONS) data, which was higher than levels seen while Covid support measures were in place, and also higher than pre-pandemic numbers.
Read more: Acquisition top cause of business insolvency, Purbeck finds
The jump in the number of insolvencies comes at a time when problems are piling up for businesses, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Even though the UK appears to be swerving a recession for now, the triple whammy of the rapid hike in borrowing costs, a super-tight labour market and onerous energy bills has been too…
Read the full article at: https://p2pfinancenews.co.uk/2023/06/16/company-insolvencies-jump-by-40-per-cent/