Company insolvencies jump in England and Wales in October – Reuters

LONDON, Nov 14 (Reuters) – Business insolvencies in England and Wales rose 18% in annual terms during October, official data showed on Tuesday, in a further sign of the tough economic environment facing many firms.

The Insolvency Service, a government agency, reported 2,315 company insolvencies last month, up from 1,954 a year previously and higher than before the COVID-19 pandemic.

Insolvencies of individuals totalled 9,881, down 6% on a year ago but still the highest reading since May. The data are not seasonally adjusted.

Many businesses and households have come under increased pressure from rising interest rates and a sharp increase in the cost of energy and other necessities such as food.

“If the Christmas trading period doesn’t bring …

Read the full article at: https://www.reuters.com/world/uk/company-insolvencies-jump-england-wales-october-2023-11-14/