High borrowing costs and inflation are weighing heavily on businesses, official figures suggest.
Company insolvencies rose 16% in March compared to the previous year as business owners struggled to contend with soaring costs and tougher economic conditions. Experts predict that more will follow, as the economy continues to stagnate.
Last month there were 2,457 insolvent companies compared to 2,120 in March 2022, according to official figures. When considered against Marchs 2021 total of 999, corporate insolvencies rose by 145.9%, highlighting how government pandemic support measures kept thousands of businesses afloat.
Companies are facing the highest borrowing costs since 2008 after the Bank of England raised interest rates to 4.25%. St…
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