England and Wales insolvencies hold near 14-year high – Reuters

LONDON, Oct 31 (Reuters) – The number of companies in England and Wales declared insolvent during the three months to the end of September remained close to levels seen after the 2008 financial crisis and was down only slightly from the previous quarter’s 14-year high.

The Insolvency Service, a government agency, said the number of insolvencies fell 2% to 6,208 on a seasonally adjusted basis, but was 10% higher than in the same period a year earlier.

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

“The last two quarters saw the highest quarterly insolvency numbers since Q2 2009,” the Insolvency Service said.

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Read the full article at: https://www.reuters.com/markets/europe/england-wales-insolvencies-hold-near-14-year-high-2023-11-01/