England and Wales saw the most company insolvencies since 1993 last year, although the rate of businesses going bust was not as severe as during the 2008-09 financial crisis when adjusted for a rise in the total number of companies, official data showed.
Britain’s Insolvency Service, a government agency, said 25,158 companies were declared insolvent last year, up from 22,123 in 2022.
“It’s a stark reminder that, while in terms of interest rates and prices the general feeling might be that the worst is over, the trading environment for businesses in the UK remains pretty onerous,” Mark Ford, a restructuring partner at professional services firm Evelyn Partners, said.
British businesses have been under pressure from the highest interest …
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