Newsflash: the number of companies falling into insolvency in England and Wales has jumped again.
There were 2,315 registered company insolvencies in October, which is 18% higher than in October 2022 (when there were 1,954), a worrying sign for the UK economy as it enters the winter.
Its also an 18% increase on a monthly basis, as there were 1,969 insolvencies in September.
UK companies have been hit by high interest rates, and weak consumer spending as households have been hit rising prices.
The increase in company insolvencies was driven mostly by Creditors Voluntary Liquidations (CVLs) in which company directors opt to wind up an insolvent company which has no prospect of recovery.
There were 256 compulsory liquidations, 1,889 creditors vo…
Read the full article at: https://www.theguardian.com/business/live/2023/nov/14/uk-real-wages-inflation-vacancies-fall-insolvencies-us-inflation-business-live