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PwC has warned that nearly 30,000 businesses across the UK are set to fail next year, marking the highest corporate insolvency levels since 2004.
The Big Four firm predicts a 15% surge in insolvencies over the next 12 months, with small businesses, particularly in catering and hotels, facing the greatest risk.
Barret Kupelian, PwCs chief economist, attributes this alarming trend to a combination of factors, including high interest rates, low economic growth, and soaring energy prices. The manufacturing, transport, and storage sectors are also identified as being under threat.
Mr Kupelian said: Following the post-pandemic challenges, 2024 will be the year the UK turns a page. In…
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