Slow wage growth, insecure jobs and the rising cost of living are among the factors pushing more Scots into serious financial distress.
R3, the insolvency trade body, has calculated that there were 10,518 personal insolvencies in Scotland last year, an 8 per cent rise on the previous year. Meanwhile, official data from the Accountant in Bankruptcy showed a 2.1 per cent increase in insolvencies to 2,691 during the final quarter of last year.
Tim Cooper, chairman of R3 in Scotland, said that the general economic landscape was unsettled, although he did not believe the Bank of Englands decision to raise the base interest rate in November would have had much immediate impact. He said: Unemployment remains at historically low levels, but rese…
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