The number of companies going bust in the UK has reached its highest level since the financial crisis in 2009 as soaring inflation costs, rising interest rates and the stalling economy have hit businesses, new data show.
Christina Fitzgerald, president of R3, the insolvency and restructuring trade body, warned that 2022 was the year the insolvency dam burst after companies were kept afloat through the pandemic by government support.
It came as new mortgage data from the Bank of England on Tuesday showed that the number of mortgage approvals by UK lenders in December slid to their lowest level since 2020, underscoring a sharp slowdown in the housing market.
The construction, retail and hospitality sectors have been hit particularly hard…
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