A personal view from Ian Stewart, Deloittes Chief Economist in the UK.
A recurring theme in the Monday Briefing over the last year has been the unexpected resilience of Western economies, including the UK. Employment has held up surprisingly well, housing markets have softened, not collapsed, and there is little obvious distress in financial markets.
The exception to this story of resilience is business failures. 25,158 registered companies were declared insolvent in England and Wales last year, the highest number for 30 years and more than twice the level seen at the recent low point in 2020. The UK has so far avoided recession, but it is suffering recession-level numbers of insolvencies.
Look beneath the headline numbers, however, and…
Read the full article at: https://reaction.life/uk-corporate-sector-in-better-shape-than-figures-suggest/