Business insolvencies rise to record levels
More businesses have declared themselves insolvent in the past three months than at any time over the past 60 years.
In the first three months of 2022 there were about 4,900 company insolvencies in England and Wales, more than double the number in the same period last year, according to data published by the Insolvency Service.
The increase was driven by voluntary liquidations, which rose by an annual rate of 117% to about 4,300, reaching their highest quarterly level since the survey began in 1960.
More businesses have declared themselves insolvent in the past three months than at any time over the past 60 years.
In the first three months of 2022 there were about 4,900 company insolvencies in England and Wales, more than double the number in the same period last year, according to data published by the Insolvency Service.
The increase was driven by voluntary liquidations, which rose by an annual rate of 117% to about 4,300, reaching their highest quarterly level since the survey began in 1960.
In the first quarter, about 137,000 British businesses closed, 23% more than in the same period a year earlier, according to the Office for National Statistics.
The figures showed a regional disparity. In the North East and the West Midlands business shutdowns rose by 49%, more than double the 19% increase in London.
Nearly all sectors reported significant increases in business closures, with rises of more than 40% in hospitality, education, wholesale, motor trades, transport and health, compared with the first quarter last year.
The FT (£)
