Companies Declared Insolvent in England and Wales Jump by 43%

THE GUARDIAN: Businesses may struggle as consumers cut back spending amid high inflation and rising fuel costs, economists warn

The number of companies in England and Wales declared insolvent jumped by 43% in August, according to government data, which adds to concerns for the health of the UK economy.

There were 1,933 insolvencies in August, compared with 1,348 in the same month last year, the Insolvency Service said. It was 42% above the level in August 2019, before the Covid-19 pandemic hit.

Economists are concerned that businesses will increasingly struggle as consumers cut back spending amid high inflation. The government has stepped in with an energy price freeze that will cushion the blow of increased cost of gas and electricity, but the unit price paid by households this winter will still be well over double the levels of recent years. » | Jasper Jolly | Friday, September 16, 2022

Clearly, this must be one of the benefits of Brexit! – © Mark Alexander