The number of companies going bust in the UK jumped to the highest level in 30 years as businesses were hit by a combination of high borrowing costs, surging inflation and weakening consumer demand.
In 2023, there were 25,158 registered company insolvencies across England and Wales, according to quarterly data released on Tuesday by the government’s Insolvency Service. That’s the most recorded since 1993.
One in 186 active companies entered insolvent liquidation in 2023, the highest rate in around a decade.
“Thousands of businesses have been pushed into insolvency due to a combination of interest rates at levels we haven’t ...
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