Businesses in England and Wales collapse at fastest pace since 2009 as energy costs bite

Yahoo Finance | October 7, 2022

UK businesses are collapsing at the fastest pace since the height of the global financial crisis as surging energy costs, weakening demand and rising borrowing costs drive thousands of companies out of business.

There were 5,629 insolvencies in England and Wales in the second quarter — the highest level since 2009, according to the Office for National Statistics (ONS). The jump represents the most since the third quarter of 2009.

Insolvencies slumped in 2020 as the government rolled out support to protect businesses during the pandemic, the ONS said.

However, the number of failures has since spiked as companies grapple with fresh challenges even after lockdowns ended.

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