UK Insolvencies Jump 14% in 2023 After Interest Rates Surge
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The number of UK companies going bust jumped 14% in 2023 as firms collapsed under the weight of higher borrowing costs and weaker economic growth.
Retail, construction and hospitality firms helped to drive total company insolvencies up to 25,159 in 2023, according to the government’s Insolvency Service. There was a 2% year-on-year increase in December, which is typically a low month for insolvencies.