Half a million firms in ‘significant’ financial distress as Britain’s economy stagnates
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy More than half a million firms in Britain are in “significant” financial distress, with thousands facing insolvency over the coming months as Britain’s economy continues to stutter, a new report has said. Begbies Traynor, one of the UK’s biggest insolvency practitioners, said firms continued to struggle with the same pressures as last year, such as high interest rates, brittle consumer confidence and high levels of debt accrued during the pandemic. Its “Red Flag Alert” research showed that a total of 554,554 businesses, in all major sectors of the economy, are now in “significant” financial distress - a 30 per cent rise since last year. Begbies Traynor said that insolvency rates are at “historically elevated levels” as firms are servicing debt at higher interest rates.
History of this topic
Company failures rise with more businesses in ‘perilous’ position
The Independent
Record number of UK firms facing serious financial strain – report
The Independent
Company insolvencies dip in August but still reflect ‘challenging environment’
The Independent
UK company insolvencies spike in February as firms remain under pressure
The Independent
More than 35,000 retailers in financial distress as Omicron pressure mounts
The Independent
Are UK businesses facing catastrophe due to vast coronavirus debt burdens?
The IndependentDiscover Related
