Record number of businesses close across the UK – ONS

For 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. The data from the Office for National Statistics also reveals that the so-called business death rate surpassed the “birth rate” of new businesses being founded in 2022 for the first time since 2010. The “birth rate” fell from 12.4% to 11.5%, meaning last year was the first year since 2010 that more businesses closed than were created. Roger Barker, director of policy and corporate governance at the IoD, said: “2022 was a difficult year for UK businesses, as they emerged out of the restrictions of the pandemic and straight into the economic fallout from Russia’s invasion of Ukraine.” Transport and storage businesses particularly struggled, with the highest death rate at 23.8%, almost double any other industry. “Whilst this isn’t unexpected – high energy costs combined with the end of pandemic support schemes would always see a rise in company closures – it might signify that greater business support would have maintained higher economic activity.” He added: “The only regions with above average high-growth firms are London and the South East.