Brits living in seaside towns have the highest rates of personal insolvency where people are unable to pay their debts or meet their financial liabilities as these areas struggle to cope with economic decline, according to new figures.
Research by accountancy firm Moore Stephens of 573 parliamentary constituencies found that seven out of the 10 towns with the largest number of people who have become insolvent were by the sea.
Plymouth takes the top spot, with 47.5 insolvencies per 10,000 people, compared with a national average of 19.9. Torbay, near Torquay in Devon, and Bootle on Merseyside were in the top five, with 44.3 and 39.6 personal insolvencies respectively.
The accountancy firm puts this down to the economy of Br…
Read the full article at: https://www.moneywise.co.uk/news/2018-03-26/seaside-towns-hardest-hit-personal-insolvencies
