According to official data by the Insolvency Service, business insolvencies have soared to their highest levels in April compared to July 2024 and companies are being hit with higher taxes thanks to the Chancellor’s Autumn Budget.
In England and Wales insolvencies rose by 3% to 2,053 in April but remains down 5% compared to the same period last year.
Rachel Reeves increased employer’s national insurance and raised the minimum wage which has hit businesses hard, and some companies have put in place a pay and employment freeze, many are planning mass redundancies.
Creditor’s voluntary liquidations which have seen shareholders of business owners choose to close the business hit 1,544 in the period.
Tom Russell, president of R3,…
