Borrowing in the financial year to August 2025 was also £83.8 billion, £16.2 billion more than in the same five-month
In August 2025, 11,348 individuals entered insolvency in England and Wales, while 2,048 companies went insolvent.
For individuals, it was 7% higher than in July 2025 and 16% higher than in August 2024.
For companies, it was 2% lower than in July 2025, when it was 2,083, and 6% higher than the same month in the previous year, when it was 1,933.
Read more: First Direct launches competitive 7% interest savings account
Eamonn Prendergast, Chartered Financial Adviser at Bromley-based Palantir Financial Planning Ltd, said the UK economy is…