The number of companies going bust across the UK increased last month after firms swallowed increased costs, according to figures.
Official data from the Insolvency Service showed there were 2,238 company insolvencies in England and Wales in May.
This was 8% jump compared with April, and 15% higher than the same month last year.
The increase was driven by 1,734 creditors’ voluntary liquidations, where company directors choose to shut a business down.
There were also 354 compulsory liquidations, although this was 7% lower than the 10-year high reported in April.
The Government body also recorded 136 company administrations and 14 company voluntary arrangements (CVAs).
The rise in insolvencies comes after firms were hit by fresh tax increases…