Official data from the Insolvency Service shows an 8% increase in companies going bust as they were hit by the Chancellor’s tax rises in April.
In May across England and Wales there was 2,238 company insolvencies which is an 8% rise compared to April and 15% higher compared to the same period in 2024.
There were 1,734 creditor’s involuntary liquidations, 354 compulsory liquidations, 136 company administration and 14 company voluntary arrangements.
In April the Chancellor’s Rachel Reeves new tax increases kicked in with an increase in employer’s national insurance hike and a rise to the minimum wage.
Mark Ford, partner in S&W’s restructuring and recovery team, said, “Businesses are now facing newer challenges that…