- The number of businesses folding rose 15% year-on-year in May
Business insolvencies across England and Wales rose sharply last month as firms buckled under the pressure of higher labour costs associated with last year’s Autumn Budget, official data suggests.
Insolvencies jumped 8 per cent month-on-month to 2,238 in May, reflecting a 15 per cent increase on the same time last year, according to the Government’s Insolvency Service.
It follows hikes to employer national insurance contributions and the national living wage in the previous…