The number of personal insolvencies in England and Wales has hit a six-year high as consumers are squeezed by high inflation, modest wage rises and growing levels of debt.

There were 28,951 people declared insolvent in the past three months, a jump of 27 per cent on the same period last year and up 4.4 per cent on the first quarter of this year.

The Insolvency Service, a government agency, said insolvencies had risen steadily since 2015 and were now at the highest quarterly total since the start of 2012. It said the increase was driven by a record number of people taking out individual voluntary arrangements, a means of managing debt in which debtors a…

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