Business insolvencies rose in April to their highest level since July last year after firms faced fresh tax increases, according to official data.
Registered company insolvencies in England and Wales grew by 3% to 2,053 in April compared with the previous month, the Insolvency Service revealed.
It was, however, still down 5% against the same period last year.
Insolvencies have been ticking higher in recent months as UK companies have raised concerns of uncertain economic conditions and an increased tax burden.
Last month, businesses saw their labour costs particularly jump after the Labour Government increased National Insurance contributions and put up the national minimum wage.
Creditors’ voluntary liquidations,…
