The number of firms in England and Wales going bust last month rose by 16% year-on-year, according to official figures.
Commentators said the 2,191 company insolvencies in July showed how many businesses were still recovering from the impact of high inflation and borrowing costs despite growing optimism about the UK’s economic outlook.
The figure was 7% down on June’s total, but insolvency levels remain much higher than those seen during both the COVID-19 pandemic and in the years following the 2008/09 financial crisis, officials said.
Rebecca Dacre, a partner at advisory firm Forvis Mazars, said the data was “a strong reminder that many businesses are still a long way off from recovery”.
She added: “Despite initial signs of…
