UK company insolvencies over the past year have exceeded levels seen during the global financial crisis in 2008-09. According to figures from the Insolvency Service, 25,551 UK companies fell into insolvency in the year up to the end of July 2024, 1.4 per cent higher than the 25,189 insolvencies recorded during the same period from 2008-09.
The latest figures illustrate how businesses have been hit by sharp increases in interest rates over the past three years. While interest rates have been rising since 2021, the direct impact on businesses has been relatively subdued until the past year.
Numerous factors have led to surging business failures since 2021, including the end of government measures to protect businesses from insolvency…
