- NEWS Desk Global
COMPANY INSOLVENCIES IN ENGLAND AND WALES DROP 17% IN MARCH
In March, company insolvencies in England and Wales saw a significant decline, marking the lowest quarterly total since the third quarter of 2022, according to official figures released on Friday by the Insolvency Service, a government agency. The data revealed that 1,815 companies were declared insolvent in March on a seasonally adjusted basis, showing a notable decrease from 2,177 in February. Moreover, this figure was 17% lower than in March 2023.
For the three-month period ending in March, a total of 5,759 companies were insolvent, representing a 2% decrease compared to the same period in 2023. Additionally, personal insolvencies in England and Wales experienced a 9% decline compared to the previous year, with 8,708 reported in March. This figure was also 19% lower than in February. The decline in insolvencies comes amidst various pressures faced by British businesses, including significant rises in energy prices, higher staffing costs, and elevated official interest rates, which are at their highest level since 2008.