Businesses in the Humber region and across the country are being warned to expect severe financial difficulties as record-high inflation and rising wage costs are set to compound the recession and worsen economic prospects for the year ahead.
Smaller businesses are seen as at the highest risk of financial collapse, according to the latest Red Flag Alert data, published today.
Leading independent business rescue and recovery specialist Begbies Traynor, the company behind the analysis, said business distress had flatlined in the final quarter of 2022, with buoyant pre-Christmas retail sales, the World Cup and government support for energy costs helping to boost the high street and the wider economy.
