More UK firms went bust last year than prior to the pandemic, with the worst affected areas seeing a fivefold increase. Withdrawal of government support and soaring energy costs have been blamed for the rise, with retail and construction the hardest hit industries.
The revelations have come from research by the BBC, which analysed insolvency notices in The London Gazette, the official paper of record for public notices. A total of 187 out of 221 upper tier authorities in the UK (85 per cent) saw a rise in liquidations comparing 2019 to 2022.
Havering, in London, saw the largest percentage increase of insolvencies of any local authority area, when limiting it to those which had at least 50 between 2019 and 2022.
