Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK insolvencies rise 27% on last year

by July 19, 2023
July 19, 2023
UK insolvencies rise 27% on last year

Insolvencies increased again in June as businesses continued to continue to grapple soaring interest rates and stubborn inflation.

Data from the Insolvency Service revealed that there were 2,163 insolvencies in June, which is a 27 per cent rise on the same period last year and above pre-pandemic levels.

The majority of insolvencies listed were creditors’ voluntary liquidations, which rose 21 per cent year on year to 1,759. There was also a 77 per cent rise in compulsory liquidations year on year, bringing the monthly total to 260.

The news comes as Prime Minister Rishi Sunak has launched a new Business Council to fuel economic growth and make the UK a leading hub to do business.

Commenting on the findings, Josh Boer, director at tech consultancy VeUP said: “In an increasingly challenging landscape, far too many businesses are still struggling to secure funding and adapt to the pace of technology change. With AI disrupting the marketplace and reshaping traditional job roles, it’s absolutely critical that the next generation of business owners are equipped with the financial firepower and IT capabilities they need to operate and thrive in a fast-moving world.”

Steven Mooney, CEO of FundMyPitch said: “With funding drying up and banks failing to get behind the next generation of entrepreneurs, is it any wonder that insolvencies are on the rise? The real scandal is that so many innovators with bright ideas and amazing products struggle to get financial backing or even a credible valuation in the UK in the good times or bad.

“A long-term failure to invest in up-and-coming businesses and high growth scale ups will not only damage our economy, it will leave us severely underdeveloped in key areas like cyber and AI, which is a dangerous place to be,” added Mooney.

Read more:
UK insolvencies rise 27% on last year

0
FacebookTwitterGoogle +Pinterest
previous post
Quarter of Brits would turn down dream job if it meant going into office full-time
next post
Hiring confidence reaches a two-year high as applications rise and time to hire drops

You may also like

UK Implements Tough Measures Against Harmful Algorithms to...

May 8, 2024

Reviews show Tories wasted billions of pounds on...

June 18, 2025

UK government announces £17 million AI and data...

November 16, 2023

Britain’s biggest companies consider backing new ‘CBI replacement’...

April 22, 2023

Lovetovisit secures £3.2m funding to bolster UK tourism...

August 1, 2024

Boris Johnson in talks over potential telegraph role...

August 13, 2024

Fall in mortgage approvals hints at house price...

February 1, 2023

Unspent Big Tech Training Funds to Be Used...

March 18, 2024

House price fall is worst in 14 years

September 14, 2023

UK economy shows signs of recovery in January

March 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Brazil’s ex-president and major Trump ally Bolsonaro placed on house arrest

      August 6, 2025
    • Marjorie Taylor Greene urges Trump to commute George Santos’ federal prison sentence: ‘Far worse offenses’

      August 6, 2025
    • RFK Jr cancels $500 million in mRNA research, HHS to prioritize ‘safer’ vaccine alternatives

      August 5, 2025
    • Senate GOP ready to go nuclear after Schumer’s ‘political extortion’ of nominees

      August 5, 2025
    • Cotton calls on IRS to pull Muslim advocacy group’s nonprofit status

      August 5, 2025
    • One in Five ICE Arrests Are Latinos on the Streets with No Criminal Past or Removal Order

      August 5, 2025

    Categories

    • Business (8,677)
    • Investing (2,174)
    • Politics (16,315)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved