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 ‘less prepared for a pandemic now than...

March 24, 2023

McDonald’s Faces Profit Disappointment Amidst Cost-Conscious Consumers and...

May 1, 2024

UK-backed battery firm Britishvolt considers entering administration

October 31, 2022

Community staple chip shop serves its final portion...

April 12, 2023

Business Planning: A Royal Pain or the Secret...

March 13, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

Next looks set to pick up troubled vintage...

March 28, 2023

Hundreds of British bosses fear AI could steal...

April 16, 2024

Will Shu set for £172m payday as Deliveroo...

April 28, 2025

Reeves faces fiscal rule warning as OECD slashes...

June 3, 2025

UK ‘less prepared for a pandemic now than...

March 24, 2023

McDonald’s Faces Profit Disappointment Amidst Cost-Conscious Consumers and...

May 1, 2024

UK-backed battery firm Britishvolt considers entering administration

October 31, 2022

Community staple chip shop serves its final portion...

April 12, 2023

Business Planning: A Royal Pain or the Secret...

March 13, 2024

Top unusual ways to celebrate birthday party

May 24, 2024

Next looks set to pick up troubled vintage...

March 28, 2023

Hundreds of British bosses fear AI could steal...

April 16, 2024

Will Shu set for £172m payday as Deliveroo...

April 28, 2025

Reeves faces fiscal rule warning as OECD slashes...

June 3, 2025

    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

    • Where Is Public Corruption the Highest?

      July 15, 2025
    • How Can Pet Influencers Monetise Partnerships With Cat Food Brands?

      July 15, 2025
    • White House investigating Biden use of autopen in sprawling probe of ‘incompetent and senile’ former president

      July 15, 2025
    • Huckabee demands Israel ‘aggressively investigate’ murder of Palestinian American killed in ‘terrorist act’

      July 15, 2025
    • Senate GOP agree to strip cuts to HIV, AIDs prevention program from Trump’s clawback bill

      July 15, 2025
    • Democrat accuses Trump administration of diverting ‘critical resources’ from fighting organized retail theft

      July 15, 2025

    Categories

    • Business (8,486)
    • Investing (2,122)
    • Politics (16,053)
    • Stocks (3,209)
    • 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