Drop in rate of business closures

There were 2,029 company insolvencies in England and Wales in October, according to official data

- SONIA TUTTY

There were 2,029 company insolvencies in England and Wales in October, according to official data

THE rate of businesses closing their doors in the UK last year was the lowest level since 2016, recent figures show.

Data from the Office for National Statistics (ONS) reveals around 280,000 businesses across the UK closed in 2024, down from 310,000 in 2023.

It meant 9.8% of active businesses closed, down from the so-called death rate of 10.8% in 2023.

The ONS said it was the lowest death rate recorded since 2016, when 9.7% of businesses closed.

The West Midlands had the highest rate last year (10.6%), while Northern Ireland recorded the lowest (7.3%).