'Death rate' of businesses at lowest in nine years

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

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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 last year shut their doors, 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.