Warning despite closure of businesses 'lowest since 2016'

THE rate of business closures in the UK has dropped to the lowest level since 2016, recent figures show.

- By Sonja Tutty

However employers’ confidence remains poor, with the government urged to do far more to help boost growth.

Statistics reveals around 280,000 firms across the UK closed in 2024, down from 310,000 in 2023. It meant 9.8% of active businesses shut their doors last year, down from 10.8% in 2023.

The ONS said it was the lowest “death rate” since 2016, when 9.7% closed. The West Midlands had the highest closure rate last year (10.6%), while Northern Ireland recorded the lowest at 7.3%.