17% rise in companies going bust

THE number of businesses going bust surged by 17% last month, with experts warning insolvencies could become more “common” as firms grapple with rising costs and economic uncertainty.

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There were 2,029 company insolvencies in England and Wales in October, according to official data from the Insolvency Service.

This was 2% more than in September, and a 17% jump compared with the same month a year ago.

The number of firms falling into administration was also nearly a fifth higher than last year,.