Firms going bust on track for worst year since 2009

Business / Sat 4th Nov 2023 at 11:23am

THE number of companies going bust this year is on track to be the highest since the depths of the financial crisis in 2009 reports the BBC.

Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales show.

There has also been a sharp rise in the number of firms at risk of going bust.

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8 Comments for Firms going bust on track for worst year since 2009:

Guy Flegman
2023-11-04 12:47:57

Lots of businesses have made massive losses since the pandemic ( due to lockdowns and supply chain disruption)and the governments answer is to increase business taxes putting even more strain on struggling businesses finances. You really cannot make it up anymore.

2023-11-04 14:01:29

Exactly Guy government made a bad situation and are making it worse with thier high taxes. But look at politicians our MP nor prospective MP in Labour have every worked in anything but the public / political sectors they literally have no idea how to create businesses or prosperity, neither do most of the town council who also all most work in the public sector for both parties

James Leppard
2023-11-04 17:02:00

Adam, most of the Conservative councillors, myself included have only ever worked in the private sector and have experience of recessions and recognise fully the challenges this presents. At the end of the day, public services and employment can only be provided by results from the wealth producing sectors.

2023-11-04 19:17:30

Remember when the Conservative party were seen as pro business, the current one seems anything but, windfall taxes that hamper investment, corporation taxes that could be lower, personal taxes at the highest level in peace time, fuel and alcohol taxes that hit the public, this party may as well call themselves Consocialists.

2023-11-04 20:21:07

James - yes the wealth producing sectors those that you conservative government has spent the last few years running into the ground to appease a insane but vocal lunatic left who would never vote for you anyway. Slash taxes, stop the insane net zero, give tax cuts to manufacturing, high tech, bio, pharma businesses, become the shining beacon everyone wants to invest in to drive growth. Keep the state small and agile there are 400 plus government departments I bet we could reduce that by 50% and people would never notice (see twitter as a good example 20% of staff did 80% of work the rest were just passengers and got rightly fired)

James Leppard
2023-11-05 04:32:30

Adam, I don't disagree. I am fully supportive of a small state, lower taxes to incentivise growth and inward investment.

2023-11-05 12:25:22

James, then get started - no time like the present start slashing the council and its employees

Robert Moore
2023-11-06 10:46:27

Worth noting that interest rates are highest since 2009! Lots of businesses took on too much debt.

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