Nearly half a million UK firms facing 'significant' financial distress

Thousands of businesses across sectors need to find ways to cut costs to survive beyond 12 months, warns insolvency specialist

Almost half a million UK businesses have started 2018 in significant financial distress, according to insolvency specialists.

In its latest "red flag alert", Begbies Traynor said firms across all UK regions and sectors were feeling the repercussions of higher inflation, rising interest rates, growing business uncertainty, and weaker consumer spending.