UK manufacturing sector insolvencies rise by 63% since last year

Support groups say energy bills, higher interest rates and falling order books putting thousands of firms on the edge

Insolvencies across the manufacturing sector have soared by 63% since last year ahead of a wave of business failures expected this winter in response to rising energy prices, higher interest rates and falling order books.

The number of firms going bankrupt increased from 893 in 2020-21 to 1,454 in 2021-22, according to Insolvency Service figures analysed by the accountancy firm Mazars.