Companies declared insolvent in England and Wales jump by 43%

Businesses may struggle as consumers cut back spending amid high inflation and rising fuel costs, economists warn

The number of English and Welsh companies declared insolvent jumped by 43% in August, according to government data, which adds to concerns for the health of the UK economy.

There were 1,933 insolvencies in August, compared with 1,348 in the same month last year, the Insolvency Service said. It was also 42% above the level in August 2019, before the Covid-19 pandemic hit.