Insolvencies rise by nearly 40% in England and Wales as costs soar

Companies hit by increasing energy prices, higher inflation, labour shortages and interest rate rises

The number of companies collapsing into insolvency in England and Wales has jumped by nearly 40% in a year, as soaring energy prices, high inflation and rising interest rates take their toll.

There were 1,948 company insolvencies in England and Wales last month, the Insolvency Service reported, up 16% from September's total of 1,684.