Business insolvencies jump 30% as 22,000 firms go bust in 2022

Figures for England and Wales likely to worsen as UK goes into recession, say analysts

Business insolvencies jumped 30% to a 13-year high in 2022 as government support programmes that offered companies protection from their creditors during the pandemic came to an end.

Soaring costs and weakening consumer demand in the second half of last year also combined to force many firms into liquidation, said analysts who predicted the situation was likely to worsen as the UK economy moves into recession this year.