More businesses survive in 2001
Despite the economic downturn, the number of business failures in the UK fell last year. London, however, recorded a significant increase, according to a business casualty report published today.
The total number of failures fell from 40,847 in 2000 to 40,532 last year, a drop of 0.8%, according to business information company Dun & Bradstreet.
However, on a regional level, the largest increase in business collapses was in London, where failures rose by 8.3%. The best performing area was the South East which saw a 7.4% drop in failures.
Meanwhile, small businesses faired better than their larger rivals. The number of small business bankruptcies fell by 2.4% to 23,373, while the larger company liquidations increased by 1.6% to 16, 742.
Philip Mellor, D&B senior analyst, said: ‘Although the annual rate of decrease is slight, it still provides a good deal of New Year cheer when you consider the general economic slowdown.’