BusinessBusiness RecoveryDecrease in insolvencies points to recovery

Decrease in insolvencies points to recovery

The latest statistics from the Department of Trade & Industry show a more than 10% reduction in companies going insolvent in the UK, quarter-on-quarter, indicating an improvement in economic conditions.

Link: Dramatic fall in company insolvencies predicted

DTI figures revealed that 3,398 companies went under in the third quarter of 2003, compared with 3,825 in the previous quarter, a decrease of 11.2%.

This was also a significant improvement on last year, when 3,882 companies went bust during the same period, or a change of 12.5%.

However, personal insolvencies grew by 4.1 on the quarter, up from 8,738 to 9,094, and by a massive 16.9% on the year – just 7,779 individuals went insolvent for the same period last year, highlighting the massive personal debt problem in the UK.

Yesterday’s decision by the Bank of England to increase the rate by 0.25% to 3.75% is aimed at reducing personal borrowing.

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