TaxAdministrationBankruptcies expected to soar close to 33,000 this year

Bankruptcies expected to soar close to 33,000 this year

Official figures show personal bankruptcies forced by HMRC are expected to reach 33,000 this year

Official figures obtained by the Tories show the number of personal
bankruptcies triggered by HM Revenue and Customs (HMRC) is expected to reach
close to 33,000 this year – up 62% on the previous year and up 171% on 2006-07,
before the economic turmoil.

‘At the very time that hard-pressed Britons need the most help, the
Government is actually driving them under, hastening the rapid increase in
bankruptcies,’ Justine Greening, shadow Treasury minister, said yesterday.
‘Ministers should be doing all they can to help people stay afloat during this
difficult time.’

HMRC has also been responsible for pushing an estimated 5362 companies into
administration this year – up 132% on 2006-07, The Daily Telegraph
reports.

Business leaders are said to be growing increasingly frustrated with the
Government’s lack of assistance during as the recession starts to bite and would
like to ministers to intervene by underwriting bank lending.

Further reading:

Read
The Daily Telegraph story

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