INSOLVENCIES RISE

The number of businesses becoming insolvent rose sharply last month as companies faced higher staff costs and continuing uncertainty over trading arrangements with the United States.

Business insolvencies in England and Wales rose 15% to 2,238 in May compared with the same month a year ago, according data from the Insolvency Service. The number of creditors voluntary liquidations, through which a director chooses to close down the business, rose by 13% to 1,734 while the number of company administrations, which usually involve larger enterprises, was up by 12% to 136.

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