UK Firms in Critical Financial Stress Jump by a Third Amid Rising Costs
A new report indicates that the number of UK firms experiencing critical financial stress has increased by a third. This surge is attributed to rising operational costs.
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UK firms in ‘critical financial stress’ jump by a third as costs rise, report says
Insolvency firm points to tax rises, staff costs and shaky consumer confidence after number increases to 62,193 The number of UK businesses in “critical financial distress” has risen by more than a third over the past year, according to insolvency practitioners, as companies contend with a “slew of increased taxes” and the impact of the Middle East conflict. Hospitality and leisure firms have been faring particularly badly because of shaky consumer confidence, and rising taxes and staff costs...
By Tom Knowles
Read full article →UK firms in ‘critical distress’ jump a third as costs surge
Hotels and leisure firms are in particular distress after facing higher labour costs and taxes over the past year.
By Henry Saker-Clark
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