Business braced for fresh wave of insolvencies after Budget as another 2000 firms go bust

Business is braced for a fresh wave of failures after the Budget following a jump in the number going bust this autumn.

There were 2,029 company insolvencies in England and Wales in October, according to the Insolvency Service.

This was 17 per cent higher than the same month last year. 

The figures came as businesses grapple with the impact of the last Budget, including the National Insurance tax raid and a jump in the minimum wage, as well as high energy costs.

Bosses fear more to come in the Budget next week, while also preparing for Labour’s workers’ rights bill and an inheritance tax raid on family firms.

Budget threat: There were 2,029 company insolvencies in England and Wales in October, according to the Insolvency Service

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