17th April 2008
The number of UK businesses to fail in the first quarter of 2008 increased by 9.1% compared to the same period last year, according to a report by Equifax.
The worst affected region was the North West of England, which experienced a 21.4% increase in business closures. The East Midlands, Yorkshire and Humbershire and the North East also saw significant increases in business failures, with rises of 20.9%, 20.3% and 18.2% respectively.
The number of Welsh companies going out of businesses grew by 13%, but there was better news for Scotland, which actually saw a 23.8% drop in business failures.
The transport and communications industry was found to be hardest hit, with a 16.3% increase in businesses failures. Other industry sectors affected by increases were: construction (11%), retail (9.1%), services (8.3%) and wholesale (4.3%). Manufacturing, however, saw a 2.8% reduction in the number of failing businesses.
More UK businesses failing, says report
The worst affected region was the North West of England, which experienced a 21.4% increase in business closures. The East Midlands, Yorkshire and Humbershire and the North East also saw significant increases in business failures, with rises of 20.9%, 20.3% and 18.2% respectively.
The number of Welsh companies going out of businesses grew by 13%, but there was better news for Scotland, which actually saw a 23.8% drop in business failures.
The transport and communications industry was found to be hardest hit, with a 16.3% increase in businesses failures. Other industry sectors affected by increases were: construction (11%), retail (9.1%), services (8.3%) and wholesale (4.3%). Manufacturing, however, saw a 2.8% reduction in the number of failing businesses.
Tags: Employment
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