Posted 12/28/2023, 6:00:00 AM
UK Facing 'Tsunami' of Business Failures: 30,000 Predicted to Go Under in 2024
- Nearly 30,000 UK businesses predicted to fail in 2024 due to high interest rates, low growth, high energy prices
- Insolvencies will be at highest level since 2004, with small businesses most at risk
- Interest rates raised from 0.1% to 5.25% since 2021 to curb inflation, but higher rates also squeeze businesses
- 2024 insolvencies to far surpass 2009 financial crisis level of 24,000 business failures
- Complacency around soaring government and corporate debt levels raises fears of a serious global financial crisis