High Insolvencies Hit 30-Year Record As UK Firms Struggle With Debt, Prices, Rates
• Company insolvencies in Britain hit a 30-year high in 2023 as pandemic support ended
• Over 25,000 companies registered as insolvent last year amid high debt, prices, and interest rates
• Larger businesses are now struggling in addition to small ones
• The Bank of England held interest rates at 5.25% on Thursday, the highest since 2008
• Businesses hope for lower inflation, faster growth, and interest rate cuts this year but they may not come soon