Businesses Closing at Fastest Rate Since 2010 Under Reeves – Guido Fawkes

Businesses Closing at Fastest Rate Since 2010 Under Reeves

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Rachel Reeves has come back after the Easter break with more bad news to look over. Today the IMF slashed its growth forecast for the UK in 2025 by 0.5%. Figures compiled by City AM won’t make comforting reading either, as businesses in Britain are closing at the fastest rate since the financial crash. Don’t mention the ‘G’ word…

Over 1,100 companies have faced winding-up orders (a court order that instructs a company to be closed) in the first fifteen weeks of 2025, up by a quarter on last year and the fastest rate since 2010. Just under 2,200 businesses have been handed winding-up petitions (issued by creditors to get back unpaid debt) as companies face added costs of Labour’s tax hikes and higher wage bills. Vice President of insolvency and restructuring trade body R3 Tom Russell said:

“A number of economic and political issues, high costs and cautious consumer and client spending mean creditors are being more aggressive about pursuing the money they are owed.”

In this month alone, 30 out of 300 companies facing wind-up orders were in the retail and hospitality industry. Awful April bills are just the beginning before Rayner’s ‘Union’ Employment Rights Bill kicks in…