INSOLVENCIES among Britain’s largest companies more than halved in October when compared to a year earlier, according to data released by Experian yesterday.
In a boost to the UK’s economic prospects, Experian said that the year-on-year insolvency rate for companies with 500 or more employees was 0.08 per cent last month – down from 0.2 per cent in October 2012.
And in the construction industry, which has endured a tough time in recent years, the rate of insolvencies among firms of all sizes has fallen for 12 consecutive months.
“We are seeing a greater level of confidence among businesses than this time last year which in turn may lead to expansion and growth,” said Experian’s Max Firth.
Insolvency rates have not risen for 14 months, Experian says.
The rate of insolvencies remains highest in the north east of England, with 0.12 per cent of the business population failing last month – although this is down from 0.13 per cent in October 2012.
The rate in London is 0.09 per cent, up from 0.08 per cent and slightly above the UK average.