279,000 business closures reported

Julian Harris
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BUSINESS closures have hit their highest level for ten years, according to figures the Office of National Statistics (ONS) released yesterday.

Closures were up 26 per cent in 2009, amounting to 279,000 companies winding up their operations.

Research and development (R&D) was also down in 2009, by 4.1 per cent, the ONS announced.

This week the government said it would cut corporation tax to 10 per cent on UK produced patented goods.

The plans were criticised by the Institute for Fiscal Studies, who said it would harm tax receipts and add complexity to the tax system.

But Alec van?Gelder of the think tank International Policy Network said the policy would “stimulate innovation, investment, and jobs.”