BUSINESS failures in London fell by 16 per cent in the third quarter of 2101 compared to a year earlier, according to a new report.
The Equifax Business Failures Report found failures across the country fell by 13.4 per cent year-on-year, with the number of failures for the quarter standing at 6,646.
However, this is still well above pre-recession levels of around 5,000 per quarter. The drop compared to the second quarter is 7.4 per cent.
The best performing region was Scotland, which saw a 33 per cent drop year-on-year.
An Equifax spokesman said: “Businesses across the UK should be buoyed by our report and the steady fall in insolvencies in London echoes the trend across the UK. Overall, the downward trend in failures has been sustained quarter-on-quarter through the year.
“Whilst our latest analysis of the business failures data is encouraging and shows that all sorts of organisations are taking steps to tackle late payments and bad debts, there is still a long way to go and businesses need to continue protecting themselves from the tough trading conditions.