Corporate insolvencies plummet in London

London businesses are "leading the country out of recession" according to research that shows the number of corporate insolvencies by 28 per cent in the third quarter.

Only 745 London firms went bust in the three months to September, down from 1034 in the second quarter of the year and a 35 per cent drop year-on-year, according to PriceWaterhouseCoopers

The hardest-hit sectors were business services - where 179 firms went bust - and construction and property companies. Keith Mansfield, the London chairman of PwC, said: "Despite talk of a double-dip recession, business confidence is higher in London than the rest of the country."