HOUSE OF CARDS: Use our interactive map to see the rise in insolvencies in your area
The data indicates that out of 221 upper-tier authorities in the UK, a staggering 187 experienced a rise in liquidations when comparing the years 2019 and 2022. Havering, in London, witnessed the largest percentage increase in insolvencies among local authority areas that reported a minimum of 50 cases between 2019 and 2022.In 2019, Havering recorded 40 insolvencies, but by 2022, that number had skyrocketed to 215, reflecting a massive increase of 438 per cent.
Julie Palmer, an insolvency expert said: “There's a lot of nervousness in the economy at the moment due to macro-economic pressures. With interest rates, they are still not high in relative terms, but high in terms of how this generation perceives them, together with inflation that until recently seemed to be galloping out of control.