Report Finds UK Businesses Hold Steady Despite Economic Turbulence

Equifax has released its latest Business Failures Report, which sees an increase in the number of businesses going bankrupt in some industry sectors in the UK. Despite this, however, the overall picture for the year to date suggests that other sectors are faring better. The worst hit was the manufacturing sector, which saw a 13.8% increase in the number of businesses failing in Q3, compared to Q1. However, the services and wholesale sectors both saw failures drop by 4.2% and 2.6% respectively in Q3, compared to the beginning of the year. The construction and transport/communications industries continued to struggle in the difficult financial climate with failures up 11.7% and 11.9% in Q3. “Although there are increases in these sectors, the trend through this year is pretty steady,” said Neil Munroe, external affairs director at Equifax. “And significantly, failures in the retail sector only increased by 2.8% in Q3 compared to Q1.”


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