Fri.Nov 24, 2023

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Number of Businesses closing hits record levels

UK debt collections

A record number of businesses closed across the UK last year, official figures have shown. The data from the Office for National Statistics (ONS) also reveals that the so-called business death rate surpassed the “birth rate” of new businesses being founded in 2022 for the first time since 2010. The figures show 345,000 businesses across the UK shut their doors in 2022 – a 5% increase on the 328,000 that closed in 2021, and the highest figure since records began in 2002.

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