UK bankruptcies spiking report

Higher borrowing costs have been hurting companies, the Insolvency Service has said

The number of bankruptcy declarations in England and Wales reached the highest level in over a year last month, as soaring interest rates weighed on companies' budgets, according to a report by the UK's Insolvency Service on Friday.

According to the data, 2,361 companies went out of business last month, a 17