Corporate insolvencies are falling in Britain as the economy recovers although the planned public sector cuts could still have severe knock-on effects on thousands of businesses, accountancy firm Pricewater house Coopers warns in a report published today.
A total of 3,313 companies fell into insolvency in the third quarter of the year, an 18% decline from the previous quarter, and 29% drop over the same period last year, PwC said.
The coalition’s planned budget cuts are likely to mostly affect service and construction companies. Construction firms accounted for 16% of all third-quarter insolvencies, more than any other sector.
Author: Chris Slay
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