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Individual insolvencies crept up in Q4 2022

ended 31. January 2023

Data published this morning by the Insolvency Service shows that the number of individual insolvencies in Q4 2022 was 6% higher than Q3 2022, and 7% higher than in Q4 2021. You can read the full report >> here <<. If you've got any thoughts, send them across ASAP as this story is BREAKING, e.g. are you seeing more people struggling with debt, and do you expect this to be a growing trend in 2023?

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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
One of the few sectors to have a bumper 2023; insolvency practitioners. Confidence in the economy is weak and all data shows slowing GDP and stubbornly high inflation. I expect demand-side economics to continue to fall away and unemployment to rise for the rest of the winter and spring. Higher interest rates will further contribute to companies going to the wall, the question is how many will the government let this happen to before they offer some substantial support? The figures today show that action needs to be taken by the government, most easily done in the form of business tax cuts, to prevent these numbers from rising exponentially.

I fear, the Tories are paralysed and inaction will lead to a more severe recession with a larger number of liquidations than necessary.