The Office for National Statistics recorded a total of 5,629 business failures between April and June
Insolvencies fell in 2020, when the government rushed to help businesses survive the pandemic, but they have risen since 2021.Higher demand for goods and services, coupled with supply chain disruption, have all contributed to a tougher environment for firms to navigate.
The latter problem has eased, but the rise in gas and electricity costs was exacerbated by the effects of Russia's war in Ukraine. It has made lighting, heating and production costs more expensive, and companies are under pressure to pass those increases on to customers.How cost of living crisis is biting businessThe tough market was met with a chorus of frustration from businesses who, like consumers, were faced with huge increases to bills - of 600% for some businesses - and demanding action to help bring them down.
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