Recent statistics from The Insolvency Service indicate a 2% reduction in company insolvencies for March, yet they remain 9% above levels from March 2024. The construction industry is particularly struggling, facing multifaceted challenges including potential recessionary impacts, increased tax burdens, and waning investor confidence. As costs rise due to geopolitical pressures, especially involving US tariffs, many sectors are adapting to a volatile environment. Businesses are encouraged to proactively address financial troubles to maintain options for recovery and continue operations effectively.
If recession is next in a line of challenges for British Business, alongside a heavier tax burden and a decline in investor and lending confidence, we may be hurtling towards a new wave of business insolvencies.
Despite company insolvencies falling in March, they remain much higher than last year, with the construction sector taking the brunt of the pain.
While the impact of Trump's tariffs on the UK are yet to be felt, supply costs continue to rise, and with the US being the UK's biggest trade partner, considerable concern is raised for British construction, manufacturing, logistics, retail and trade.
Our message would be for businesses to act early if they anticipate financial trouble. Doing so ensures that more options are available for you to secure a profitable future.
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