In 2023, over 25,000 UK companies became insolvent

In 2023, over 25,000 UK companies became insolvent, a 14% increase from 2022. The rise is attributed to inflation, higher interest rates, and a tight labor market. While smaller businesses accounted for most insolvencies, larger companies are also facing financial strain. Sectors like real estate, construction, and technology are affected. The Bank of England's 14 interest rate hikes and EY's research support predictions of more financial difficulties for large companies.