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Business failures drop 18% year on year

Published: 24 January 2011
The annual rate of business insolvencies in 2010 fell for the first time in two years, according to the latest Insolvency Index from Experian, an indicator of improving financial health in the UK business sector.
Business failures drop 18% year on year
Last year 1.04% of UK businesses failed, compared with 1.25% in 2009. The total number of business insolvencies in 2010 fell 18% to 19,946.

Though non-food retailing actually saw higher levels of insolvencies than the average, at 1.32% this in fact represents a fall of 26.8% on 2009, meaning, in percentage terms, the sector is outperforming the sector average.

The general picture is showing a gradual strengthening over time, with March 2010 being the worst month for insolvencies and August and November recording the lowest levels. This is reinforced by the fact that 2010 saw the average financial strength score of UK businesses reach its lowest point in 2010 in May, but rallied to reach a full year high of 81.35 in December.

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