Monthly insolvencies in England and Wales hit three-year high

Insolvency Service says 2,457 businesses went bust in March as firms continue to face rising bills, high inflation and stagnant economy

More companies in England and Wales went bankrupt in March than at any point since monthly records began three years ago.

With businesses struggling with rising bills, higher interest rates and a stagnant economy, the Insolvency Service said the number of corporate insolvencies jumped to 2,457 last month, up 16% on a year earlier and up from 1,784 in February.