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UK business bankruptcies rise sharply

By Valentina Romei, Daniel Thomas reports from London

Business insolvencies in England and Wales rose sharply in December as the cost of doing business soared, government support related to the new crown epidemic ended and the economic recovery lost momentum.

Figures released by the Insolvency Service on Tuesday showed 1,964 registered company failures. This is 32% higher than the same month in 2021 and 76% higher than December 2019, before the outbreak.

Corporate bankruptcy is a formal step taken when a business can no longer pay its debts.

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