UK Personal Insolvency Rate Rises to Eight-Year High

The number of people entering insolvency in England and Wales rose sharply in the three months to September compared with a year ago, according to official data that add to questions about the financial resilience of British consumers, Reuters reported. The government’s Insolvency Service said the number of people officially entering financial distress rose to 30,879 in seasonally adjusted terms, up 23% on a year ago though little changed from 30,690 in the second quarter. The rolling 12-month rate of individual insolvencies per 10,000 people rose to an eight-year high of 27.4, the figures showed. “Today’s figures provide a worrying insight into the state of personal finances,” said Duncan Swift, president of insolvency and restructuring trade body R3. Read more