More than 30,000 British companies went bust last year, with accountants warning of a “double whammy” to come in April that could trigger another wave of insolvencies, Bloomberg News reported. Big businesses were the worst hit, according to a report published Thursday by accountancy giant PwC. Insolvency activity among firms with revenues exceeding £1 million ($1.24 million) rose by more than 20%. Across all companies, the number of insolvencies climbed from 28,279 in 2021 to 31,606 last year, a jump of nearly 12%.

The UK faces a wave of companies going bust as insolvency experts warn that the number of firms in “critical financial distress” has jumped by more than a third, MSN.com reported. A “red flag alert” by insolvency firm Begbies Traynor said tax authorities are chasing debts over Covid support which will send many smaller businesses over the edge into administration. It also highlighted the “intense strain an increasing number of companies are under as they are hit by rising labour and materials costs, higher energy bills and an economy likely heading into recession”.

British private-sector economic activity fell at its fastest rate in two years in January, a survey showed on Tuesday, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown, Reuters reported. The S&P Global/CIPS flash composite Purchasing Managers' Index (PMI) dropped to 47.8 from 49.0 in December, at the bottom end of economists' forecasts in a Reuters poll and the lowest since January 2021. Readings below 50 indicate falling output. The fall contrasted with a slight rise in business activity in the euro zone.

The UK grid is asking some households to cut energy use on Monday — a request which is likely to be extended Tuesday — as a plunge in wind power and freezing temperatures across the country test its ability to keep the lights on, Bloomberg News reported. National Grid Plc will use the emergency tool for the first time to help ease a supply squeeze. Starting 5 p.m., customers of Centrica Plc, EON SE and Octopus Energy Ltd. who have signed up for the program will be asked not to use dishwashers or washing machines during a two-hour period of peak demand.

The number of Scottish businesses experiencing insolvency-related activity jumped over 32% in December 2022, compared to the same period in 2021, Insider.co.uk reported. Insolvency and restructuring trade body R3's analysis of data provided by Creditsafe showed that there were 142 cases of insolvency-related activity - which includes liquidator appointments, administrator appointments and creditors’ meetings - in Scotland last month – an increase of 35 activities from December 2021’s total of 107.

The writing was on the wall when Britain finalized its break from the European Union: The UK sorely lacked the battery manufacturing capability that would be absolutely critical to the auto industry’s future, leaving the country’s already declining car sector in a make-or-break bind, Bloomberg News reported. The failure of Britishvolt Ltd. to get past the stage of developing prototypes for an industry still vital to the UK’s economy casts further doubt on its prospects in the global race by nations to become self-sufficient in greener technology.

The rate of inflation in Britain slowed for a consecutive second month in December, but was still running in the double digits, maintaining a tight squeeze on household finances, the New York Times reported. Consumer prices rose 10.5 percent in December from a year earlier, down from 10.7 percent the previous month, with rising food prices and prices at hotels and restaurants offsetting lower gasoline and clothing prices, the Office for National Statistics said on Wednesday.

Britain's lenders are tightening eligibility criteria amid rising interest rates and a cost of living crisis, but demand for borrowing remains elevated, credit data firm Experian said on Tuesday, Reuters reported. Experian's key customers include banks, non-traditional lenders and insurance providers, which use its credit reports and scores to analyse and make decisions around credit risk, fraud prevention and lending terms.

The owner of Byron Burger has said it will shut nine restaurants after falling into administration, YahooFinance.com reported. Famously Proper, which owns Byron and fried chicken brand Mother Clucker, said it will cut 218 jobs as a result of the closures. The company was set up after private equity firm Calveton rescued Byron from a previous administration in 2020 following the impact of the pandemic. The company was set up after private equity firm Calveton rescued Byron from a previous administration in 2020 following the impact of the pandemic.

Struggling to remain financially viable, Eat Local Grey Bruce has asked Grey County council to provide $25,000 in direct funding to help the group continue to operate, YahooFinance.com reported. The local non-profit food cooperative that promotes healthy eating and locally grown and produced food recently announced that it is insolvent and may have to file for bankruptcy. In an effort to continue operating, the organization has launched a crowdfunding campaign, is trying to reorganize the business into a more sustainable model and is seeking new volunteers to revitalize the group.