The number of people going financially insolvent across England and Wales jumped to the highest level in more than three years in the first quarter of this year, the Independent reported. There were 32,305 personal insolvencies between January and March, according to the Insolvency Service, marking the highest total since the final quarter of 2018 when 33,768 cases were recorded. Personal insolvencies were up by 17% in the first quarter of this year compared with the previous three months.

Britain has delayed imposing its full post-Brexit import controls on goods from the European Union until the end of next year, saying retailers were facing too many other cost pressures and it did not want to add more fuel to inflation, Reuters reported. Britain left the EU's single market in January 2021 and has delayed implementation of its full post-Brexit border controls on several occasions due to worries about port disruption and now the risk of adding to a cost-of-living crisis.

Brexit-related trade barriers have driven a 6% increase in U.K. food prices, adding to a squeeze on consumer spending power, according to a new report, Bloomberg News reported. Inflation for food products Britain tends to import from the European Union, like fresh pork, tomatoes and jam, was more pronounced than things like tuna and exotic fruits that come from other nations, according to the London School of Economics’ Centre for Economic Performance. The study covered two years to the end of 2021 and attempted to strip out the effect of the pandemic.

British finance minister Rishi Sunak spoke about the importance of government actions not fuelling rising inflation during a meeting of senior ministers on Tuesday, a spokesman for Prime Minister Boris Johnson said, Reuters reported. The spokesman said that during a cabinet discussion on the pressure on household budgets due to the rising cost of living, Sunak outlined the package of support already in place, including towards helping people with energy bills.

The U.K. seized 2 million pounds ($2.61 million) from a London-based fintech firm, saying that the funds were linked to a $150 million U.S. wire fraud conspiracy, Bloomberg News reported. QPay Europe Ltd., which offers due diligence and underwriting services, agreed to forfeit the money following court proceedings, the Financial Conduct Authority said in a statement Thursday. The funds were routed repeatedly through different accounts in several countries without appearing to have any legitimate purpose, the FCA said.

Bank of England policy maker Catherine Mann said she’s considering whether interest rates need to rise by more than a quarter point next month, reigniting the debate about a quicker pace of tightening for monetary policy, Bloomberg News reported. Money markets cranked up BOE tightening wagers after the remarks, betting on at least one half-point hike by August. Yields on U.K. two-year government bonds -- which are the most sensitive to monetary policy -- surged by as much as 16 basis points to 1.72%, the highest since 2009.

The Insolvency Service has successfully secured restrictions against a roofer after he falsely applied for a bounce back loan designed to help companies survive the pandemic, the Construction Enquirer reported. David Michael Godderidge falsely applied for £13,000 from the Bounce Back Loan scheme which blew on gambling in just three weeks. Godderidge applied for his own bankruptcy in October 2021 and declared himself as a self-employed roofer.

Britain faces the worst inflation shock of all major advanced economies over the next two years, the International Monetary Fund warned as it slashed its growth forecast, Bloomberg News reported. The global watchdog said the U.K. economy will be around 1% smaller in both 2022 and 2023 than it forecast in January. It blamed the downgrade on the cost of living crisis and slowing investment as interest rates rise to tackle rocketing consumer prices. No other Group of Seven nation had its outlook lowered across the two years by as much. In 2023, the U.K.

British lenders expect loan defaults to rise over the coming months and also plan to rein in mortgage lending by the greatest amount since the early days of the COVID-19 pandemic, a Bank of England survey showed on Thursday, Reuters reported. The BoE's quarterly credit conditions survey showed lenders expect more defaults on mortgages, unsecured consumer lending and business loans in the three months to the end of May, although outright losses on mortgage lending were expected to remain stable.

An Edinburgh construction agency director has been disqualified from directing a company for six years, EdinburghLive reported. Stephen Mason breached legal obligations by failing to maintain adequate accounting records which were requested when suspicions arose after liquidation. The 45-year-old directed the short lived company, Angel Contracting Limited, which was a recruitment agency that specialised in providing contractors to companies in the construction industry.