Insolvencies Sector Update Hospitality, Travel, Transport June 2023
Overall insolvencies in England and Wales for the second quarter of 2023 were 6,393, a 7% increase on the first quarter. This was also a 17% increase on the same second quarter of 2022. For the first half of 2023, the number of insolvencies were 12,349, is a 15% increase on H1 2022.
Productivity growth has been poor in most advanced economies since the 2008 global financial crisis (GFC). The UK has underperformed most major economies since then, and is at its worst recorded level.
Retail insolvencies up in 2022, but will 2023 be brighter?
Consumers continued to tighten their purse strings in the run up to Q4 2022, further increasing the risk of retail insolvencies. But could 2023 see a turnaround for the retail sector?
Firms of all sizes face a tough year as the UK economy is set to shrink in 2023. Use this time to protect your company, and plan your business strategy in recession.
Buy now pay later for business – big changes ahead for procurement
BNPL for business means firms buying online could get instant extended credit, even for large purchases. And it could lead to wider changes in procurement.