The number of British companies in ‘significant’ distress has hit a record high as business braces for another bruising Labour Budget.
In a report that fuelled fears over the health of the UK economy, insolvency experts BTG said there are now 738,144 firms in ‘significant financial distress’.
That is the highest number since the group started its ‘red flag’ report more than two decades ago in 2004 when Tony Blair and Gordon Brown were on Downing Street.
The figures make grim reading ahead of John Healey’s first Budget as Chancellor tomorrow and come as the oil price remains painfully high at around $116
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