7,000 UK businesses are likely to go insolvent every quarter in 2024

Approximately 7,000 UK businesses are likely to go insolvent every quarter in 2024 as high interest rates cause financial strain and the UK economy enters recession, according to a new report from The Centre for Economics and Business Research (Cebr).

This is a huge increase from previous periods.

“This isn’t what we want to hear. Since COVID, local businesses have been faced with unprecedented challenges and business owners have had to make some very difficult decisions.

“I’ve been speaking to a lot of business owners who are worried and need to save costs. And this sometimes means making members of their team redundant.

“This is a terrible shame. We’re in a cost-of-living crisis and no one can afford to lose their job”, says local HR consultant Laura Reilly, owner of Taurus HR Solutions.

Laura goes on to say “If business owners are in difficulty, they need to act now before it’s too late. As early intervention could help them to avoid losing staff and ultimately their business.

“Your team are your greatest asset but also your biggest cost. So, it’s important that you manage and leverage this resource correctly to ensure you get the best return and to get the performance you need to navigate what is set to be another challenging year for local business owners.” Laura says.

If you need expert HR Support, you can book directly into Laura’s diary here to find out more: https://calendly.com/laura-taurushr

Taurus HR Solutions provides a full range of HR and employment law services to local businesses, as well as a number of learning and development courses.