UK firms in financial distress surge 78% year-on-year By Investing.com

**Summary:**The latest Red Flag Alert report from Begbies Traynor reveals a staggering 78% increase in UK companies facing critical financial distress, with over 55,000 now in serious trouble. This alarming trend affects 21 out of 22 sectors, with businesses in the hospitality, retail, and leisure industries hit hardest due to higher taxes, economic uncertainty, and persistent inflation. Small and medium-sized businesses are particularly vulnerable, and the upcoming Budget is seen as a potential turning point. Without urgent support, a wave of company closures could lead to job losses and further economic decline, with economic growth projected at just 1.4% next year and inflation potentially remaining above the Bank of England's target.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.